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( I Sy-law for Current . . , •1- L. MurIcipa .I I'll. Expenditures• .I.
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- BY-LAW No..,..... ,
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LL: -- ,.W • $ to b4rro the sum of _ -11"I I --- _ __ -__._ ___ . - .
de �t rY
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Co WHER S the ounce o ratio
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Ilected the current expenditures of the 'Corporation for a year;
to meet, until the taxes are co ,
the estimated revenues of the Corporation as set' ,1.AND WHEREAS the total amount of , '
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ved
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h i the estimat "D _11 es ad�p;ed � r' the ys
. fort n • arrears
from the sale o ets, borr ings or 1.
.'ssuance of debentures or from a surplus, �ncludin�g
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•NOTE• Invert ann- Of taXBS, is
. estinnated .�
� oJm of dollars. . ,,
tevsnuee for the
current i ys�r ff 4d- ���i�- .....
�sd not. ttwee '
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of last "W's this year for
I � eretofore authorized to be borrowed Y
�o AN D W H REAS the, total amou nt h ,• '.I.
ction 341 of The Municipal Act is.......... ..•:•••••-•••
'
y 111.
` - es mentioned in subsection t1) of Se
R I " •�r" ,��rm the purpos '.11 Iread
ration has a y
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Gomm" rpp
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borrowed a total of.... .11......-.,.I,.
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The Corporation of the......:........................ .. ...... ....................
. THEREFORE the Co
uncil of .
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11 �Oti'�`N1 E y enacts as follows
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hereb
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_• ,, Coro tiQn � ,
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I.M a ey d
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... re herb authorized_ _ - _
Treasurer
''3 - ... .,:a' 1 �,,,'Liir!, '.::.. M!^+'+'?^.!:M 'T'.4kli'r�.r'�Mmt";r.±n+!+'!7;t1+.+yc'W7"•',pys the ___ :;c. _ .. _-_—_ >_..,.uy+. t- t,'-r�ax-'at':i'.!.!tc-".7.'rr't,_Y,tt'.".tVC.'
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_ - The He--- Qr ,,r
Head,and I .1. I . '
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_.__ ___� _--.. -- gory no ro the a .
m e B nk of Montreal, a 'sum
time by way of Pr I.
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borrow from
time to om s to f }'
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- s n exceeding m t 9 e9 ,,
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.'sum of eed'n he a p
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th s are co lecte th
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• to meet,, un a taxe I d ° .t
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ollars
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..O e a "$"":fi
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' ar including the amounts required for the
ati
1 .tures of a Corporation on for the ye .
ends th r '
s current exp - behalf of the Cor- ;.1. and to ive, on b
• of the said Section 341, a 9 1.,11 11 t Purposes mentioned in subsection (1) }r.purpo .
a_
sealed with the corporate
seal and signed by
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7.4 the B n a promissory ote r notes,
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rrowed with interest at a rate not exceeding.....#. ....4. .per oenturn
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them for the moneys so bo '
1 „ aid in advance or otherwise. ,
pbr ainnum, which may be p •
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rr 2, All sums borrowed from the said Bank, for any or all of the purposes mentioned in the I 1. said Section 341, shall, with interest thereon, be a charge upon the whole of the revenues oft e
' Corporation for the current year and for all preceding years, as and when such revenues are .
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as - .1..
. received. , . . . ,
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3. The Treasurer is hereby authorized and directed to apply in payment of all sums
....
11 borrowed ursuant to the authority of this By-law, as well as all other sums borrowed in this year ;.
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revious ears from the said Bank for any or all of the purposes mentioned in the said
and any p y .
` , ' Section 341, together with interest thereon, all of the moneys hereafter collected or received on '
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account or realised in respect of the taxes levied for the current year and preceding years and all I 11
--- ---- applied for such'
I -_ _.. _.�__ ._ of the moneys collected or received from any other source, which may lawfully be app ' ' "I i,
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purpose. .
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„ Passed this. ... ..
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hereby certify that the forego�+ng !s a true copy of By-law No..............:....11 n
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he i n the Province of Ontario,
tion of .......
....
........................................r.......of............
�--,�'t, . I I I \Vil I dui eased at a meeting of the Council of the said Corporation duly held, and that the said ,
.
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By-law is in full force and effect.
.. ,
1 Dated this
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Ir, As witness the Seal o - - - - --
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the'Corporation. `1. .11, I I,
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s�dt.Kt EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950. - . -
er -- -- - ,-1-----
" (1� A council may by by-law either before or after the passing of the by-law for Impoeing the rates for the
11 ,�:
I'll current year authorize the head and treasurer to borrow from time to time by way of p4romissory note such sume as <<l,
the council may deem necessary tD meet, until the taxes are collected, the current expenditures of the corporation -
11 . 11 fi
for the year, including the amounts required for sinking fund, principal and interest falling due within the year upon
,1. _ f the co ration, school purposes, special .rates purposes, and for any board, commission or body and Y
any debt o
I other purposes for which the corporation is required by law to provide. .Ma `11 11 �I .
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- (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not, ' •11 � . .
7 ' ' :' unit upon xce t with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimated ,
(.fi1,, borrloUl► Bpi e p '
"' revenues of the corporation as set forth in the estimates adopted for the year. I ,
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Tony (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
kt, V _.... ,-. - ._1.; D" racily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
i�o in ear.
next preceding Y
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(4) For the purposes of subsections 2 and 3,estimated revenues shall not include revenues derivable or derived
ill �eW"mW' from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
It y "� from the eels of assets. ,.
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