BYLAW - Borrowing of $150,000.00 - 19590202 - 139459BY-LAW NO, 1394
of the Corporation of the Town of Aurora
WHEREAS the Council of the Corporation deems it
necessary to borrow the sum of One Hundred and Fifty Thousand
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 1958, 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 Thirty
Thousand, Four Hundred and Twenty-Three dollars.
AND WHEREAS the total amount heretofore authorized to
be borrowed this year for the purposes mentioned in subsection
(1) of Section 341 of the Municipal Act is One Hundred and Fifty
Thousand 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:
l. 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 Fifty Thousand dollars to meet, until
the taxes are collected, the curre~t expenditures of the Corporation
for the year, including the amounts required for the purposes men-. //,
tioned in subsection (1) of the said Section 341, and to give, on _j;t''tJ.{p
behalf of the Corporation, to the Bank a promissory note or notes,
sealed with the Corporation Seal and signed by them for the moneys
so borrowed with interest at a rate not exceeding 5 per cent per
annum, which may be paid in advance or otherwise.
2. All sums borrowed from the said Bank, for any or all of ·/
the purposes mentioned in the said Section 341, shall, with interest/~{.(0·
thereon, be a charge upon the whole of the revenues of the Corporatfon
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
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and any previous years, from the said Bank for any or all of the
purposes mentioned in the said Section 341, together XMX 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.
READ A FIRST AND A SECOND TIME THIS c:2_ DAY OF FEBRUARY ' 1959
READ A THIRD TIME AND FINALLY PASSED THIS o2DAY OF FEBRUARY , 1959.