HomeMy WebLinkAbout72-1THE CORPORATION OF THE
TOWN OF BOWMANVILLE
Q By -Law No. 72 -1
To borrow the sum of $750,000 to meet, until the taxes
are collected, the current expenses of the Corporation
for the year
WHEREAS the Council of the Corporation deems it necessary to borrow the sum
of Seven Hundred and Fifty Thousand 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 1971, not including revenues
derivable or derived from the sale of assets, borrowings or issuance of
debentures or from a surplus, including arrears of taxes, is Two Million, One
Hundred and Sixty Nine Thousand, One Hundred and Fifteen dollars;
AND WHEREAS the total amount heretofore authorized to be borrowed this year
for the purposes mentioned in subsection (1) of Section 329 of The Municipal Act
is Nil dollars, of which the Corporation has already borrowed a total of Nil
dollars;
THEREFORE the Council of the Corporation of the Town of Bowmanville 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
Seven Hundred and Fifty Thousand 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 Corporation,
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 the Bankts prime rate, 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 3rd day of January, 1972.
Signed
Ivan M. bbs, Mayor
Signed
J. M.
I. 9
Ilroy, Clerk
72 -1 (2)
I hereby certify that the foregoing is a true copy of By -Law No. 72 -1, of the
Corporation of the Town of Bowmanville in the Province of Ontario, duly passed
at a meeting of the Council of the Corporation duly held, and that the said
by -law is in full force and effect.
DATED this 3rd day f January, 1972.
J. M. Mcroy, Clerk'