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HomeMy WebLinkAbout67-17 L.F.10 , Rev. May 1960. Ont. Municipal -By -law for Current Expenditures. 78094 Printed in Canada. Municipality of..::. Town of Bov anyille'' BY -LAW No.......... 67 WHEREAS the Council of the Corporation deems it necessary to borrow the sum of One million ----------------------- - - - - -- --- - ----- -- dollars to meet, until the taxes are collected, the current expenditures of the Corporation for the year; I AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the estimates adopted for the year 19.6.6.., 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- Of taxes, is* ... aaQ ... M1.1_.lia:t ,..'f.our..hu-nar.e.d ... a lala'...thirt ...th.O.U5.a d s......: `....... ourrt of estimated revenues for the current year if ad- d opted, if not, those Of tact year. kl .uax.el...ane? ... f.ir. ......... ....... AND WHEREAS the total amount heretofore authorized to be borrowed this year for NLr. .' Insert am- the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is ............................ ount of previous By- taws) passed this Year. ............................. X1.i 1............................. .......................dollars, of which the Corporation has already borroweda total of .................. ..............................n i l............. ............................... .......................dollars. THEREFORE the Council of The Corporation of the........ {?4 .......................... of........... .......... .................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 e' ....U�.. million ........:.......:.......: ......:............ ,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 329, 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 .......... 6 ? ......... 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 329, 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 329, together with interest thereon, all of the moneys hereafter collected or received on 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 ................. d..... ......... ............. .....day of.. ... JnuarY ..................196.7.... CORPORATE .. .. ... .. .................. SEAL- ead of Corporation.) Clerk. hereby certify that the foregoing is a true copy of By -law No... .....of The Corpora- tion of the............ QIM ....................... of........ Q.wma -. v.j.j1„e..............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. Datedthis ......... ............................... ............................day of ................................................ 19......... As witness the Seal of - the Corporation. ................................................. ......................... ...... Clerk. CORPORATE SEAL Sec. 329 of EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960 Chap. 249, R.S.O.1960 (1) A council may by by -law either before or after the passing of the by -law for imposing the rates for the Current current year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as borrowings 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 that 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 70 per cent of the total amount of the estimated revenues of the corporation as set forth in the estimates adopted for the year. R.S.O. 1950, c. 243, s. 341 (1, 2). any one a — -- - Limit (3) The amount that may be borrowed at any one time for the purposes mentioned in subsection 1, together time. with the total of any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in the estimates adopted for the year. _ Treasurer (4) At the time, after the 30th day of June in any year, that any amount is borrowed under this section, the lender wth treasurer shall furnish to the lender a copy of the by -law* authorizing the borrowing and a statement showing the copy of By -law nature and amount of the estimated revenues of the current year not yet collected or, where the estimates for the year have not been adopted, a statement showing the nature and amount of the estimated revenues of the corporation as set forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed under this section that have not been repaid. 1958 „c. 64, s. 23 (1). Temporary application (5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall of estimates temporarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the of preceding next preceding year. R.S.O., 1950, c. 243, s. 341 (3); 1958, c. 64,;s. 23 (2). year Exclusion (6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from from estimated the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from revenues the sale of R.S.O. 1950, c. 243, s 341 (4); 1958, c. 64, s. 23(3). *N.B. If there is sufficient available under existing by- law(s) to provide for the fresh assistance required a new by -law is not needed.