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Municipal By-law for Curran ;
E•xpenditumo.
5M Prin1w in Q nndo.
. WWANVrLLE
Municipality of
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I' 3,. BY-LAW No............................:...........................................,.:......
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t{ A BY-LAW to authorize the borrowing of $............r.. ....................................................... f
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' WHEREAS the Council of the Corporation deems it necessary to borrow the sure of
dollars
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to meet; ntil the••taxes are collected, the current expenditures of the Corporation for the year,
AND WHEREAS the total amount of the estimated revenues of the "Corporation as met,
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1 t•� , forth in the estimates adopted for the year 19.6.4'...., not including revenues' derivable or derived
from arrears of taxes, borrowings and issues of debentures is ..............•......:................................. ...
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AND WHEREAS the total amount heretofore authorized to be borrowed this year for
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NOT& Inurt arr�'
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�,. ,. the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is............................ s4
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Law(s) pad
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4 dollars, of which the Corporation has already
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borrowed a total of......... ....... .
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THEREFORE the Council of the Corporation of,, the............:...................................
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BOWXAN
� hereby-enacts as follows.
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1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
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borrow from time to time, by way,of promissory note, from the Bank of Montireal, a sum or
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: s � - i he aggregate.. ...... .. ...: .................................................................................... 1
sums not. exceeding n t , r•
dollars to meet,
until the taxes are
collected, the
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current expenditures of the Corporation for the, year; including the amounts required for the
purposes mentioned in subsection. (1), of the said Section 339, and to give, on behalf of the Cor
{ ration to the Bank a romissory note or notes, sealed with, the corporate seal and signed by
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exceeding
r centum
them for the moneys so borrowed with interest at a rate not g...••• •••• •• ••••••Pe
per annum, which may be paid In advance or otherwise.
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, I 2. All sums borrowed from the said Bank, for any or ail of the purposes mentioned in the
�. A , said Section 339, shall, with interest thereon, be a charge upon the whole of the revenues of the r • '
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' Corporation for the current A
-: year and for all preceding years, as and when such revenues arse
,� received.
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' 1 3. The Treasurer is hereby authorized and directed to apply in payment of all sums ,11 i. `` borrowed pursuant to the authority of this By-law, as well as all other suers borrowed in this year.,10 and any previous years, from the said Bank for.any or all of the purposes mentioned in the said -
k Suction 339, 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
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I* of the moneys collected or received from any other source, which may lawfully be applied for such
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he a t o py of By-law o....r.............:..I.' . ,i mby rtify th t the fompo no is a ru do B - aw N of a rpoI I ,
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I of in, the Province of Ontario, duly passed at r$ ,
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meeting, of the Council of the said Corporation duly held, and that the said By-law is in full " `'
�f foroe and effect:
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`' he Corporation.
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,:a , . EXTRACTS FROM THE MUNICIPAL ACT RrS.O. 1937.
x r after the i of the by4aw for,iinpoeinp the ratios for the I
Qurrrnt (1) : A oounell may by by-law either before o pass nD . .
-11' bbrrowinp�
current year suthori�e the head and trseaauner t® boron^ fmun ti to ti by way of promissory sets such aura at
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the council may deem n+aoessary to meet, until h 2�l' o11cd, ouPient expenditures of tho corporation ;
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I. ,, ri�aip al cn0 lrator t failing due within tie year upon
for the.year, including the amounts rsequirod for cintg� D �'e�ut J, _
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any debt of the corporation, school purpo,�,3, -z ICI Y�3-—(3 � �d for any board, commission or body and
'. other purposes for which the corporation io c2ii�0 �� i t� �co �i w , , .
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--1111 - t (2) The amount which may he b rrc�;z-- an ODD YZ3r f� ti pus mentioned in subsection 1 shall not,
. wire except wjth the approval of th it UAicip3I 133 70,, o le:z", ` y r �ntum of the,total amount of the enamat�ed. ,
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t'', revues of ih® �rpor on C �orfi j J .—) �� ® nor ® year, ,. .
�; �� �� " up rr horr+owing 'prmribed by subsection 2, shall tern-
790 cry {3) Until s�soil c � aI,C r cadopI� , fro iinu Kai
appt�aaon aavanu ct a3 corporation as set forth in the estirnatee adopted for the ' . I .
of aurnato porarily be calculated upon the 03tima d .
' or�readtnp next prseoeding year.
Exoiuslon 4j for the purposes of subsections 2 and 3 estimated revenues shall not include'rev�enuee,derivable or deriNed .
from Numabd ' {
from arrears taxes, borrowings and issues of debentur+ee. .
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