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HomeMy WebLinkAbout1863L.F. 10 Rev. July 1952. Ont. Municipal By -law for Current Expenditures. 14045 Printed in Canada. Municipality of. ...... • j44jMVWV31jLi ......................... ............................... BY -LAW No......... .............11 ( to .-z ................................ ............................... WHEREAS the Council of the Corporation deems it necessary to borrow the sum of ..Six..hu ad.. 1... rlm�!'M'iAPi>t...%:hEm. .. .. ............................... ........................dollars to meet, until the taxes are collected, the current expenditures of the Corporation for the year; AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the estimates adopted for the year 19{x.., not including revenues derivable or derived from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears *NOTE: Insert am. d of taxes is *....i t► "' :/t!" !# 1IEd ............. ............................... ount of estimated r T� T3itt;l3tdr�ed.i •• revenues for the current year if ad- opred, If not, those -► 3y-9* ................................................................... dollars. of last year. a�1F4li1E...tYilit�air?3+...: AND WHEREAS the total amount heretofore authorized to be borrowed this year for NOTE: Inseer am— the purposes mentioned in subsection (11 of Section �f The Municipal Act is ....... .�9tX. r ° - of .......... W(s) passed ! ,/ear. hundr*d and fit f~ 'MO tho", . dollars, of which the Corporation has already borroweda total of .................................................................... ............................... .......................dollars. THEREFORE the Council of The Corporation of the ......... Tovarri ............... ............................... of .... ftwaiiiinYulft ........................ .........................hereby enacts as follows: 1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or sums not exceeding in the aggregate..... i - buWrad...andd•• tit'• tp�ntwa ............................. .......therm and ........................ ........................dollars to meet, until the taxes are collected, the current expenditures of the Corporation for the year, including the amounts required for the purposes mentioned in subsection (1) of the said Section 341, and to give, on behalf of the Cor- poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by them for the moneys so borrowed with interest at a rate not exceeding .................per centum per annum, which may be paid in advance or otherwise. 2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the said Section 341, shall, with interest thereon, be a charge upon the whole of the revenues of the Corporation for the current year and for all preceding years, as and when such revenues are received. 3. The Treasurer is hereby authorized and directed to apply in payment of all sums 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 Section 341, together with interest thereon, all of the moneys hereafter collected or received on Vj account or realized in respect of the taxes levied for the current year and preceding years and all of the moneys collected or received from any other source, which may lawfully be applied for such purpose. Passed this...... .............day, of ...... J r.y....................19.61. CORPORATE I hereby certify that the foregoing is a true copy of By -law No ..................... of The Corpora- tion of the .......: TO ...................... ........of....gVtj;s............. in the Province of Ontario, duly passed at a meeting of the Council of the said Corporation duly held, and that the said By -law is in full force and effect. Dated this ........ S *M, ........... ............................day of ....... jawm . ...................... 19..x,3. As witness the Seal of ~ `� the Corporation. � ` �t-I" - ............... . i .y-„" Clerk CORPOORLATE ✓ SEA Soot. 341 of Chaptar243,RSO. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950. 1950. current (1) A council may by by -law either before or after the passing of the by -law for imposing the rates for the borrowings current year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as 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 other purposes for which the corporation is required by law to provide. Limit upon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not, borrowings 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. Temporary (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem- of estimates orarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the of estimates p p p p of preceding next preceding year. year Exclusion (4) For the purposes of subsections 2 and 3, estimated revenues shall not include revenues derivable or derived from estimated from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds revenues from the sale of assets.