BYLAW - Borrowing of $60,000.00 - 19520107 - 111352i . I
t
/
I\IOTE: Insert am-
ount of previous
By-law(s) passed
this year.
L.F.10 Rev. Sept. 1946.
Ont.
Municipal By-law for Current
Expenditures.
11569 Printed in Canada.
Municipality of ......• ~.C>\IT:ll ... Cif: .... All.r.'.!?.:r~ ......................... , ..... .
BY-LAW No ...........•. //.L .. -??. .......................... , .. H •••••
A BY-LAW to authorize the borrowing of $ .. P.P • .0.0.0 .•. 9.9 ...... ······························H······
WHEREAS .the. Council ot 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 19.52 .. , not including revenues derivable or derived
from the sale of assets, borrowings or issues of debentures or from a surplus including arrears
AND WHEREAS the total amount heretofore authorized to be borrowed this year "tor
the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is ...... n1,.l ............. ,
.dollars, of which the Corporation has already
borrowed a total of.... ..P;\..l .... .. . eo
................... . ...................... dollars.
'
'THEREFORE the Council of the Corporation of the
of..... . .. A11Ro:M .. . .. 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 I\IJ()ntr¢al, a sum or
. sums not exceeding in the aggregate ........ ~J.~]Y. ... ~P.9.1J!il~!l.c:l ... CJO/),..()() ............................... .
;\
'
............ dollars to meet, until the taxes 11re collected, the
current expenditures of the Corporation fQr 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 ........ l!-......... per centum
per annum, which may be paid in advance or otherwise.
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I Sect. 339 of
.-· Chapter 266, R.S.O.
1937.
: o.i. Current borrowings
u ... ·-· ... ion tr: ~timated
rt.(~).)s
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in 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 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 ~revious years, from the said Bank for any or all of the purposes mentioned in the said
Section 339, 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 .. 7:1;:P, ·············· ············· day of.. . ... 19.5?.
I hereby certify that the foregoing is a true copy of By-law No .................... of the Corpora-
tion of ............... ,A.J,l~9.J?Il, .... ,. ........... ............. . ....... 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 ancfeffect.
Dated this ...... .
As witness the Seal of
the,Corporation.
........ day of.. .January .. .. 19 .52 .•
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
current year authorize the head and treasurer to borrow from time to time by way of prom_i"sSory note such sums as
the council may deem necessary to meet, until the taxes are collected, the current expBriclitUfes Of the corporation
for the year, including the amounts required for sinking fund, principal and interest fallinQ p_ue:within the year upon
any debt of the corporation, school purposes, special rates purposes, and for any board, commission or body and
other purposes for which the corpo-:ation 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, derivab\6 or derived
from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxe~. and proceeds
frorn the, saie of assets. - --.