BYLAW - Borrowing of $40,000.00 - 19521208 - 114052L.F.10 Rey. March, 1938 .•
Ont. ·• . 1 ' '
MJnibipal By-law for Clliri.nt
· Expenditures.
68116 Printed in Canada.
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A BY-LAW to authorize the borrowing of $ ... ~9.., .. ~ ....... :1'!:!? .................................. .
WH~R@As tile C()u~cil of the Cor~!lratic:m dee111s 'it nece5Sary to borrow the sJ~ of
t,t. o.'IO~ ~ • "';;to ":hvf.-111: ~ • ... · ,f \ "" •-. ··-· ·-· -----dollars ............. ~··~·;{;:~(;_:-·· .... ~ ................................. , .. v.r., .......... :;, ................ _ ................. ~' .............................. ~ ..
to meet, until the taxes are collected, the current expenditures 9f t~:Q!lrP!lr'atio.n.JiirJhe year;.
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth !nttr~'JsW~~t8s adopt~d.for ilre y~ar i!lfii.; ~ot i~cludin~ revenues deri~abl~· ~~·d~;ived
· . · ' . ;·. .. · •· · ... n ''>• •·····. /*'.~•··~7 ·,:.'f!J/~t.;o,.·.,:,, :· :•
. .. . , . ... ... . . . . . borr.owiQQS,aQQ:.i~ue~i!lf de.b~ntu~ is .!: .. ~., .. #.~ .... ¥-··~· .. ~ .. : ... ..e.<.
Af;Jo WHEREAS the total am<lunt heretof~re authorized to be borrowed this year for
.· .· . )41 .. rjf~t.~I;i-:~:s:~.·· .. 'l:,.:_;r~·.·~~· ... ;-:.-'~ ... c ... ;:,.e•~.7J,t:ned =on (1) of Section Dl of The ~unicipal Act is .. : . .An4.:;. ........
.......... *. .................... ; ...................................................... dollars, ofwh1ch the .Corporat,ron has already
borrowed a total of.. ....... .J...~ ... a~~~ ..... ::f. ......... , ................................. , ...................... doliars.
~-~.. . . ··. ~ !H EREFORE the Council of the Corporatio~ of the ......... ~.~.~ ...... ~ ........................ ..
of ............. t'l.!-:!.~.9.!?.-.f.\ ................................................. hereby enacts as folloy-'8: .. '
1. The Head and the Treasurer are hereby authorized on behalf of the .Corporation to
borrow from time to. timf!,, by way., of -~romi!ISO~y.noje, from the, Bank of Montreal, a sum or
• '' ' ~ ',.,_. -> ---'':'' ,;; •• -• -·' -',-• ' ' •• -'• _,.--·.,
~um~ ·~.~~~fc~~~inli,.i,n;t.~~.·~o~#iii~.t~::;.:::,9~~:?:~~.:::~;.~::~.,.,:,:;:;.::;.,::.: .• ~~~~.:.,·.~~.;:,.: ..
. , ., .. ;; ... ~.~ •...•.. : .... , ... ,,,, ....... :, •........•. "·''"··''''·t ...... i ... c:l.onar:s to. meet, ~ntik the .. :t:aX~ ;a:r;;,,c;;lleC:ted;; the
· .. ,: ))))(·-···"-· <o·;l.:•o'> '·''·/{.'(-;'-:.•\' "'' :;,;·.;:-:·(2 • "if;:~;-;.-;_1':_ •;:;.:' i);,·.p;···
.····.·currerrtexpilnditurllS'df th·e•Gorporatiorf for; fhe yeal'; 'I~cl~di"cgth~ amij~n~ required· for .. the
· ;';~~r:~~~ .~e~.~:~~e~}.ri-sll~ct~n {1) · of'th~·;a,~~·~~;{~;~ll~·:l~~~dri~gi~l; o~~=h~lf:~f'tHe"~r-4 ..
poration,' to •tfie!Barik a•prcimissbfy•rioteiof''riolesi se'al~d With tfie•liorporaw 'seaf"lihd s'iohe'd by
···-·y.;0)'-d\' :.> ::-:_:_,.<'?;:;:_·<:=:' '.'><_;·; -->; :_:.-_;',\;it·~-;;tiY-:5, 1'--;\\:>!~Uc---:~ "·'' Z>-> (o'Y;'c·:_,.-"_if:::>;-:-_;·:· ,,,,2'/:->::_<;:; ::c->.; ·,-;(/ --~:._:::-;:,:·.-.J;_._-,_. __ :_i_--'/--;,c>;-!:;:,-;"<:.;· i-f<//
f"'!'\ y
2. .. All sutf~'qr~ow,ed from the said Bank, for any or all of the purposes mentioned,jll the . ~
said Section.~ s!'i;tl, with interest thereon, be a charge upon the whole of the rev~nulll1 of the ~·
Corporati.on for the current year and for all preceding years, as and when such revenues are
received. · · ·
.J;\3HT3tU ftie·:>tfeastNer is. hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By-Jaw, as well as all other sums borrowed in this year /\.L •
~b7:{! ":' '"ia~ndM~ai~nfy~~~ii~Y;fe~ars~,~ Nfr~~o~m~ith~;e~s~a~!i~d~~B!a:n~Jk, forany or all of the purposes mentioned in the said ~-· all of the moneys hereafter collected. orreceived on
levied for the current year and preceding years and all
of the m9,~-~xs:?e.llected or received from any other source, which may lawfully be applied for such
purpQlle. nnx ,.,.,;.,;.,,,,,"'.;:. ·· fg ~··· .
Passed this, .................................................................... day of .................................................... 1 ~
;; ......... ;~d ......................... ; ....... '
(ThE! Head of tha Corporation.)
.... ; ....... •;;,, .. &, ... ~ ... ~.!.t ...... ::'A~:.?.;.;,,;,;,;; .. ,,.
Clerk,
I herebyp~r;ti{y1tha,t tiJ~;foreg?ing is a true copy of By-law No ..................... of the Corpora-
·•.·•·•·····•····•· t!~~-?,f,, .. :1f;···:;,r.~ .....•.. 4.. _. ... :.~·~: ....... in th~ Province of Ontari~,. duly p~.· ~-· at .a VH)Lii meetnigiofi'the CoUnCIL of •th'~isard •Corporatron duly held, and that the sa1d By-law 1s m full
· ' 'force and effect. . .
::;;p . " ; ~ . .. .
. Dated.this .................. ~ ...................................... day of ................. : .................................. 19.f.:k ...
· As witness the Seal of
the Corporation. .. ............ :.d .... ~ .............. ..
CORPORATE
f.-~ :SEAL
ExTRActs FROM tfit'M(Jf\IICIP!A.L ACT RS.O. 1937;
Clerk.
, ......•... ·,··· (1).,, A <>O~nci! "1a.Y.bYbY·I~"(eit~~rbefore 6_iaft~r the p~i~g of the by-law for i"1posing the rates for the
Curr8rlt ye'ar auth0riz8 the 'head-ancr-treasufei' to ·borrow from ·time" to tirrie by way'-"of promissory ·note. such su!Tls 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.sink_ing'{t,md, prJncil)al:~nd irj_terest:falliXJQ:_~-l.le Y(i,thin,_-t.~~--~ye~r upo11
any debt of the corporation, school purposes, special-rates purposes, and for any board, comrTiiSsim1 or bOdy Bnd
other_ p~_rp~_ fC?r,-,whicJ}. the c.~rpor~th>n __ is __ :.r~q_uj~d, ;bY),a~ __ ~ __ provi __ ~e.
. (2) The am~~~t which may beborro;:,~d in. ~Y yea; for the purposes men tiona~ in subseclion ·1 shall riot,
except,with th.eappro.yal of thel\il.unicipalfBo~rd,.~xC<lB<l ••V<l~ty per~ntu"1 of the total amount.of the estimated ·;;·::::·:revenues~of~the-~corpOfati~n,:as:set~~fo-rth;in~:the fistiirllifus ·adoJ)'ted 'for the ··year. ·· -
.•. ·• (3) '· Until~ilcfi estirlialeS'll~ ~dopmdi.Jhe. li"1itati.on up?n ~qr~o"(i~g pr;es~ribed. by subsecti.on .2. s~all tern-.
porarily be calculated upon the estimated revenueS of thin:Orporation ·a. set forth in the estimates adopted· for the
~ex!, P,reC8din=g/ear~ :-_, ___ -. __ . ____ · __ : _
-· -_ · ·-: (4~):· Fa~ th~-purposes of subSedib~s 2 and 3'~t·iitl~fed' ?aVeri-~$$-~ii-~lr(nOffn·CiU:da··revenues; derivable Or d8riV8d
· from _a_r_re~I'S_ of tax~, borr~wirlgs and !ssues of def?ent~res·
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