HomeMy WebLinkAbout2430A by-law authorizing the Treasurer to borrow a sum of money to meet, until taxes are collected, the current expenditures of the Corporation for the year.
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the
said Section 329, shall, with interest thereon, be a charge upon the whole of the revenues of tPte
Corporation for the current year and for all preceding years, as .and when such revenues are
received.
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year
and any previous years, from the said Bank for any or all of the purposes mentioned in the said
Section 329, together with interest thereon, all of the moneys hereafter collected or received on
account or realized in respect of the taxes levied for the current year and preceding years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose.
Passed this ..............2nd.............................................day of..,.. J:..ru?: w:....,._.............19....7n
r /
CA S~RATE ............... C.....i~ ~....::. ~' CL:.l l............... ....
(The H d o he Corporation)
~ 7
~'
Clerk.
-I hereby certify that the foregoing is a true copy of By-law No.....2~t,~ii.....of The Corpora-
tion of the..l I `?:Z ° .......................of.............>...:` ! ~ i'-'- .............in the Province of Ontario,
......................
duly passed at a meeting of the Council of the said Corporation duly held, and that the said
By-law is in full force and effect.
~:::_
Dated this ....................`.:::.........................................day of.....J..`.:: r:.`..: `.......................19. ~a.
As witness the Seal of
the Corporation. -,
clerk.
IRATE
ax•rzsor EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960
Chap, 249,
Rs.0. 7960
.(1) ALOUncil may by by-law either before or after the passing of the by-law for imposing the rates for the
current Furreht year.authorize the head and treasurer to borrow from time to time by way of promissory note such sums as
borrowinpa _ {he cuunclFinay deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
for the year, including the amounts required for sinking fund, principal and interest falling due within the year upon
any-debt of the corporation, school purposes, special rates purposes, and for any board, commission or body and
other purposes for which the corporation is required by law to provide.
Limit upon (2) The amount that may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
borrowinpe except with the approval of the Municipal Board, exceed 70 per cent of the total amount of the estimated revenues of
the corporation as set forth in the estimates adapted for the year. R.S.O. 1950, c. 243, s. 341 (1, 2).
Limit at 3) The amount that ma be borrowed at an one time for the ur
anyone ( Y Y p poses mentioned in subsection 1, together
time. with the total of any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal
Board, ezceed 70 per cant of the uncollected balance of the estimated revenues of the corporation as set forth in the
estimates adopted for the year.
Treasurer (4) At the time, after the 30th day of June in any year, that any amount is borrowed under this section, the
to furnish
lender with treasurer shall furnish to the lender a copy of the by-law• authorizing the borrowing and a statement showing the
copy of By-law nature and amount of the estimated revenues of the current year not yet collected or, where the estimates for the
year have not been adopted, a statement showing the nature and amount of the estimated revenues of the corporation
as set forth in the estimates adopted for the nett preceding year, and also showing the total of any amounts borrowed
under this section that have not been repaid. 1958, c. 64, s. 23 (1 ).
Temporary 5) Until such estimates are ado tail, the limitations u n borrowin
appiieatiopp ( P po g prescribed by subsections 2 and 3 shall
or eatima~ee temporarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
of prec y next preceding year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2).
year
Exeluaion (6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
from aetunated the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from
ravenuea the sale of assets. R.S.O. 1950, c. 243, s. 341 (4); 1956, c. 64, s. 23 (3).
`N.B. If there is sufficient available under existing by-law(s) to provide for the fresh assistance required
a new by-law is not needed.