BYLAW - Borrow $150,000.00 - 19600825 - 145460•
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BY LAW NO. 1454
of the Municipal 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
-;<. >t· year 1960, not including revenue derivalbe or derived from the
sale of assets, borrowings or issuance of debentures or from a
· surplus, including arrears of taxes is Seven Hundred and Twelve
Thousand, Eight Hundred and Thirty-Five Dollars of which
Two Hundred and Seventeen Thousand, Four Hundred and Fifty-Four
dollars is estimated as still to be collected,
AND WHEREAS the· tot.al 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
Thoupand dollars, of which the Corporation has already borrowed
and repaid a total of One Hundred and Fifty Thousand dollars • . .,
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA
HEREBY ENACTS AS FOLLOWS:
1 • 'll!h!El Head and the Tr.easurer 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 current expenditures ~
of the Corporation for the year, including the amounts required ,_,~~
for the pUrpose mentioned in subsection ( 1) of the said Section )1/
341, and to give, on behalf of the Corporation, to the Bank a
promisory note or notes, sealed with the Corporation Seal and
signed by them for the moneys so borrowed with in:te:uest at.a rate
not exceeding 5i 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
theron, 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 'L~"'
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revenues are received,
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2
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 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 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 SECON TIME THIS 25 DAY OF AUGUST , ]'9'60,
READ A THIRD TIME AND FINALLY PASSES THIS 25 DAY OF AUGUST 1960,
MAYOR CLERK
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