BYLAW - Borrowing of $120,000.00 - 19540104 - 1174A54c
r
•NOTE: Insert am-
ount of estimated
revenues for the
current year if ad-
opted, if not, those
of last year.
l JOTE: Insert am-'--~ount of previous
By-law(s) passed
this year.
· L.F. 10 Rev. Sept. his.
Ont.
Municipal By-law for Current
Expenditures.
11569 Printed in Canada.
Municipality oL ....... To.w.n. ... o;t'
BY-LAW No. . ... ../q<£.~
A BY-LAW to authorize the borrowing of $.120 1 .0.0.0 .•
WHEREAS the Council of the Corporation deems it nece:
One .. hundre.d .. .and ... t.w.en.ty ... thousand ... , ... -, .. , ... , ........ .
to meet, until the taxes are collected, the current expenditures of th
AND WHEREAS the total amount of the estimated revenu
' forth in the estimates adopted for the year 19.'5.:3., not including n
from the sale of assets, borrowings or issues of debentures or fror
of taxes, and proceeds from the sale of assets*.'Wfl.Sc .. on.e .. .hur
.. tho.usand, .... f.o:ur. ... hun.dr.ed ... -:;o.::-: ... ~ .... ~---~---~-.. ~ ... :-:-: ... ~----~
AND WHEREAS the total amount heretofore authorized t
341
the purposes mentioned in subsection (1) of Section~ of The Mu
. .................... dollars, of which
borrowed a total of ... }Ij,).. . ............. .
T'Hf:REFORE the Council of the Corporation of'~ll1e. .~ov
of .............. Aur.or.a ... . . ... hereby enacts as·
1. The Head and the Treasurer are hereby authorized on
borrow from time to time, by way of promissory note, from the I
sums not exceeding in the aggregate ..... on.e .. hundr.ed ... and ... t.l
...... dollars to meet, until
current expenditures of the Corporation for the year, including tl
1
Sect: 339 of
Chapter· 266, R.S.O.
1937,
Current
borrowings
I ' , ,
2. All sums borrowed froll) the said Bank, for any or all of
1
the purposes mentiohed in the
said Section :x:ID?l~Ha11, 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 pay.ment of all sums.
borrowed pursuant to the authority of this By-law, as well as all other suiTls borrowed in this year
and any ~vj,ops years, from the said Bank for any or all of the purposes mentioned in the said
Section , l'b'Qether 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 ............... 4th ... . ........................ day of .......... J.M.~ ..... . ,19.~.
Clerk.
I hereby certify that the foregoing is a true copy of By-law No .................... of the Corpora-
tion of... ...................... , ........................ , ........................ in the Province of Ontario, duly passedat 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.
.. ...... day qf.. ...
' I(•~
EXTRACTS FROM THE MUNI,CIPAL ACT R.S.O. 1937'
.. ....... 19. .......
Clerk.
(1) A council may by bY~Iaw either before or after the passing.of the_by-law for iniP~~iOg'the rates.for the
current year authorize_ the head and treasurer to bor:row from time totimecby way-()f pmmisS:Qry:~Ote.:su~h sums as
the coUncil inay deem necessary to meet, until the taxes are-colfected,-the current 6xpenditures·'_of:tlie COrporatiOn·
for the year, including the amounts required for sinking fund, principal and interest falling d~e-~i-~~1~the y~ar ueon
any debt of the corporation,-school purposes, special rates-purposeS, and for any~ board,·comtni,sSion -'o'r-bodY·a·nd
other purposes for which the corporation is required by law to provid6. ·
(2}---Thffamount which ·may be-borrowed in any Yeai for the puiposes mentioned·h~:'sqOS8CtiPn·1 Shall'hbt,-
except with the approval of the Muriioipal Board, 'e-xceed seventy per centum of the total am·ount of the estimated
revenues.of the corporation as set forth in the estimates ad9pted for the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection-2, shall tern~
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 ~stimated revenues shall nOt includ~ reve_nueS,-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.