HomeMy WebLinkAbout1548A 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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11 r from the said Bank, for any or all of the purposes mentioned in the
.' 2. All sums borrowed f •
Y said Section 341, shall, with interest thereon, be a charge upon the whole of the revenues .of the
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1 . 1 the current ear and for all preceding years, as and when such revenues are
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`�' reb authorized and directed to apply in payment ofY all sums ,
1 1 3. The Treasurer is he y
he authority of this By-law, as well as all other�sums borrowed in this year .
I { borrowed, pursuant tot tY .
-- the said Bank for any or all of the purposes mentioned in the said
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Section 341, together with interest thereon, all of the moneys hereafter collected or receive on
�'' a taxes levied for the current year and preceding years and all 1., '
�, account or realizod m respect of th
he moneys collected or received from any other source, which may lawfully be applied for such
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th t the foregoing. �s r c of y-law No. ............:...... of a Corpora -
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11, I 1 hereby cert' a e a true copy 6
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. BOV1!M ANV I LLE . Province of Ontario, ' .
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passed at a meeting of the Council of the said Corporation duly held, and that the said
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34f of R.S.O. 9bo. .
EXTRACTS
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ACT
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1), A council may by by law either before or after the passing of the by law for imposing the rates for the
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�'r'i°ei current year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as
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the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
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forthe year,including the amounts required for sinking fund,principal and interest falling due wi#hin the year uponRr �x=• /Ni 10 .
I I debt of the corporation, school purposes, sp�ial rates purposes, and for any board, commission or body and
yllry any �,
j 1��, other purposes for which the corporation is required by law to provide. ,1.
2 The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not, _'
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„” Umn.0 the royal of the Municipal Board, exceed seventy per centum of the total amount of the estimated
i 1', bm winp� except with approval ,,I 1.0' revenues of the corporation as set forth in the estimates adopted for the year. �<,
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3 Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tern- -~<-TenwvM,!
• ,' Y won raril be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the C
o adman p° y �.
, : of p=1411 next preeedinp Yea .YM,11 ,.,, ,, ,
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(4) For the purposes of subsections 2 and 3,estimated revenues shall not include revenues derivable or derived
from e�bimatsd m the sale of assets, borrowings or issues oft debentures or from a wrplus including arrears of taxes and prooesds `
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