BYLAW - Borrowing of Money - 19631216 - 158863'. !( . u ....... s . . r
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BY-LAW •••• •'·• ••••• •
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
A PROPOSED BY~LAW TO BORROW MONIES 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 1963.
WHEREAS, pursuant to Subsection (2) of Section 329 of
The Municipal Act, the Council of the Corporation may borrow, with
the approval of The Bfunicipal 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 1963.
AND WHEREAS the total amount of the uncollected balance
of the estimated revenue of the Corporation as set forth in the
estimates adopted for the year 1963, not including revenues derivable
or derived from the sale of assets, borrowings or iasuance of
debentures or from a surplus, including arrears of taxes, is
ONE HUNDRED AND SEVENTEEN THOUSAND, FOUR HUNDRED AND FIFTY-ONE ••
DOLLARS (($117,451.00) •••••••••••• , as set forth in Schedule "A"
hereto annexed.
AND WHEREAS the tota1 amount heretofore authorized
to b:e borrowed this.year for the purposes mentioned in Subsection (1)
of Section 329 of The Municipal Act is THREE HUNDRED THOUSAND
DOLLARS ($300,000.00) ••••••••••••• , of w~ich the Corporation has already
borrowed a total of ONE HUNDRED AND .FORTY!: ... NINE THOUSAND DOI.UlUl
( $14-9,000.00) and the total of ONE HUNDRED AND FORTT'-NINE THOUSAND
DOLLARS ( $149, ooo. oo) lias oeen repaid.
AND WHEREAS the Corporation of the Town of Aurora is
desirous of borrowing 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 1963.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA 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 ONE HUNDRED AND THIRTY-TWO .T1J:OU.SAND
FIVE HUNDRED AND FIFTY-ONE DOLLARS ($132,551.0o) ••••• ~r~!;·;r~i;"••••••
to meet, until the revenues are collected, the current expenditures
of the Corporation for the year, including the amounts required for
the purposes mentioned in Subsection (1) of the said Section 329
and to give,. on behalf of the Corporation, 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 5i% 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 329, 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 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, which may lawfully be applied for such purposes.
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4. THIS by-law shall come into force and effect upon
the day of final passing thereof.
READ A FIRST AND SECOND TIM:E THIS
•/ t/ . I 0 ' DAY OF DECEMBER, 1963.
CLERK
READ A THIRD TIM:E AND FINALLY PASSED THIS /b ~y OF de<.c~, 1963.
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