BYLAW - Borrowing By law - 19690607 - 182569........ --... -Municipal By-law for Current • J• Expenditures.
92950 Printed in Canada.
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• ' · · ' ..... ' ·• · ""'"'N : ·o:"' .... · •uao.·" • · MumCtpahty of ................. ~''"' ............ · .:.............. . """'-.................... . . " ' ,, -:.; . . . ' ... ,-. . . ' '
BY -LAW No; ........ :; ........... J.~~~ ... :':: ... 9.~ .. : .... : ....................................... ..
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
-~ ......... :f..Q.~ ... ~-~-l.W?,g~)?. ... !ffQ.9. ~-~N!?. ... ~::::::.7: ::::::::: :::::: ::'. ::-. -::.~::: ::::::::::::::::::-::.~::::::::::::::: .... do liars
.-.;:,;
to ~eet, untii the taxes ~re collected, the current expenditures of the Corporatio~ for the year;
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
-forth. in the estimates adopted for the year196B .. ,not including reitenues•deriva:ole or derived
from the sale of assetS;'borrowings cir iss~ance of debentures or from a surplus, including arrears • • ' . -<·; ·• " ~ ' ' ' •
. :~.:?T~i '~:.'.i of taxes, is* .. 9.N!i; ... MlU..IQN ..... NIN!LJ1,UNDRIID. ... Al'ID ... 'HlE!f.l¥;.'JlW:O:•:J~lLSA'NI!ct•:
. revl'inulisi-"':~for' the
~rf~~~E··'\.~~; ......... t.fl.R.~~ .. J:UJ.NDRED ... AND. ... f.:OR.t.Y ... ~EIGHT. ... -.:.;o:::":::':::'::':'::':'::':'.:':'::'f • ., • .,,;:;:':,;),.h,;_;,., .. ctollar,~~
AND WHEREAS the total amount heretofore authorized to be borrowed this yearfo( . . ... _ ,,
J~&:~~~·"'~~~'Ej the purposes mention~din subsection (1) ofSection 329 of The Municipal Act is .......................... :.··.:
-~'~> · --.... ' . NIL , ~i -. .. ............................. : .......................................................... dollars, of which the Corporation has already'
Q"?"·<'~ borrowed a total of ................. NIL .................................................................................................. dollars.\
V...:>-..1 , -/ · \
THEREFORE the. Council of The Corporation of the: ..... ::,: .. ;.:::'r.O.w.N .... '.l.,.: ... .:t: ..... ;;.,:•.:.i:.; •. · ..
-\ ' . ,""
•... · .. ' .... '· ... · AURORA .. . ·. . · · .. --. . ..·. ·. : of ..................................................................................... hereby. enacts. as follows .
1. , The Heaa and-tl:leTre~surer are h~reby authori~lld on beh~lf of. the Corporation to
• .. ·· .. ,· ..... , ; ,: ; -,--_,-.;;.,. . . .• ',,' •-·' " ' I ,-··-:-· , -: :--. ,. b. arrow fromtime .. to tlme,'.by wa,y of prom•ssory.:note, ·from the .Bank :of Montreal, a sum or
·--. ,_. ' .. ," . . .: "' -'. ' --··-;. -.---: ' '•' ------' ' -.
surns not exceeding in the aggregate ......... : ...... :: .... :., .. f.:O.UR.JUIND.RED. ................ c ....... :.c ............... ..
............. : .... TRO.USAND .... : ...................................... doUars to :eet, until the taxes are collected, the
curre~t ex~enditures of the Cor.poration for the year, including the amounts requir~d\f~r the
. . --·-' ' . ---. ., :-: '
~urposes mentioned in subsection (1) of the said Section 329, and to give, on b~halfotthe Cor-
poration, to the Banka promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so bo'rrowed with interest at a rafe not exceedirig ........... ~*r ....... per centum
per: annum, which may be paid in advance or otherwise •.
Sac, 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
applic~tio.n
2. All sums borrowed from the said Bank, for any or all or tne p
said Section 329, shall, wit~ interest thereon, be a charge upon the wh<
Corporation for the current year and for all preceding years, as ~nd
received ..
3. The Treasurer is hereby authorized and directed to apply
borrowed pursuant to the authority of this By-law, as well as all other s1
and any previous years, from the said Bank for any or all of the purpo:
Section 329, together with interest thereon, all of .the moneys hereafte
·.account or realized in respect of tile taxes levied for the current year ar
of the moneys collected or received from any other source, which may 11
purpose. .
Passe.d .this ..... :·:··:··············1.XII ... :···············:·····:········daY q{)t
CORPORATE ' .................. .!(.~! ..... ..
, SEAL (Ttie· Heat
.......................... L:
I hereby certify that the foregoing isatrliecopy of By-law No;/
tion of the ............ 7.c.Q..~I.. ............... of.. ......... /.1:P..tf..~~.(/. ............. ,i
duly passed at a meeting of the Council of the said Corporation du
,,, .. ~::·;:',:·: :':2~ -,,, ··J
As'witriesstthe Seal of
the Corporation.
COftPDRATE SEAL
.. ........ ,/.{2
EXTRACTS FROM THE MUNICIPAL ACT FtS;O.
(1) A council may by by-law either before or after the passing of the by-1
current year authorize th8 head and treasurer tO-borrow from time to time by way
the council may deem necessary to meet, until the taxes are collected, the currer
for the year, including the amounts r.equired for sinking fund, principal and intere~
any debt of the Corporation, school purpoSes, speic1al. rates purpOses, and for an~
other purposes for which the corporation is required by law to provide.
(2) The amount th~t may Qe._ borr()w.ed in any_year ,for the purposes me
except with the approval of the MuhiCilJal·.13oard,-exceed'70 per cent of the tOtal arr
the corporation as set forth in the eStimates adopted for the year. R.S.O. 1950, c.~
(3) The_ amount that may_ be bo·rrowed at any one time for the purposes n
with the total of any similar borrowings that have not been repaid, shall not, except
Board, exceed 70 per cent of the uncollected balance of the estimated reVenues of
estimates _adopted for the _year.· · -.. ·
(4) At the time, after the 30th day of June in any year, that any amount i
treasurer shall furnish to the lender a copy of the by-law* authorizing the borro'
nature and:amount of the estimated revenues of the current year not yet collect,
year have not been adopted, a statement showing the nature and amount of the est
as set forth in the estimates adopted for the next preceding year, and also showing
under this section that have not been repaid. 1958, ~· 64, s. 23 (1 ).
(5) Until such estimates are adopted, the limitations upon borrowing pres,
L--~ ........... ;1., hA Mlllulated unon the estimated revenues of the corporation as set fo
-·~·-·---.,..., ~ n"l /1"1\