BYLAW - Borrow $300,000.00 - 19610103 - 146061BY...,LA'W
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1460
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
WHEREAS the Council of the Corporation deems it
necessary to borrow the sum of Three Hundred Thousand
~::~"'-\ 1 dollars to meet, until the taxes are collected, the current
··1j· expenditures of the Corporation for the year,
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AND WHEREAS the total amount of the estimated revenues
of the Corporation as set forth in the estimates adp~ted for the
year 1960, not including revenues derivable or derived from the
sale of assests, borrowings or issuance of debentures or frem a
surplus, including arrears of taxes is Seven Hundred and Twelve
'rhousand, Eight Hundred and Thirty-Five dollars.
AND WHEREAS the total amount heretofore authorized to be·
borrowed this year of the p'tll:'poses mentioned insubsection
( 1) of Section 341 of The Municipal Act is Three Hundred 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 :hereb.Y 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 aggreagate Three Hundred Thousand dollars to meet, until the
taxes are collected, the current expenditures of the Corporation
for the year, including the amoun\ 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 promisory note or notes !A~,
sealed with the Corporation Seal and signed by them fur the monie\~~~
so borrowed with interest at a rate not exceeding 5:;i percent per ·: .
' annum,· which may ·be paid in advance or otherwise, \
2. All sums borrowed from the said Bank, f'or 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 Corporat~W
for the current year and for all preceding years, as and when suo~~~\\'
revenues are received, ) Cl
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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 B~nk 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 am~ all of the monies collected or . .
received from any other source, which may lawfully be applied for. ~
such purpose, .~
READ A FIRST AND SECOND TIJV!E THIS 3 DAY OF JANUARY, 1961,
CLERK
READ A THIRD TINill AND FINALLY PASSED THIS 3 DAY OF JANUARY, 1961,
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, ·'-~NQ,tEi-.lnsert am.
oun~·. -of· estimated
' 'r.eYeil_utls for ' the
_current; ,year if ad-
:.'op.ted,,:.if not, those
of 'ast year.
gJ. \ .nsert am-
--)~.~ previous ~ ~ passed
:tills :Year. .
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L.F. :Ill Rev. July 1952.
Ont.
MuniciPal By":""law .for _Current
EXp~rl-ditUres.: ·
" - --. · 90422-·pr,nt~d in-can~da.:
M .. l't f to•o£· ~· .. . unrcapa 1 y o ~ ................ ; .... , ........ ,., ... ; .............................................. , ........ .. . 1460 . .
BY -LAW No ..................... , ............ , .. , .............................................. , ............. .
WHEREAS. the Council of the Corporation deems it necessary to borrow the sum of
fturee: -~d ·~ · .... · .. ·. : . ., ..... ·· .. · .. · .·.··.··· ·· .... ·., .. · .. · ... -.. ·· ·.· ...... .
................................................................................................................................................................ dollars
to meet, until thetaxes'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 estimate~·~J:~ted forth~ year19 ..... ~ot including revenues derivable or derived
from the sale of assets; borrowings or issuance of debentures or from asurplus, including arrears .. ·' ·••n: ~d -~l'Vl!lc .. ~,. ~"~d. of taxes, IS ...................................................................................................................................................... .
.... : ....... ~$ ... ~~~,~~: .. :: .. , .. ;:~:.)~, .. ::: .... ·: .. :: .. ~.; .. ·::.:~.~~~:::.·~---~~.:: ... ~ .. ~.'.~: . .' ..... ' ... : ........ .::.·.~:dollar~.
AND WHEJ:tEAS the tots! amount heretofore authorized to be borrowed this year for
.. ···•· .. \) ·,· · ... ·. ·. . . ~
the purposes· mentioned in subsection (1) of Section 341 of The Municipal Act is ........................... .
~~~ .. ~ ... ~ .. ~ ... ~ .. ~ .. ~ ... ~ .. :::" ... ~.~~·dollars, of which the Corporation has already
. . ... · . . lfll:i . . .•
borrowed a total of... ........................ : .......... · .................................................................................... dollars.
THERE~O~~ the Council of ;h~ Corporation of the ..... : ......... ~~ ....................... ; ....... : ..... ..
· • .Amtou ·· .· · .
of.. ................................... , .............................................. hereby. enacts as follows.
1. · • The He~d ~nd the Treasurer are hereby authorized on behalf of the Corporation to
bQrrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or
. ···. . ~-lf~.~~'""'' ·--sums. not exceeding Jr· the,aggregate ......................... , ... : .. : .... :.::.:.·.:.:,,:: .... :.:., .............................................. ·
............... : .... , ... ; ......... ;: •• ; ••• :.,:: ......... u ...... u ............ dollars to mMt, until the taxes are collected, the
current exp~~dltur~s 'of fhe CoqJo;~tion for .the year,. inbluding•.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 ........... : ..... , .... per centum
per annum, which may be. paid in advance or otherwise.
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2. All sums borrow11d from the said Bank, for any or all of the purposes mentioned in the
said Section 341, shall, with interestthereon, 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 herif6Y'lliltlfurized and directed to apply in payment of all sums
borrowed pursuant to the authority ofthisBy-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 purp0 ses mentioned in the said
Section 341, together with interesnhereon;·all of the moneys· hereafter collected or received on
account or realized in respect of thetaxes levied for the current year and preceding years and all
ofth.e moneys collected or received from any other source, which may lawfully be applied for such
CORPORATE
SEAL
I hereby certify thattheJore{Iilin~ris a true copy of By-Jaw o ........ ,4,0 ,. of The Corpora-
. ·.····· . . ···· ·· fifo ····· < ·.·.··.· ···.·· ··· ~····'·.·· · . · : .
t10n of the ................................................ of.,,.c .................. · ... ~ ..•..•. ,,.n ...... m th13 Provmce. of Ontano,
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 ................................... i-...... , .......... ; ...... da;of...; ..... ;~l'f~r:·:·.-.. ,. ....... 19:·:·6 ,
As witness the Seal of
the Corporation.
CORPORATE
SEAL
··./~ . ·. 0 1A& ~<~~v .. .......................... ~ ......... , ......... · ... ···.· ... A .... ::?.2 ............. .. · ... . ._ " ... -. . Clark, . . .: : __ -.. ' : _-. '
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
Sect. 341 of "" ... fJ':8..ter 243. R.s.o~ -:-
· (1) A council rnay by by;law either before or after the ·passing of th~ by-law tdr ~~~osing tho rates for tho
c_tlr~ent year authorize the h6ad ·and tr.e_asurer to borrow from. tiille tcrtittlEf by· way of ·promiEi'sbty···note such ·suins as
the~ CQun-cil· l)'lay 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 cif the_corporation, school. purpOses;.special"rates purpOses;.·and for any-bciaid; commiSsion-or body·and
other-purposes for which the corporation is required by law to provide.
Current
borrowings
Limit upon
borrowings
Temporary
application
of estimates
of preceding
year
Exclusion
from estimated
revenues
(2)_ The amount which may be borrowed iff anY year·for the purposes· mentioned:in'substlction :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 e_stimates adopted for the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
porarily .be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next preCeding year. · ·
(4) Forthe purposes of subsections 2 and 3, _estimated revenues shall not includ!3 reye_~ues deriva~le:orderived
from the sale of assets, borrowings or issues of debentures Or_ from a surplus fnc!UdinO arrears Of taxes ·a-rid proceeds
from tho sale of assets.
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