BYLAW - Authorize Borrowing of $10,000.00 - 19431004 - 19431004L.F.10 Rev. March, 1938.
o·nt. 1
Municipal By-law for Current
Expenditures.
54308 Printed In Canada:.
Municipality of ............ :A.l:l:r.C>.~Il: _,_9.IJ..~· • .... ,: ............ :: ............... : ,.
BY"LAW No ....... ,,: ...... ~Q5. ......................................................... .
A BY-LAW to authorize the borrowing of $ ..... ..:!:9.~..9.99..!.9.9. ........ : .............................. .
WHEREAS the Council of the Corporation deenis if necess~fy,to borr~~ the sum of
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AND WHEREAS the total amount heretofore authorized to be borrowed this year for
rx•;.;-~;;;,;··;.,1 ~~-~"': the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is ...... : ................... ..
....................................... ~.~~ ............................................. dollars, of which the Corporation has already
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borrowed a total of... .......................... ~-~.:!-.. : ..................................................................................... dollars.
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THEREFORE the Council of the Corporation of the ........... '!:g~~ ...................................... /
of .............. :~.l::E.'?.~.! .. ?.~~ .. : ....................................... 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
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t d . · th . t . . .. T_en Thousand~------~_., .... ,..-----sums no exoee mg m. e aggrega e ............ : .. ""·--·'-·''·--•· ........................................ : ........................ : ..... : .
............................... ,.o:::.:::.::::.::.:.:.:::,:: .... ::::.::., .. dollius.to meet,. until the .taxes. are collected, the
curre~fexpenditures of the. Corporation for the year, including the amounts required for the
. purposesmentionedinsuhsecti~n (1) of the said Section 339, and to givt;,on. beh!llf-of-the eo'r~
p(lration, to. the Bank a promissory note or notes, sealed with tbe-corporate. seal an!! signed,by
them for the moneys so borrowed with Interest at a rate not exceeding ....... ~t ....... per oentum
per annum,which may be;paid' in advance or otherwise.
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2. All sums borrowed from the said Bank, for any or all of the purposes mentioned ln the
said Section 339, 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 Trea8LI're'r 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 pr,eyious.years,cfrom the said Ba.n.kJor a~y or all of the purposes mentioned in the said
&ctiQn 339, togetheovitbJnter#t thereon, all ofthe moneys hereafter collected or received on }
account or reillized in respect of the faxes leviedfor the current year and preceding years and all
of the moneys col.lected or received from any other source, which may lawfully be applied for such
purp()lle ..
P~d this., ...... f..C?.!:l?::~.h ......... , .................................. day ot.. .... ?..~~.~.!?.~!: ... ;., ..................... 19~.3
............. -. ..................................... ;; .......................... .
Clerk.
I. hereby c~,r:t!fY;J~IltJh!Jr,foregping is a, true copy of By-law No ... §.9.~ ..• ,.;~:,R}of the Corpora-
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ti~n of ...... ,.,.:f\.:tJ.r.Q~ .. ,.:·:·• ............... , ...................... ,,.in the Province of Ontario, duly passed at a
·· ''me6trn~1 6f'th~ Ccu'ri'JiJ.()f'lhe'said Corporation duly held, and that the. said By-law is in full
force and effect.
sect.·aail of
Cha'pter 266, R.S.O.
19~.
Curreni , borroWings
,.;:::·)
.Q<~,ted this ... ,., ... ~.9.~.~~~., ................................. day .of... ... .9.~:~.'?.)?.~;~.;, ............ , .. ,., ..... 19 .. ~.:?.. •
As witnes5 the Seal of
the Corporation.
CORPORATE
SEAL '
.... tt:ca.:.~ ... : ...... .
~ . Clerk.
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937. . .
(1) A council may by by-l~w either before or after the. paSsing of the by,law for imposing the rateS. for. the
current year authorize the head and treasurer to borrow from time to-time by.wa>y of prom.issory note such sums as
the council may deem necessary-to meet, until -the ,-~~;aro,fJOII~~-d, t~_o_.--~IJ_rre~tex~_n.d!tures, of the 2corp9ration
fOr the year, including the amOunts required torsinkiriQ_ftirld, ·pl-irlciP8fand irlt8res-t falling'·due;w'ithiri the Year. upon
any debt of the corporation, school purp~,-sp&Qial· ~ates _purpooes,_ and for any board,-commission -or body and
other-PUrposes .for which the corporation~ is-roQUirEid· by: law-'·tO:':'prOvidEI~.-,---.
Lhnl_t_'upt)n (2) _,T_h~-',-~m9_llr_t ~h,ich -may be ~orrq~ed_ in any year_ ~Or the _p~rposes mentioned in subsection _1 --~hall _.not,
\'->:-:--· _:_ bor_~wl_~_-__ _. _ _,----Oxcept-witWttiB~ app'rovah)f: the--MuniciPM·'"Board,-exoa6d se·Vehty: per' Centum of' the total amount of the eStimated "-~:.~. .\-,:··_; ---revetrUml-of-'thEfti>"i"poration:-as·set--forth:'in:·tffe:estimates adopted for the year •
. • •.• · · . . ( . (3) Until sudi \.iiim~tllS •a:!ll'• adbpbjd/the limitation upon'borrowing prescribed by subsection 2, shall tern-fr"N~ufn~ ~:~~,~~!ed~c~~~d upon the estimated revenues of the corporation as set forth in the estimates adopted for the
} ·--_ Exclusion (4) For the-purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived
.< , from:estlmated
R-· :· revenuea. from arrears of;,.t~f)S,. bOrrowi_~gs :and-issues __ of debentures.
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.BAI')IK <;>F.MON,TREAL
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Authorizing tiiil' '"
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Borrowing of $ ............ J.Q.,.QQ9..9.Q ......................... .
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For Current Expendi·~~';es for 19 ... A.3
BY:iLAW No.' .. :.::: ... ~9..5. ..................... .
Of
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