HomeMy WebLinkAbout1788A 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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- r n or ai of�the purposos mentioned ins the
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. ,'..� 2. ♦All sums borrowed from the said Bank,,for.a y
char e u on the whole of the revenues of rthe
F ; said Section 341, shall, with interest thereon, be a . 9 , , P ,
'n ears as and. when .such revenues are f 11 I . , r I . Corporation 'for the current year and for all precede g y , .
received.
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3, The Treasurer is hereby author
ized and directed to apply in' payment of all sums
' =law as well as all other' sums borrowed in this year
, borrowed pursuant to the authority of this By ,
• said Bank for any or all of the purposes mentioned in the said •
and any previous'years, frtirn the s ':
`-of the moneys hereafter collected or received on .
. - Section 341, together with interest thereon, all Y d recedin 'years and all - 1
account or rea0;ied in respect of the taxes levied for the current year an , p 9
' a ce which may lawfully be applied for such , , . ,
f the mono s collected or received from any other sour 1 1 11. Y
, purpose.
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hereby certify that the forepoin� is a true copy of gY
I, I - � I �. - I I I ., .. I . . X 4"-law No.� ..... ... .... of The Corpora-
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-- /: ,t;,��,,n4 .4, �n the Province of Ontario,
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° , ti on of the ..
• e Council of the said Corporation :duly held, and that the. said
duly passed at a meeting of the ,
• • force and effect. ' , I 11
, , By-law is m full for 'c -. - I 11 day of
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the.Seai. of 4 ,,11'As witness . � 4,1 . f
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eo�s41 � EXTRACTS FROM THE MUNICIPAL IACT R.3.O. 1960.
W1W . . I I ill 1 . : , I .(1� A'council may by by-law either beforo or after the ing of the by=law for imposing'the ri�t+es for the
' riil the head and treasurer to borrow from time to time by way of promissory note such'sums as,
borrol current year autho 1
• -° rn necessary to meet, until the taxes are oelleoted, the current expenditures of the corporation •
the council may des
includin the amounts required for sinking fund, principal and interest falling due within the and
for the year, 0 s special rates purposes. and for any board, cornm�ss�on or y
I 1 any debt of the corpo ration, school purpose , I .
. for which the corporation is required by law to provide. I I
, , ,other purposes
i cunt which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
. (2) The am
umlt a Munici I Board, exceed seventy per centum of the total amount of the estimated
i. a�ra, a except with the approval of th pa � , , ) .
raven
uas of the corporation as set forth in the estimates adopted for the year.
it such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tam-
T „n, (3) Unt +
e estimated revenues of the corporation as set forth in the estimates adopted for the 4.
o . por�u°ily be calculated upon th I .
t of oroaalno . next preoediog year. , •
"W d 3 estimated revenues shall not include revenues derivable or derived , `
A EW (4) For the purposes of s sections 2 debentur a froth a surplus including arrears of taxes and proceeds. .
Iran i0owed from the sale of assets, borrowing 'or issues
�oM«ww from the ale o assts. •I 1 .
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