BYLAW - Borrowing $300,000.00 - 19620102 - 150662L.F.10 Rev. July 1952.
Ont.
Muni~ipal B;-1aw for Curreni
E:xpenditures., ·
iiM22 · · Print61f ~~-Canada.
. . . TOWN OF AURORA · -Mun1c1pal1ty of ........................... , ............ , ...... ,., ....................... , ...... c ••••.••••••••.
1506 ·-BY-LAW No •.••..... , ••. , ................ ., ............................ , ..................... , ....... • ........ .
. WHEREAS the Council.of the Corporation dee~s it neces~ary to.borrow the sum of
· --Three Hi:ilidred Th6'usand.;;;.:..;.:c. __ "'~.:..;.;.;.;,;;...; __ ;.:.:.:;;;.;;.:.; __ .:.:;;.:.:.._;...;;..;;...;;_ · · .............................................................................................................................................................. 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 19 .. §.1, not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
;~.?,T~\ ·~.~l:n:.':'ci of taxes, is* ........ ~~-~?.~ .. ~~~~F.~.~ .... ~~~---~:!:~.~.~;r.::!..:!:Y~ .... ~!?:!?.~~.~~~.l .. ::~:~;";~.~;;:~E'.~dred
rovenuaa for tho , _. _ _ ___ .. ,· __ · .;-,. -,., ._ . ·
irl~;.·c.~~·· '\.~; ......... ~~~ .... ~~J~~¥.:::~~~~~::::':;::;:::'::.:.:::::-:::.::.::::::::::::::::.:::::::::::::;::::::::.:.-::-.:::::::::::::dollars.
AND WHEREAS thetotal amount heretofor~~thorized to be borrowed this year for
-' ·-) passed ~NOTVcr···:~_,~'::; the purposes mentioned in subsecti~n-;(1) of Section Hiof The Municipal Act is .......... ~!.'.~.~ .... .
·-. _ '·__ ......... ~~?..~~~-~ .. _.~.~.C>.~.~~!.l~ ................................... dollars, of which the Corporation has a __ lready
\ NIL . -· .
· --; borrowed a total of.. ........................................................................................................................ dollars.
THEREFORE the Council of The Corporation of the ................. ?9.~ .................................... .
AURORA
of.. .................................................................................. 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
i 0 )
current expenditures of the Corporation for the year, including the amounts required for the
329 .
purposes mentioned in subsection (1) of the said Sectioni1!1¥:and to give, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate sllal and signed by
them for the moneys so borrowed with interest at a rate not exceeding ... ( .. ~f..>, .. per r.entum
per annum, ',Vh_ichrilay be)ah:f• in_a~va.nce •or otherwise,·
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, 1 I I . . •. ·. ··. • i
2. All sums borrowed from the said Bank, for any or all of the purposes mention~d in the
said Section 'Mt, shall, with interest thereon, be a charge upon the whoie 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 ofthis.Sy-l·aw;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 ~ 1 Section .!liM, together with interestthereon; aH ofthe moneys hereafter collected or received on
account or realized in respectofthetaxes levied for the current yearand preceding years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purposeFirst and second reading this 2nd day of. J~uary,, 196<? , .... , --~--' -· -" . "-·---·----. _,_-;_,;·. "'
Soot. 341 of
Chapter 243, R.S.O.
1950.
Current
borrowings
Limit upon
borrowings
Temporary
aypncatlon
o estimates
of preceding year
Ex_clusion
from estimated
revenues
Passed this ............................... ~ .................................. ;dayof JANUARY . . . ....... 19 .. ~~
CORPORATE SEAL
. I hereby certify that the foregoin!J. isJI true ~opy of By~ law No ••.. ~.?..9.?. ....... ~f ;he Corpora-
tion of the .............. ~.9.W!:'L .. , ................... of .............. !.9."~9.M ................ in the Province of Ontario,
duly passed at a riieetin!l oHflll coiuicif of tile said .corporati'cni ifuly heid, and thatthe. said
By-law is in full force and effect.
·. ·. .. 2. .. ' ' ·'· .. JANUARY ... · .. · 62
.Dated this ........................................ : ............................ day of ................................................ 19 ........•
As witness the Seal of
the Corporation.
CORPORATE SEAL
:: . ·(!
. ,_.i:
. ... EXT~~CTS FROM THE MUNICIPAL AqT .M·?· 19~0. . . . , , ; .... · , .
(1) A council may by by-law either before or after the passing of the by-law for imposing the rates for tho
current year authorize the _head and .treasurer to borrow from time to time -by-way-of promissory-note -such-sums as
the council may ·cteeH'I neCessary to meet, until the-taxes are collected, the current e~pen~itures of the corporation
for the year, including the amounts required for sinking fund, principal and inter~st falling due within the year upon
any debt of the_ corporation, school purpOseS, special-rates jmrposes,·and :f~r:ahy-":bOaid, commission or,. body :and
oth~r purposes for which the corporation is required by law to provide.
(2) The amount which may be-borroWed irl any year for th8 pUrposes· inentioned 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_ e13timates adop~ed,_,f_or the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
porarily _l?e calculated -._!lpon the estimated revenues of the corporation as s_et forth ,in-the esth;nate_s adopted-fa~ .the
next preCeding year. · · · · · · ·
(4) For the purposes of subsections 2 and 3_,_ estimated re~en~~s=_shall not _incl_ude:_rey~nue_s~deriya~le_orderived
from the sa! a of assets, borrowings or issues of debei1tura·s Or ffoin a' SUrpluS 'fnC!UdinQ.arr8iirS Of·taxe$ 'arld proceeds
from the sale of assets.
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