BYLAW - Borrowing of $55,000.00 - 19500109 - 103650\
L.l'. 10 Rev. Sept. 1946.
Ont.
Municipal By-Ja:w for Current
Expenditures.
11569 Printed in Canada.·
Municipality of. .. ,-QWN.c.o:f. .. .AP:~Q:M, ...... , .................... , .. , ..... .
BY-LAW No...... ..10.3.6 ....... : ............................................ , .... .
A BY-LAW to authorize the borrowing of $55.,.0.0.0.~00. ........ : ..................................... .
WHEREAS the Counci.l of the Corporation deems it necessary to borrow the sum of
................................................... 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 19)!:9., not including revenues derivable or derived
from the sale of assets, borrowings or issues of debentures or from a surplus including arrears
~~~r~r '':.':;~,rt~.i of taxes, and proceeds from the sale of assets* Ninety,.,.,:two ... tbo.ua.M!l.~ .... t.wo ....... , .... .
revenues for the -
currant 1aar if ad~ I ~rr;:;; ; •• ~~· those. bul;l.d:r ed .. ~ dgbt e en . 3 Z lOO .. . ................ . . ..................... .-.........•..........•. doHars.
' fE: Insert am-
.• of previous
b)'-law(s) passed
this year.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is ....... nil .. ,, ....... ..
. ... dollars, of which the Corporation has alrea<Jy
borrowed ,a total of .............. . .... Pi.l. . ........................................ dollars.
THEREFORE the Council of the Corporation of the .... . ............ , .... .
of... ... A.u;r;oo:r.~ ................................. 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 .~ontreal, a sum or
sums not exceedrng in the aggregate ........... -'itty,,.,fiv.e ... thausand ... qo/l..QO ....... , ........... .
............ 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 339, 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 ...... Jr. ............ per centum
per annum, which may be paid in advance or otherwise.
l
I
Sect. 339 of
Chapter 266, R.s.o.
1937.
\ Current
borrowings
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the rfr
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 Treasurer is hereby authorized and directed to apply in paymenf of all sums
borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year ~
~~~t~':: fir!~~:t~:~r~i:~0i~t~~=s:~~e~~~~ !~r o~n~~r;!1n~~!h:e~~~ft~~6:o~eec~~~n:rdr~~:i~:~~~ /{f '
aqcount 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. . ..... day of ............. J.~:~,~-•---.................. 19..5.9. ..
I hereby certify that the foregoing is a true copy of By-law No ..... 10.3.6 ..... of the Corpora-
tion of ... ~P.:!! .... 'J:9.m) .. 9..f. ..... 11or.9..r.li!. ................... 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. :.::;;"
Dated this ... : ...
As witness the Seal of
the Corporation.
. 9.1;P., .. .. . . ........ day of. .... 19 .. .59..
-----=---~-~
Clerk.
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
(1) A council may by bY-law either before or after the passing of the by-law for imposing the rates for the
cu'rrent year authorize the head and treasurer to borrow from time to time by way of promisSory note such sums as
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 du~ within the year upon
any debt of the corporation,'schoo\ purposes, special-rates purppses, and for any board, comrni_ssion or body and
other purposes for which the corporation is required by law to provide.
(2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
except with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimated
revenues of the corporation as set forth in the estimates adopted for the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next preceding year.
(4) For the purposes of subsections 2 and 3 estimated revenues Shall not include revenues, derivable or derived
from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
from the sale of assets.