BYLAW - Borrowing of $225,123.00 - 19580112 - 135658I
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MUNICIPALITY OF TOWN OF ;\URORA
BY-LAW NO ••• • ••• 0?. ~ .. ~.; .. ~.
WHEREAS the Council of the Corporation deems it
necessary to borrow the sum of Two Hundred and Twenty Five
Thousand, One Hundred and Twenty Three dollars to meet, until
the taxes are collected, the current expenditures of the Corp-
oration for the year; /SP/ GOo. o o
ANP WHEREAS the total amount of the estimated
revenues of the Corporation as set forth in the estimates
i!
adopted for the year 1957, 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
Three Hundred and Twenty One Thousand, Six Hundred and Five
',3 3 0, '-f Y if. 0 D
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
and Twenty Five Thousand, One
the Municipal Act is Two Hundred
\~b '""'" Hundred and Twenty Three 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
/s-o, ,; oo. o o
exceeding in the aggregate Two Hundred and Twenty Five Thousand,
One Hundred and Twenty Three dollars to meet, until the taxes jl~~
are collected, the current expenditures of the Corporation for
the year, including the amounts required for the purposed men-
tioned 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 s
moneys so borrowed with interest at a rate not exceeding
f'
5i per
cent per annum, which may be paid in advance or oth~rwise •.
2. All sums borrowed from the said Bank, for any or
all of the purposes mentioned in the said Section 341, shall,
with interest thereon, be a charge upon the whole of the revenues
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of the Corporation for the current year and for all preceding
years, as and when such revenues are received.
]. The Treasurer is hereby authorized and directed
!""'/ to apply in payment of all sums borrowed pursuant to the
L_! authority of this By-law, as well as all other sums borrowed in
this yea~nd any previous years, from the said Bank for any ~~~~·
or all of the purposes\l!!entioned in the said Section 341,
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 Twentieth day of January, 1958.