BYLAW - Borrow $400,000.00 - 19660103 - 166965· L.F.lO. Rev.· May 1960.
Ont. · · ·
Municipal By01aw for. Current
Expenditures.
67142 Printed In Canada.
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. . TOWN OF AURORA . . .
Municipalityof ................. ,.:.:::;: .. :.::.•·": ..•.... :: ......... : ........... : ................... , .... ,, ..... .
BY-LAW No ...................... u·······; .. ,·~~-~~---t:~ ............. :,-· ................ :·•·:•·:< .
WHEREAS the Council of the Corporation deems it necessary to borrow the· sun"l 6f
••••••••••••• ~~ •• ~~--~~~~::: •••••••• .'::-: ••••••••••••••••• ~ •• : •••• u ... :;,. ....... ":":::: ••••••••• ::-.= ... ~ .... dollars· ... ·
to meet, until the takes are collected, the current expenditures ofthe Corporation for the year; .
AND WHEREAS the total amount of the estimated revenues of the Corporation as. set
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!\ _·· \ • · forth in the estimates adopted for the year 19.:~:t; not including •revenues derivable or derived · P'\> . . from the sale of assets, borrowings or issuance of debe~Jtu~eS;9r fr?m a surplus; including ar~ears .· .
f· '\\ .· . . . .. ·. ... . . .· -.. . ·. . . . .. . ... ·_ ... ·. -_ .. ·_. . _· .. ·_ . . .... •... . . . ·._ .. i .•• ;:~~TEi '~f'-~Wd~Of·t~xes, .. is* .. ~~ ..... ~?J..~ ... ~.E. .. l!l:JB.J>.fllSP. .. ~ ... ~:1."1ll,!~ ... ~~~~? ... l3.~.:.~~ !·.:'_--':Sl~Sa~·u:S tormath8-, ... -~~.-·<-,_---.··< -. __ .-_ .. _. · _._. : . ·-... -.
·1_-;.;--,:_.~g:.er:ttlfyearnot "th~; · .AJID .. 'lWEBTY~.NINE~~ .... ~~-~-----..,.-"""'1'1!'~-"!--.,.. .... ~------~--d J.J : ·" ; )~·-:otlast·year. , ........................... , .................................................................................... -............................................ o ar.s.
'~·-AND WHEREAS the total amount heretofore authorized to be borrowed this. y(')ar f9r
,:\•··~;~,:,;; the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is ... : .... :.: ............ -... ,.
1{(s) passsd · .... · .. " ..... · ... · ·· · · · · · ·· ·· · · · ·· · · · --···· · · ·. · · · ·· ·
·_ . /ear. _ ... · · . NIL d II f h" h h C · . h
1 ~b-~. .. ............................ • .................................... _ ........................ o ars, o w 1c t e orporat1on as already
1\··· . borrowed a total of.. .................................... ~ ................................. : .................................. : .. : ......... dollars.
i \~ THEREFORE the Qouncil of The Corporation of the: .. : .. .:, ....... ~ .............................. : ...... ..
. . . . ' · AWOBA · · ·""' '. · -. of ................................................ , ................................... hereby enacts as follows.
1. The Head and the.' Treasurer are hereby auth~;ize~ on behalf of the Corporation to.·
borrow trom tin"le .to tirrie; by way of promissory note, frori) the Bank of Montreal, a sum or.
sums not exceeding-In--the aggregate .. ~., ... r~~ .. ~~.:~.QW?M11L., .... : ... ,.: ... '.: ........... : .... _::.:.: .... .
..................... , ..................... : ........................................ ollars.to ;meet, until the ta~es are collected, the
cur~ent expendi'tur~~ ~fthe Corporation for the year, In~luding the. amounts required. for the
purpos~s. mentioned i~ subsection (1) of the said Section329, and to give, on behalf of the Cor~ , . . ... : ;
poration, to the Bank a promissory note or notes, sealed witli the corporate seal anc,l signed by
them for the moneys s.o borrowed with interest at a rate notexceeding ........ ~ .............. per centul11
per annun"l, which n"lay "be ~aid in advance or otherwise ..
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I' . :;~:'\-Sec~ 329 of
1
-· _;,_·c~:~ap. 249,
··_' R.S.O. 1960
1. :, -Cu~ent r:z' borrowings r . .,_
I'" ·· ..
' I .
'r, limit upoii . r __ ,_ borrowings \
f~ \imit at ··-
1
'.·.·'.!11.· ·.' .'"' ,• ··~:
-.;_,
i Treas~~er
·' to furnish
lender with
copy of By-Jaw
i
-I
Temporary
ap'pJication
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 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
purpose.
. . . . . 3RD . . JANUARY . 66 Passed th1s ................................................. , .................. day of ......................... , .................... 19 ....... .
CORPORATE
SEAl
s':':."..~~---···C.. ..... E..: ..... f?..J! .. iJ...' .... ~ ............... . ................ d1.:;;;;z·>·n ................... . ~,; -._ .. .;c~r·. clerk.
I hereby certify that the foregoing is a true copy of By"law No;,_}?.~~ ....... of The Corporac
tion of the .......... , .. ~~ ...... , ............ , ... , .. of.. ... ,.~~?I_t:A: ............................... .in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and that·the said
By-law is in full force ahd effect. ·
. . 3RD JAI'l'AURY 66
Dated this ..... ; .......... ; ... ; ........... ; ......... ; ......................... day of.. ..................... : ........................ 19 ........ .
As witness the Seal of
the Corporation.
CORPORATE
SEAL
aL ul~d__ ........................ ,. .. : .................. ~;,;;o~ .. ;, .. ii,;k: ..
EXTRACTS FROM THE MUNICIPAL Adr IM.O. l960.
(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, inclu~ing the amounts required for sinking fund, priflcipal and -interest fa.lling due Vv'ithin 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 that may be borrowed in any year. for t!Je purposes mentioned in subsection 1 shall not,
except with the approval of the MuniCipal Board, exceed 70 per cent of the total amount of the estimated revenues of
the corporation as set forth in the. estimates adopted for the year. R.S.0.1950, c. 243, s. 341 (1, 2).
(~)_. The a~o-~rt.t~at nJay -~e b()rr_Owed a~ a1.1y on~. ti.m.~. fqr the plJrpo~as me!ltioned in subsection 11 tog~t.her
with thO total of any s1m1lar borrowmgs that have not been repa1d, shall not, except w1th the approval of the Mumc1pal
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in the
estimate_s adopted for the year. . _ .
(4) At the time, after the 30th day of June in any year, that any amount is borrowed under this section, the
treasurer shal.l furnish to the lender a copy of the by-law* authorizing the_ borrowing and a stat!3ment showing the
nature and amount of the estimated revenues of the current year not.yet collected or, where .the estimates for the
year have not bee.n adopted, a statement showing the nature and amount of the estimated revenues of the corporation
as set forth in the estimates adopted 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 calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next preceding year. R..S.O. 1950, c. 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.O; 1950, c. 243, s; 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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