HomeMy WebLinkAbout1531A by-law to authorize the borrowing of $100,000
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2s, "'Do EXTRACTS FROM THE MUNICIPAL ACT R.8.0. 1937-
A WurW)l; maay_ bY..by-law either before or after the passing of the by -law for imposing the rates for the
g,nD. current year authorize the head and treasurer to borrow from time to time by way of promissory i7ute 'such eui� as -
the council may deem necessary to meet, until the Mutes 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
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1;1 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.
upon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
Limit except with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimated a
revenues of the corporation as set forth in the estimates adopted for the year.
Tempor�ryr (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
iiQ1 poradly be'calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
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Enos next preceding year.
K (4) for the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived
Exclusion
from the sale of assets. borrowings or issues of debentures or from a surplus including arrears of taxes and prooseds
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