HomeMy WebLinkAbout1831A by-law to authorize the borrowing of a sum of money to meet, until the taxes are collected, the current expenditures of the Corporation for the year.
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. I 1. . . (1), A council may by by-law,sithier before or after-the pawing of the byAaw for imposing the, rda for the I I � .., ,; � , I
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cuffent ou.rrenty�ar authorize the head and treasurer to borrow from time to time by way of promissory note wAh sums n . I . It . .1 1. ,II I � I I ,� .
boriowings I I . I I ay-doom necessary to meet, until the taxes are collected, the current ex ndit I ures of the corporatiori' -, , I- ,1: �'.-. '11� , "
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� I . the council m ling the amounts required for sinking fund, principal and interest,fal ring dukwithin the year upon . . I � �11 I � .':I .11 I I , .
. 'for the year,, inclui i , ' � ` 11 . ''N 1. I �
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I I . any debt of the corporation, school purp?ses, special rates purpom, and for. any board, com�ission or body and r .. -11-111111, _ ... .111 1 4)", .
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Limit upn - - 1 (2) The amount which ,may be borrowed in any year for the purposes mentioned in subsection I shall not, , . . r: t,, , ." I .I. I I
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twiewinp , ' exoep' t with the aOroval of the Municipal Board,-exceed 70 per cerit of the total amount of the estimated revenues Of . .. . � .�
. �
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I ,4_ 1 � the corporation as set forth in the estimates adopted for the year. R.S.O. 1950, ci 243, s. 341 (1, 2). - I ' . 1. - io_ I �,L I ,1__1....� ._.�I I . I
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.1 I I : � (2a) The amount which may be borrowed at any one time for the purposes mentioned in subsection I,together .1 , ,... . �1,I ,. 4 ..I
I . an repaid, shall not, except with the approval of the Municipal . I . I
I � � with the total of any similar borrowings that have not be I 1 'r ,, . I I
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. I I i I'I.: , Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the 'Corporation as set forth in the . I 1. 11.. , r,1 .. .,1 ; .1 �
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. � I I of June in any year, that any amount is borrowed under this section, the , . � , I� ..
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. � . . 1. I I (2b) At the time, after the 30th day iiing the borrowing and a statement showing the , ,. '': it ' , , ,
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I I I nature and amount of the estimated revenues of the current year not yet collected ori where the estimates for the ' - 1. � � ,
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: as set forth in the estimates adopted for the next preceding year, and also showingthe total of any a . . 1 . I�.:� .
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under this section t I . I I � ' I ' � 4 '
Tawnwary ' . . 1 (3) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 2a,shall ' .. I I . �I'' '� "I I 4 .
Awlic"n I I corporation as set forth in the estimates adopted for the . . . .P ,�, . . I ..
An : t6rriiorarily be calculated upon the estimated revenues of the , � . .
of "tinw I I I . .�
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. of peoding next preceding year. R.S.O. 1950, C. 2Qs, 8;- W (3); 1958,, c.'04, 9. 23 (2). 1 . r' I , . I
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I Exclusion I' . (4) ' ,For the purpose of this section, estimated revenues shall not include revenues'derivable or derived from , ), . � . �*
.. Ated r %e Owe of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from t: ; �
from ediff � . , ",
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