BYLAW - Borrow $400,000.00 - 19640107 - 158964•NOTE: Insert am~
ount of estimated
revenues tor the
current year if ad-
opted, if not, those
of last year.
. :1
L.F,1Q Rev. July 1952.
Ont.
Municipal By-law for Current
Expenditures.
63026 Printed In Oan'ada.
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Municipality of .............. ~!?.~ ..... g!. ...... ~~!?.~ .................................. ..
1589 BY-LAW No ................................................................................................. ..
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
'!!'. !?. ~ ... II.~~~-.. ~. 9.~. ~.~.~-.. ::':::':::':::".':::-::-:::::::::::::::::::.-.":":".'::':::::::::::::::::::-::::::::::::::::::::::::::::· .. do II a rs
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~} ... , 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• ....... .9.1'!::!il .. NJJ!~;!;9.l'!:s .. ,.9.N.:W .. JiJl.Tf!?.~.~ ... ANP. ... ~JiM. ... %ff9.TW:!\..W.:P. .... ANJ? ......... ..
........................... ~J:R~X~lr. ;~;ym .. ::::::::::::.~':':'.~.-:7::::::::::::~':':':::-:::-::~:::::::=.:~:::-.':':':::::::::::::::::::::dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
~u~IE' • .'"':1 .. ~':i. the purposes mentioned in subsection (1) of Section 341 of The Municipal Act is ........... , .............. ..
By-law(s) passed '"'! Y•"· NIL · . . :.~~-"l, .......................................................................................... dollars, of whrch the Corporatron has already
l ~· . \,_,.d. borrowed a total of... ..................... NJII ............................................................. : ............................. dollars.
THEREFORE the Council of The Corporation of the ............... ~OWN ..................................... ..
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
. . . . . . FOUR HUNDRED sums not exceedrng rn the· aggregate ...................... : ......................................... : ....................................... ..
........................ ~!!:?,~~~ ................ : ............... dollars to meet, until the taxes 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 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
5.§.
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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Sect. 341 of
Chapter 243, R.S.O.
1950.
Current
borrowings
Limit upon
borrowings
Temporary
application
of estimates
of preceding
year
Exclusion
from &Stimated
revenues
j. i
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the ~ Ji1
said Section 341, shall, with interest thereon, be a charge upon the whole of the revenues of the , (f)'
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.
Passed this ........................ f?.~.~ .................................... day of ..... !.~i-·············<:"···_····_19-.. ~.4.
CORPORATE ••• ~.: ••••••• ~~i.J}.J..;······· ....
SEAL ••• :;£7:.~: ... of the Corporaron.) ~.fe.td..<IJ{,¥..
I hereby certify that the foregoing is a" true copy of By-law No •..... !.~./3.~ ..... ofT he Corpora-
tion of the ............. ~g~~ ....................... of .................... ~l!.~~··········· in the Province of Ontario,
duly passed at a .meeting of the Council of the said corporation dul~ held, and that the said
By-law is in full force and effect. .·· .
Dated this .......................... /4'f. ................... : ..... dax .......
1:.,~/&;~ ........... 19 ... ~.~-
As witness the Seal of
the Corporation.
CORPORATE
SEAL
; /)
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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 tem-
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 issues of debentures or from a surplus including arrears of taxes and proceeds
from the sale of assets.
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