BYLAW - Borrowing $150,000.00 - 19600111 - 142860··::.
'
•NOTE: Insert am-
ount of estimated
revenues for the
current year If ad.
opted, if not, those
of laet year.
•.>:
'
L.F.lO Rev. July 1952.-
Ont.-
Murlicipal By-law for. Current
Expenditures.
63026 Printed In Canada.
"·-
Municipality of .... ; ... ,, ......... ?;?.~ ... ~:t;. ... ~~.~!.~ .................................... .
• ' 1428 . BY -LAW No .................................................................................................. .
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 forth~ year 19 .. 2~, 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* .... ¥.,=l:Y.~ ... ,~'9n.4;r.~!?: .. -§:Th4.,. ¥.!?.;r.:1:i;v.:7::~.~Y.~m.J~!:J,Q)Mi!~c;i ·'·. --~~~., ............... .
--~~~~~-~-·--~~--~-~~l~ ... ::-:.:; ............ ::::-::::-:::-:::":::: ...................... :.':":.'":":::::::::: ... :':':':-:.'::::::::::::: .... dollars.
AND WH{::REAS the total amount heretofore authorized to be borrowed this year for
~.~r··.r·:~_,~':, the purposes mentioned in subsection (1) of Section 341 of The Municipal Act is ...... 9.:!?-~ ............ ..
ny-law(s) passed
this yeor. ~~~~El.q. .... l¥.l.<i ... ;F.~:f.:tY ... ~!:J.9.~!!!!¥\<L ............. dollars, of which the Corporation has already . ' .
N'l borrowed a total of ....................................................... ;1-.. , .............................................................. dollars.
THEREFORE the Council of The Corporation of the ................... -~9.~ ................................ ..
of. ........................ All.r.:!?.:r.?.-. ......................................... 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 ..... 9~~-.. ~~Cf..r..~.<i ... ~~---F..:i:-.:!;.i;Y, ... ~ll:~~-~~ ............. .
::::~:::.::.::,.~::": ...... :0::::':":-: .. ::::::: .......... ::::'.-:':'.':':' .... dollars .to meet, until the taxes are collected, th13
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 Cor"
poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so borrowed with interest at a rate not exceeding ..... ?.i. ......... :per centum
per annum, which may be paid in advance or otherwise.
)
Sect. 341 of
Chapter 243, R.S.O.
1950.
Current
borrowings
Limit upon
borrowings
Temporary
application
of estimates
of preceding
year
Exclusion
from estimated
revenues
, I i
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 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 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.
CORPORATE. SEAL
I hereby certify that the foregoing is a' true copy of By-law No ... J4?13 .... :. of The Corpora:-
tion of the ........... J~Q~~ ........................ of ............. A),lJ;':g;r~ .................. in the Province of Ontario,
duly passed at 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 ............................. 1.J:Iil:t ......................... ::.day of ........ !.~~:tt~l. .................... 19_§().
As witness the Seal of
the Corporation.
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
(1) A council may by by~ law either before or after the passing of the by~law for imposing the rates for the
current year authorize the head and treasurer to borrow from time to time by way of promisSory note such sums as
the council may deem necessary to meet, until the taxes are-collected, the current expenditures of the Corporation
for the year, including the amounts required for sinking fund, principal and interest falling due within the year upon
any debt of the corporation, school_ purposes, special rates purposes, and for any board, commission or body and
other purposes for which the corporation is required by law to provide.
(2) The amount Which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
except with the approval of the Municipal Board, exceed· seventy per centum of the total amount of the estimated
revenues of the corporation as set forth in the estimates adopted 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, estimated revenues shall not include revenues derivable or derived
from the sale of assets, borrowings or issue's of debentures or from a surplus includjng arrears of taxes and proceeds
from the sale of assets.
'7
J . .
~--..
r
BY-LAW NO ,j'foJJ"
of the Municipal Corporation of the Town of Aurora
WHEREAS the Council of the Corporation deems it
7//;::f'£. IE .. .t;jV'1/.t'-'~~'.i: D 7")/,.:: f/,::·,,_:_.' '/ _; .. ~: (
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'/6o
year 1959, not including revenues derivable or derived from the
sale of assets, borrowings or issuance
surplus, including arrears of taxes is
of debentures or from a
Jf?,, '?B':)
Five Hundred and Forty-
Seven Thousand, Three Hundred and Sixty dollars. -
AND WHEREAS the total amount heretofore authorized to
be borrowed this year for the purposes mentioned in subsection .. ,
7"/(REtF /"i'V'/11_..-,f?[ D "7/!r!VS'r-?i./i)
(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:
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 Montre.al, 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 t·he year, including the amounts required for the purposes men-
in
tioned/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 Corporation Seal and signed by them for the moneys
so borrowed with interest at a rate not exceeding 5i per cent per
annum, which may be paid in advance or otherwise.
·· 1 I 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 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 authority
' .. '·.·
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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 the~eon, 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 ' 1960.
READ A THIRD TIME AND FINALLY PASSED ' 1960.