BYLAW - Borrowing of Money - 19621211 - 155062[l
I I
" I '~
BY-LAW 1550
OF THE MUNICIPAL CORPORM'ION OF THE TOWN OF AURORA
A PROPOSED BY-LAW TO BORROW MONIES IN EXCESS OF 70% OF THE UN-
COLLECTED BALANCE OF THE ESTIMATED REVEI\lUES OF THE CORPORATION
AS SET FORTH IN THE ESTIHATES ADOPTED FOR THE YEAR 196,-Z j
WHEREAS pursuant to Subsection (2) of Section 329 of
The Hunicipal Act, the Council of the Corporation may borrow,
with the approval of The Hunicipal Board, an amount in excess
of 70% of the uncollected balance of the estimated revenues of
the Corporation as set forth in the estimates adopted for the
year 196,2'. 3
AND WHEREAS the total amount of the uncollected bal-
ance of the estimated revenues of the Corporation as set forth
in the estimates adopted for the year 1962, not including
revenues derivable or derived from the sale of assets, borrowings
or issuance of debentures or from a surplus, including arrears 1 7 ~4!l,o 0
of taxes, is EIGHTY-ONE THOUSAND, FIVE HUNDRED AND FOURTEEN.,.. 1 '
$81. 514-.00) •••• ,00/100 DOLLARS, as set forth in Schedule 11 A11
hereto annexed.
AND WHEREAS the total amount heretofore authorized
to be borrowed this year for the purposes mentioned in Sub-
section (1) of Section 329 of the Municipal Act is THREE
HUNDRED THOUSAND •• ($300,000,00), •• 00/100 DOLLARS, of which
the Corporation has already borrowed a total of ONE HUNDRED
AND SEVENTY-SEVEN THOUSAND ••••• ($177J. ooo. 00) •••• 00/100 DOLLARS IFf: 600" C>C
and the total of ONE HUNDRED AND SEVJSNTY-SEVEN THOUSAND,., •••
($177,000.00) •••••• 00/100 DOLLARS has been repaid,
AND WHEREAS the Corporation of the Town of Aurora is
desirous of borrowing an amount in excess of 70% of the un-
collected balance of the estimated revenues of the Corporation
as set forth in the estimates adopted for the year 1962:.J
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TO\>lN OF AURORA
HEREBY ENACTS AS FOLLOWS:
1. The Head and the Treasurer are hereby authorized on jif.::l,t)'i5!·c-o
behalf of the Corporation to borrow from tim. e to time, by ~ay~
of promissory note, from the Bank of Montreal a sum or sumV"
not exceeding in the aggregate NINETY-SEVEN .THOUSAND EIGHT 'f
HUNDRED AND FIFTY-FOUR, •••••••• ($97,854-.00),,, •• 00/100 DOLLARS
to meet, until the revenues are collected, the current ex-~J\~1\ ,
penditures of the Corporation for the year, including the \\I
amounts required for the purposes mentioned in Subsection (1) 1
of the said Section 329 and to give, on behalf of the Corpor-
ation, to the Bank a promissory note or notes, and Sealed with
the Corporate Seal and signed by them for the moneys so borrowed
with interest at a rate not exceeding 5!-% per annum, which may
be paid in advance or otherwise.
2. All sums borrm.red from the said Bank, for any or all Ji!\
of the purposes. mentioned in the said Section 329, shall, with~·~~\·
interest thereon, be a charge upon the whole of the revenues 1
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 329 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, ivhich may lawfully
be applied for such purpose.
2
~. This By-Law shall come into force and effect upon
the day of final passing thereof.
ND SECOND TIME THIS
.. ~ /J'.:1.DA . OF. L ,
••
DECEMBER, 1962
c
READ A THIRD TIME AND FINALLY PASSED THIS DAY OF DECEMBER, 1962
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Mayor Clerk