BYLAW - Borrowing of $190,000.00 - 19560103 - 125456MUNICIPALITY OF TOWN OF AURORA
BY-LAW NO ••• ~[f.' ..•...•••..••
WHEREAS the Council of the Corporation deems it
necessary-to borrow the sum of One Hundred and Ninety Thousand
dollars to meet, until the taxes are collected, the current
expenditures of the Corporationfor the year;
AND WHEREAS the total amount of the estimated
revenues of the Corporation as set forth in the estimates
adopted for the year 1955, not including revenues derivable
or derived from the sale of assets, borrowings or issuance of
debentures or from a surplus, including arrears of taxes is
Two Hundred and Seventy Three Thousand, Two Hundred and
Seventy One dollars.
AND WHEREAS the total amount heretofore authorized
to be borrowed this year for the purposes mentioned in sub-
section (1) of Section 341 of The Municipal Act is nil dollars,
of which the Corporation has already borrowed a total of nil
dollars.
THEREFORE the Council of The Corporation of the Town
of Aurora 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 Montreal, a sum or sums not
exceeding in the aggregate One Hundred and Ninety Thousand 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
341, and to give, on behalf of the Corporation, to the Bank a
promissory note or notes, sealed with the corporate seal and
signed by them _for the moneys so borrol1ed with interest at a rate
not exceeding 4t per centum per annum, which may be paid in
advance or otherwise.
2. All sums borro1oed from the said Bank, for any' or all
of the purposes mentioned in the said Section 341, shall, ~dth
ttwi 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.
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3. The Treasurer is hereby authorized and directed
to apply in payment of all sums borrowed pursuant to the
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authority of this By-law, as well as all other sums borrowed in
this year and any previous years, from the said Bank for any
or all of the purposes mentioned in the said Section 341,
)~ together with interest thereon, all of the moneys hereafter
1 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 Third day of January, 1956.
Clerk