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• 2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the ill I
I , said Section 341, shall, with interest thereon, be a charge uplpn the whole of the revenues of the - , 11. I I 41 . t Corporation for the' current year and for all preceding years, as and when,, such revenues are :
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3. The Treasurer is hereby authorized and directed to 'apply in ,payment of all sum$
. . borrowed pursuant to the authority of this By -law, as well as all other sums borrowed in this year, .
' and any previous years, from the said Bank for any or all of the purposes mentioned in the said 11 I ,.
. Section 341, together with interest thereon, all 'of the moneys hereafter collected or received on I
• I account or realized in respect of the taxes levied for the current year and preceding years and ail .
' of the moneys collected or received from any other source, which may lawfully be applied for such ,
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hereby certify that the. foregoing is a true copy of gy -law No. .................... The r ors
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tion of the 1111.. .
duly passed at a meeting of the Council of -the said Corporation duly held, and that the said -
, - in full force'and effect.
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day of .19.... ,;` .
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_ �. � M, jM0 ,, EXTRACT$. FROM THE MUNICIPAL ACT R.S.O. 1950. I _
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(1) A council may by by -law either before or after the passing of the by -law for imposing the rotes for the
. I• borQu�err� 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 `
for'the year, including the amounts required for sinking fund, principal and interest falling due within the year upon
any'debt of the corporation, school purposes, special rates purposes, and for any board, commission or body and .r
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other purposes for which the corporation is required by law to provide. I''
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umitupon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
bowowinp� . except with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimated
revenues of the corporation as set forth in the estimates adopted for the year. '
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. Temporary► (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2. shall tam - �... .
' porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the 1
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of �� in ear.
next precad g y
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f, (4) For the purposes of subsections 2 and 3, estimated revenues shall not include revenues derivable or derived ,,
from "mated from the sale of assetis, borrowings or issues of debentures or from a surplus including arrears of taxes and prone& .
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