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LJFo 10 AAv.'March, 193BR
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Municipal By-law for Current �^
Expenditure. �
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54we "Immd In ca"Wo.
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Municipality of..BOWMANVILP...
f 6Y-LAW
No....... ..• .. ..
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D o 0 0
A BY-LAW to authorize the borrowing of $.................................................................,......
{ M W EREAS the Council of the Corporation deems it necessary to borrow the sum of
dollars y
pN.N.H.H.....• . ...•• .........uu• ..•.u...u.......••.u......••u..•u..•...••u.•••...•.u.•u....•u•.•u ..............
•.•.••.....•...•..u.• •' ,.,c..,• ,
to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
'a AND WHEREAS the total amount of the estimated revenues of the Corporation as set
u s derivable or derived
forth in the estimates adopted for the year I ........, not including raven e
NOTE. Irart am- from arrears of taxes, borrowings and issues of debentures is ............................................................
ount of seUmabed
r townuer for 'AIM S
i ounrn ys�r I d-
1 A R dollars
Z��
�t). ..... ....... ..... . ....... ........ .... . /�",�
AN
........,�.. .... ...................... ..` ............. ........ .............. .. .. }
IN year. 1
1 AND WHEREAS the total amount heretofore authorized to be borrowed this year for
NOTE: InMr W�i purposes the ur oses mentioned in subsection (1) of Section 339• of The Municipal Act is............................
cunt pa • .
B haw(a) pa+eMd
C+ •
dollars, of which the Corporation has already
.....,.................................•.. ................................................. .
............................................................................:.........................................dollars.
borrowed"a total of...... t
r - THEREFORE, the Council of the Corporation of the............................................,....,.......... '
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:
B M N iLLE ;
,
,
Of hereby enacts as follows:
I. ' The Head• and the Treasurer are hereby authorized on behalf of the Corporation to
} ; borrow from time to time, by way of ,promisso y note, from the Bank of Montreal, 'a sum: or
an the
not,exceeding,,, .,a90r+egate.•....... .. 6. 60000 If Does 4,106 .41.6000000sedto
dollars to meet, until the taxes are collected, the
expenditures of the ratio f the including a un required fort
current x , e Coro nor year, nc uding the mo is requ m he
•
purposes mentioned in subsection (1) of tie said Section 339, and to give, on behalf,of the Cor
poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so borrowed with interest at' a rate not exceeding.......... �,.,4.,.per centum }
per annum, which may be, paid in advance or•otherwise.
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VOLUME
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2. All sums borrowed from the said Bank for any or all of the purposes mentioned in the y
uld Section'339, shall, with interest thoreon,' be a charge upon the whole of the revenues of the
Corporation for the current year and for all preoeding years, se and whenk.'such revenues are
;.y. reoei ved.
3. The Treasurer is hereby authorised 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 an previous are from the said Bank for an or all of the ur oses mentioned in the said
• - �'' ' Y P ye y p P '
Sec on 339, together with interest thereon, all of the rnonoys hereafter collected or received on
a unt o realized in respect of the taxes levied for the current year and preceding years and all
of moneys collected mon collected or received from any other souroe, which may lawfully be applied for sUah
' purpose. z
Yip Passed 00000 ..069980, .e..e..ee.....so.sesseed one sees. ............. ..................19....
.P
00F"RAM M7 , ... .e...• sees...* 0 0 00000000 460060.....................• •.............• ,
8FJ11. a Head of the )
r3 • . '' � .:........... ...... ........................ .. ........ ......... ..sees
L
r 'f that the foregoing i� a true o0 of By-law'No..�...... ...° :.. of e Corpora-
1 he y ce try g 0 copy Y
h Province of Ontario, dui passed at 'a
tier of: ... ..:........................... ...................................in the rov Y
' rneeting of the Council of the said Corporation duly hold, and that the said by-law W in full
,.
force and effect.
Dated th's.......a.0.0.0.60..s.......0s#..ee.00000000 s.0ti.,e....,,a..da of.... ..� ....�...................... ............. 9.........
the Seal of � � � � ', � „' "t •
( As witness
,
the Corporation.
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pM�pter 206,R.ea
EXTRACTS FROM „THE MUNICIPAL ACT R.S.O. 1937.
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` Currrnt (1� A council may by by-law either before or after the passing of the bylaw for imposing the ratee for the
1
bomwira current year authorise the head and treasur+er,to borrow from time to time by way of promissory note such sums as
' the council any deem necessary to meet, until the taxes are collected, the current expenditur�ee of the corporation
.p ling "
for the year, including the amounts required for sinking fund, prince ai and interest falhn due within the year upon
^;
any of the corporation, school purposes, special ratc3 urpe. and for any board, commission or body and
other purposes for which tho corporation is required by iar to provide.
r; 2 The amount which may be borrowed in any yzar for the purposes mentioned in subsection 1 shall not,
` OMWIMP t " xce t with the a royal of the Municipal Board, exceed seventy per centum of the total amount of the estimated
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"venues of the corporation'as set forth in the estimates adopted for the year.
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{ ' Tem ary (3) Until such estimates arse adopted, the limitation upon borrowing prescribed by subsection 2, shall tent E.
Hues of the corporation-as suet forth in the estimates adopted for the
o�..aeute. porarily be calculated upon the estimated revs po
'. ., YM Ong ' next preceding year. '
FxawWon (4) For the purposes of suctions 2 and 3 estimated revenues,shall not include re venues,derivable or derived .
bse
from eeaniated Born arrears of taxes,, borrowings and issues of dobenturea.
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