HomeMy WebLinkAbout1514A by-law to authorize the borrowing of $100,000
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and any previous years, t,rorn the saia t:sanK Tor any or aii yr into pu►}rutlua 111x;11LIVIIV%J WM1%0
Section 339, together with interest thereon, all of the moneys hereafter collected or received on
acs;ount 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.
Passedthis ..................................... ..... .. .......... .....day of ... (Comarde
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.rne...... ....... ......
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_. Head of thb Corporal'
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I hereby certify that the foregoing is a true copy, of By -law No..... ...•.•... of the Corpora-
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' duly passed at a
tion of.. .. ..............
K.; ..... .... , ...........:.........in the Province of Ontario,
meeting of the Council of the said Corporation duly held, and that the said By-law is in full
t` force and effect.
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Dated this.... .. ...::..... day of............ ...........:... .Y.... .19.......
...
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As witness the, Seal of
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the Corporation.
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EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 19376
OhAPW 1 A council may by by -law either before or after the passing of the by law for i ..: � -
t . _
O ,, .mposmp the ;rates for' the
borrowinps 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.
2 The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
} pon
UmItu t )
barowng except with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimate
revenues of the corporation as set forth in the estimates adopted for the year.
borrowing prescribed
by subsection 2, shall tem -F
,i (3) Until such estimates are adopted, the limitation upon bo g p ;
Te on rarity be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the r
;' mates Po
fnu next preceding year. F
r 4 For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived ;
• , ' ,�a � tUCc�usion . O P Po
prom ma from the sale of assets, borrowin s or issues of debentures or from a surplus includiing,arrears of taxes and proceeds
nverwws from the sale of assets.
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