BYLAW - Authorize the Borrowing of $10,000.00 - 19491107 - 103349'~
FORM No. 122[\..
Ontario Municipal By-Ln.w
for Current Expenditure.
BY-LAW No ..... LQ..~.~ .....
mlbttell~ the revenues to meet the current expenditu_ re of the Corpor~jjon
of the '.fown of . ~ (Waterworks} for the year 19"+Y-.S0
have not been collected, and there is or will be payable in respect of such revenues a sum suffi,
cient to authorize the borrowing hereinafter provided for;
Insert amount
of last year's
total reven._
u~.
Here s_tate
other amounts,
if liny, alrea{ly
borrowed and
from whom.
Not more
than 70% of
'the total
revenues for
the preceding
year.
~nb \ubttea~ the Council of the said Corporation deems it necessary to borrow the sum
of 'l'en ~u.sand Q0/100 · · dollars to meet
the now current expenditure -of the said Corporation, and it is expedient to authorize the borrow-
ing of the said sum upon the credit of the Corporation.
!!lnb \ubtrta~ the total revenues of the Corporation for the year 19 48 was the
sum of . Fom-t•en thousand, one htmdl:"ed. 6 e$;gb.tJ'-Qne 19/100
!!lnb \ubtrta~ no sum has been borrowed or is now outstanding in respect of any borrow.
ing to meet the current expimditure of the Corporation for the present year, except,
:Wt it ~bttefort ~nadtb by the Municipal Council of the Corporation of tbe
Town o~ Aurora as follows:
1. The Head or Acting Head for the time being, with the Treasurer of the said Corporation,
is hereby authorized to borrow in one or more sums, as the same may be required, from
IMPERIAL BANK OF CANADA, hereinafter called the Bank, an amount not exceeding in the aggre-
gate the sum of '.l.'ea thlltma.nd 001100 · -dollars,
being tbe amount which the said Council Je;ms necessary to meet the now current expenditure of
the sai-d Corporation until the revenues are collectecL
2. -The Read or .the Acting Head of the said Corporation, with the Treasurer aforesaid, shall
·ljave authority to pay or. allow the said Bank interest on the said sums so borrowed at such rate
or rates as may be from time to time agreed upon, which interest may be payable in advance and
may be-de<Jucted-from the_amounts so to be borrowed.
'' ·• 3. Any Promissory Note or Notes, or other forms of agreeme1~t which may be required by
the said Bank, may be sealed with the Corporate Seal, and signed on behalf of the Corporation
.by the Head or Acting Head and Treasurer thereof, and duly executed and delivered to the said
Bank, and said note or notes, or agreements, shall be valid and binding upon the. Corporation
according to the tenor and terms thereof.
'-4 .. If the amounts -to be paid by virtue of any such note or notes, or agreements, shall ()cti_
not have been fully paid at maturity, any further note ·or notes1 or agreements, maY be executed ~
as afm;esaid on behalf of the Corporation and delivered to the Bank by way of renewal of the---
-· said obligations in whole or in part.
5.. All and. any revem1es of the Corp<>ration are hereby charged with repayment of all
· · moneys borrowed under the authority of this By-law, and the said IMPERIAL BANK OF CANADA is
hereby declared to have a lien upon all said revenues until all loans created under the author-
ity of 'this By-law are fully satisfied.
6. The Treasurer is hereby authorized and directed to apply so much of the revenues of
the Corporation as may be necessary in payment of the obligations of the Corporation created as
aforesaid.
Read a first, seeo'1d and third time, and passed in open Council this Sevfittth
day of Noveml)eJ/' 19 49· .
!!l~ m!itnt~~ the Corporate Seal of the Corporation and the signatures of the
and Clerk thereof.
3J 4Ctrtifp that the foregoing is a true copy o a By-law passed by the Council of the
Municipal Corporation of the ................... 1.~~ .. P..f.. .. ~~r.9..ii'~ .................. : ....................................... .
on the ........................ .'ltb. .............................. day ................. ~!:~ ........................ 19.~.
~ibtn under my hand and the seal of the said Corporation at ... ~~a .... ft~~-'··· .. ······
this .................. 1.~ ................................... day of.. ........... ~~'!~ ................ ~
................ _.-.c. •• ii&~.;;~erk.
Mayor,R•
or other
or Aetin~
Head of
Council