BYLAW - Borrowing By law - 19680108 - 176968L.F.10 Rev. May 1960.
Ont.
Municipal By-Jaw for Current
Expenditures.
98812 Printed in Canada,
Municipality of .............. TQW.N ............ QF. ............ .:\lm.Q.R4 ....................... .
BY-LAW No •...................... l7.§9.-::-.6.6 ....................................................... .
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
......... m.<:>Y.R .. JIY.N!?. R~ ... !TIP Y. 1?. ~N!?. .. ::-::;:::: :::::::::::-.::-.::-:::::::::::::::::::::::-.::-.::-:-:::-:::-::::: ::::::::-.::-.-:::::. d oil ars
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 19.6.7. .. , not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
~~~T~\ •·:.~\:.:~ of taxes, is>ONE ... MILLION .•... .SEV.EN .. HUNDRED. ... AND ... THIRT.r. ... THOU.$.ANP.., ............ .
revenues for the
, current year If ad~ m~;:.;.••· th••• ...... THREE ... HllND.RED ... .AND ... SEY.ENT.Y::: ... F.IY.E-::-.-::-.-:-:.-:-:::::::::::::-::-.-::-.-::-.-::-.-::-:::::::::::::::-::-.::-.":":"ctollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
~[E'.,'"'~;!.v~~; the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is ........................... .
~~w(s) passed
"'""'· L .......................... Nl ....................................................... dollars, of which the Corporation has already
/,1 b d t t I f NIL . . d II orrowe a o a o ............................................................................................................................ o ars.
THEREFORE the Council of The Corporation of the ................. T.QW.N ................................. ..
of... ............ AURQRA .................................................... hereby enacts as follows:
1. The Head and the Treasurer. are hereby authorized on·behalf ofthe Corporation to
borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or
sums not exceeding in the aggregate ........................... f.9.!m ............. ...IWN!?.~.!j:.\? ................................ .
.................. '!~.Q.Y.~.A..@. ........................................... dollars to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, including the amounts required for the
purposes mentioned in subsection (1) of the said Section 329, and to give, on behalf of the Cor-
poration, to the aank a promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so borrowed with interest at a rate not exceeding ........ 6)2. ......... per centum
t. per annum, which may be paid in advance or otherwise. '1
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Soo,329 of
Chap. 249,
R.$.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
YO"
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 thejaxes levied for the currentyear 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 ............. ..!UG.fl:f.R ................................... day of ..... J.ANVAR¥ ..................... 19 .. ~&.
CORf~~ATE .·· . ... •.. . .... ···~····~~·~···············
.............. L£ ........ ~··'······~····~ ................. .
Clerk.
I hereby certify that the foregoing is a true copy of By-law No .................•... bf The Corpora-
tion of the ................................................ of ...................................................... 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 and effect.
Oated tbis ...................... , .... ,,., ... , .. ,. ... , .•................••......... day of ................................................ 19 ........ .
As Witness the Seal of
the Corporation.
CORPORATE
SEAL
Clerk.
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
fQr the yealj inc,luding the amounts req1,.1ired for sinking fund, principal and interest falling due within the year upon
ariy debt or the corporation, school pur'poseS,-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 the purposes mentioned in subsection 1 shall not,
except with the approval of the Municipal Briard, exceed 70 per cent of the total amount of the estimated revenues of
the corporation as sat forth in the estimates adopted for the year. R.S.0.1950, c. 243, s. 341 (1, 2).
(3) The amourit tharma~_be borrowed at'anyone_time for the purposes mentioned in subsection 1, together
with the total'of any 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 revenues of the corporation as set forth in the
estimates adopted for the year~ , ~
(4) At the time, after the 30th day of June in any year, that any amount is borrow8d under this section, the
treasurer shall furnish to the lender a copy of the by-law* authorizing the borrowing and a statement 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 been 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 bean 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 as.sets, 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 e_xisting by-_law(s) to provide for the fresh assistance required
a new by-law is not needed. ·
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