HomeMy WebLinkAbout1364 A by-law to authorize the borrowing of $15,000 I ( , ,
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Municipal By-Iaw for Curmnt , I ,�,
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BY-LAW No............. ........
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I'M` q 6 Y-LAW to authorize the borrowing of ........... ...... ....... ........ .. ,
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,-; it of the Cor oration deems it necessary to borrow the sum of 1.
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to meet, until the taxes are collect�ad, the current expo
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REAS the total amount of the estimated revenues of the Corporation as set
AND WHE ,
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�. forth in the estimates adopted for the year 19.... , k
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1 �NOTEt"Invert anti- .:.....
from arrearsof taxes, borrowings aid issues of debentures is� .... •••••.••.••••.•.-••-
ount !ot estimated O f.
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year.
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I' ll I AND WHEREAS the total amount heretofore authorized to be borrowed this year for
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NOT�t Inert'am• i pal Act is...................•........
,. u, the purposes mentioned �n subsection {1) of Section 334 of The Munic
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tMe year
1 dollars, of which the Corporation has alrea y
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borrowed a total o .............. ..... • "
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THEREFORE the. Council of the Corporation of t e.•........ ............_..................................
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$O 1,T�'`I '.�............•hereby enacts as*so .
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4 1.,' . 1: The Head and the Treasurer are hereby'authorized on behalf of the Corporation to
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1. �' w from time to tune, by way of promissory note, from the Bank of Montreal, a sum or
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-sums xceeding...Jn.. the
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I dollars to meet, until' the taxes are rcollected, the .00069000
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current ex
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pend�tuneg-lof the Corporation 'for the year, including the 'amounts required fart e
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f th id t and top n be f o r-
p i o e sa Sec ion 334, ive, o hai f the Co•
,.� .' purposes mentioned in subsection on ( )
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a;jr I 11 • ote or, notes sealed -with the corporate seal and signed by p ,,
poration, to tho Bank a promissory n ,
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. K centum !,
I' with interest at a rate not exceeding.........•A. ..'......1mr
,, them for the moneys so i�orrowed
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11: 2. Ail sums borrowed from the said Bank, for any or all of the purposes mentioned in the
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' . Cor or tion for the oars as and when such revenues are ,11 1t,
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p p o current year and for all preceding y `
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f 3. The Treasurer is hereby authorized and directed to apply in payment of all sums
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borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year
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and any previous years, from the said Bank for any or all of the purposes mentioned in the said I
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��- Section 334 to ether with interest thereon all of the mono hereafter collected or received on .
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rip .' of the moneys collected or received from any other source, which may lawfully be applied for such ,1.1- 1
tiro ;+.' purpose.
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,� . Passed this.......... .. ................
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"ill 11„ . I ;.:' I q..........'.... :..... .. .. bel, • ....... •.•........................ .
coR�ORAT . - d the Caporati• . , 1
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� t r , a. 11 hereby certify that the foregoing is a true copy of By-law No.....................
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J �t7� .. m, the .Province of Ontario, duly passe , , , � 'l . . ,. I
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bon of............,................................. .............................
`.' the 0ourioil of the Said Corporation duly held, and that the said By-law is in full
1 force and effect.
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�.; Datsdr this: ..................... ...... '..........,........day of............. ........:..................:. ..:..19.... ...
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Ili I{} As witness the Seal of l
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;�1: . z the. Corporation. ! ,I.j,� I. ;
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,' raentot�d EXTRACTS FROM TAE ONTARIO MUNICIPAL -ACT R.9.0. 1927.
r-,t,1 tes. in the rates for the
��.: Current I (i) A council may by by-law ether before or after the passing of the bylaw fort impos g I ,
barowina CtJlrirent year authorize the head and treasurer to borrow fr®m #irime to time by way of,promissory note such sums as '
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3,,r the council may deem necessary to onset, until the tanc aro collected, the current expenditures of the corporation ,
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any,debt of the corporation, schcol purpcs-at Spscial re � purpcs , and for any board, commission or body and `
other purposes for which the corporation ig required by law to provide.
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11 �ti� 2 ' The am®unt which .nay be borrowed in ar�y year f®r the purposes mentioned in subsection 1 shall not, C •
tw mn t with the a roval of the Cn#arioi�nicipal 9oard, ®x d seventy per cent um of the total amount of the
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estimated revenue f tia corp�ratton as cat forth in the estimates adopted for the year. I .1.
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. ., �,. •temporary (3� Until ���ci� ��tin�a�: are ac�optd, the limitation upon borrowing prescribed by subsection 2 shall tem- .
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of e�etimabes porarily be calculated up®n the ®stirnated revenues of the corporation as set forth in the estimates adopted for the ,
of preceding
I, .yeti next priding year. .
y 4 Exclusion 4 For the purposes of sub�ctions 2 and 3 #imated revenues shall not include revenues,derivable or derived
, from eeumated { I
re�enuee. from arrears of taxes, borrowings and issues of Idebentur�ea.
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