BYLAW - Borrowing By law - 19660112 - 171966J_ __
•NOTE: Insert am-
ount of estimated
revenues for the
current year If ad-
opted, If not, those
ot last year.
TE: Insert am-
t of previous
.aw(s) passed
.-~--~ .. s year.
L.F.10 Rev. May 1960.
Ont. ·
_-l\llunicipal By-law for Current
·Expenditures.
92950 Printed in Canada,
TOWN OF AURORA
Municipality of .......................... : .............. : .................................................. : .. .
. . 1719-66
BY-LAW No .................................................................................................. .
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
FOUR HUNDRED THOUSAND '---"'"'"-----------------------------------............................................ : ................................................................................................................. 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~.?. ... , not including revenues derivable or derived
from the sale of assets; borrowings or issuance of debentures or from a surplus, including arrears
· .. ONE MILLION, FIVE HUNDRED AND NINETEEN THOUSAND EIGHT HUNDRED
of taxes, is* .............................................................................................................. : ..................... ; .............. .
AND SIXTY THREE----------------------------------------------
..........................................................................................................................................................•. dollars.
AND WHEREAS the total amount heretofo're authorized to be borrowed this year for
the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is ........................... .
.. ...................................................................... ~.~.~ ........... dollars, of which the Corporation has already
borrowed a total of.. ...................................... ~~.~ ............................................................................. dollars.
THEREFORE the Council of The. Corporation of .the ...... }?~ ............................................... .
. AURORA .. · ·. h b. . t ·.·. .f II · of.. ............ "·'··· ......................................... , ..................... ere y enac s as o ows.
1. The Head and the Treasur.er are hereby au~horized ·on behalf of the Corporation to
. ; - . ' ·, ·. -1
borfow from time to time, by way o(promisso'ry note,tromthe Bank ofMontreal,a sum or w6:?f),
. . . FOUR HUNDRED THOUSAND-------------'----------./1''.
sums not exceeding in 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 329, and to give, on behalf of t~e Cor-
poration, to the Bank a prom'issory note or r\otes, sealed with the corporate seal and signed by
. . . . . . 6 .
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.
Seo.329 or
Chap. 249,
R.$,0,1960
Current
borrowings
Limit upon
borrowings
Limit at
any one
time.
Treasurer
to furnish
lender with
copy of By-law
Temporary
application
of estimates
of preceding
year
Exclusion
from estimated
revenues
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 pursua. nt.to the authority of this By-. law. '.as w .. e. II as a· I. I othe. r sums borrowed in this year , /:;11'
and any previous years, from the said Bank for any or all of the purposes mentioned in the said·' fi 'r:)lP
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
purpose. . . . · . K" ,< .~: V£" ~ r .1-1 · JANUARY · 6:t
Passed thrs ....................................................... ~·.······ .. ·····da .. of~············.·· ···.·.·•·······.···· ......... 19 ........ .
.... ·····~\
CORPORATE •••••• ...:-:.-..... ..... ...... •• . ................................ ..
SEAL , -. _ .. -.·(The ~ead·ofthe ~pn.) :n
.. ,-.. ~.:ttt. . .... ~.1.d.. ..... .
Clerk.
I hereby certify that the foregoing is a true copy of By-law N;/.7tfc.~¢.iofThe Corpora-
tion of the .................. Z. . .<f.b.:.:£ ....... of., ... , ........ d.<!.,B..ii.!.S'.f.?.: ..... , ... ,in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly h'eld, and that the said
By-law is in full force and effect. ' ·
Dated this .......... .?. .. I!/£../. ... Z:/.t. ...................... day oL: .. .Jd...N..«.d..fJ/. .... 19.6..b
As witness the Seal of
the Corporation.
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960
(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 t_he amounts required fo.r _sinkinQ funcf_, principal and interest falling due within the year upon
any debt of the corporation, school purpoSes,· speciaL rate::Vplifp0s8s, arid for any -boa:rd, commission or body and
other purposes for which the corporation is required by law to provide.
(2) _ T,he _amount that may:-b,f;l,.porrow_ed in any_yJ3a~ ,~or the purposes mentionec:J in subsection 1 s~alf not,
excePt with the approval of the Municipal Board, exceed --70 per cent of the -total amount of the estimated-revenues of
the corporati_o~ as ~et fC?rth in the estimates adopted for-the year. R.S.0.1950, c. 243, s. 341 (1, 2).
{3)_ _The amount that may be borrowed at any one_-time for the purposes mentioned in subsection 1, together
With the ·total of ariY Similar borroWings that have not been repaid, shall not, except with the approval of the Municipal
Board, exceed 70 per cent of the uncollected balance of the estimated rev_enues of the _corporati.o_n as set forth in the
estimates adQpted-for:-the year. . _ __
(4) At the time, after the 3oth day of June in any year, that any amount is borrowed under this section, -the
treasurer _shall furnish, to the lender a copy of the by-Jaw•_authorizing the borrowing and a stat~ment showing the
nature and amount of the estimated revenues of the curreht year not yet collected or,.where the estimates. for the
year have not been adopted, a statement showing the nature'and amount of the estimated revenues of the corporation
as set forth in the estimates adopte.d for the next preceding year, and also: showing the total of any amounts borrowed
under this section that have not been repaid. 1958, c. 64-,.s. 23. (1). · , , :: .-_
(5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall
temporarily be calcLJiated upon the estimated revenues of the _corp()ration as s_et forth _in the estimates adopted for the
next preceding year. R.S.O. 1950, o, 243, s. 341 (3); 1958, c, 64; s. 23' (2); · · ·· ·
-(6) For the purpose of this section, 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. R.S.0.1950, c. 243, ~· 341 (4); 1958, c. 64, s. 23 (3)'. ·
*N.B. If there is sufficient available under existing by-law(s) to provide for the fresh assistance required
a new by-law is not needed.
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