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E a All sums borrowed from the said Bank, for any or all of the purposes mentioned In the
eald Section 339 shall, with Interest thereon, be a charge upon the whole of the revenues of the
Corporatiorf 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 Bums'
borrowed pursuant to the authority of this By -law, as well as all other sums borrowed in this year
fr - and any previous years, from the said Bank for any or all of the purposes mentioned in the said
f Section 339, tooether with interest thereon, all of the moneys hereafter collected or received on
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account or realized in respect of the taxes levied for the current year and preceding years and all k
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose '
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Passed em 0 .............R........day of,.......... .X.:....................
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sees 60900904460 82066.699.
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J SEAL (The Head of the corpora
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' hereby certify that fo Ding is a true copy of By -law No......... ............ o he Corpora -
i, b the reg
duly eased at a
�i floe of Bowcnavi �e in the Province of Ontario, y p
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meeting of the Council of the said Corporation duty held, and that the said By -law is in full r
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force and effect.
Dated this........... ............ ....xd.........................
day of ....o.
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As witn he Seal
ess t of r
ors o
the '
Corporations
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OORPORATE ,
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ua EXTRA '1`S -Fi Nl E-1i UNICIPAI: ACT- RS.O. -1937.
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'(1) A council may by by-law either before or der the passing of the by-law for imposing the rates for
rr. current, year authorise the head and treasurer io borrow from ti to time by way of promissory note such sums as
council may, deem necessary t® rnet, unto) the ar- collctd, current expenditures of the corporation
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for the year, including the amounts required for oln1dnfl fund, principal and interest falling due within the year upon
n debt of the corporation, school puvp� 3, G z-cial rate3 puria�:�, and for any board, commission or body and
any
for which the corporation is roquired by lady to prov ide.
other purposes _
U10% upon (2) The amount which may be borrowed, in any
year for the purposes mentioned in subsection 1 shall not,
borrowirgt he a royal of the iViunicipal Board, exceed seventy per cerrtum of the total amount of the estimated
except with t pp
revenues of the corporation as set forth in the estimate adopted for. the years r
uy Until such es #imates ar'e adopted, the limitation upon borrowing prescribed by subsection 21
shall tom-
ppoorr (3)
f: lesuon
calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
satlmatea porarily be ca po
of Vnwdlno next preceding year.
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Exotuaon (4) For the purpo of sub®ections 2 and 3 estimated revenues shall not include revenues, derivable or derived
from stimatsd ioLm of debentures.
revenuero from arrears of taxee, borr+o�►ings and f 45, r
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