BYLAW - Borrowing By law - 19700105 - 187070·' LF.10 Rev. May 19' .
· Ont. · · ·
!YJunicipal By-law for Current
ExPenditures.
92950 Printed in Canada.
Municipality of ............................. !OW.N ......... O.F. ....... AU.ROM ..................... .
BY -LAW .No ................................ ~$1.0w .. .7.0 ....... : ...................................... ..
WHEREAS the Council of the Corporation deems it necessary to borrow thidlllll of.
0 : __________ .,:~-~-------------~-~-~~~~--~-:~ .. -, _--·, '-: ........................ .F ... Jm .. !lUN:olll!:p. .. TROU.sANll .. = ....................................................... , ............ ;gjoliar~
to meet, until the taxes are collected, the current expenditures of the Corporatfun for theyear;
-"' ,. ' ' '~ '/ . . -:.:
ANe>WHEREAS the total amount of the estimated revenues of the Corporation as seV "<< ·: ··,. . . ''
forth in the estimates adopted for the year 196.9. ... , not including revenues de;i\t~bte ~r-.ae1riV~d ··.
'-,_\ -· -. ~
from the sale of assets, borrowings or issuance of debentures or from a surplus, including ar~ears
. '
, . :~~T~l'";::::f:,;',';'; of taxes, is* ................ ONE .... MILLIO.N ... , ..... THIRTY ..... THOU.SAbiD ... , ........ SE:v:E.N . .HliNDBED ..... A.ND .. .
t revenues _ for tho
· curreot year If ad--
opted, If not, those
of last year.
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f.: Insert am-
': of previous
-~'fl. passad
........... TWEL1lE. .. ~~':'l:":'."="'"'~·"'""'"""'~;,..,.,""".,.."'-""""no."'''w"""'"w""':..-... --~---------..:._-~ .. dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed .this year for
the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is ........................... .
........................... NIL ....................................................... dollars, of which the Corporation has already
borrowed a total of.. .................................................. m.~ ................................................................. dollars.
THEREFORE the Council oLThe Corporation of the ............ , ............. TQW!L ......................... .
of .......................... .A.URORA, ........................................... hereby enacts as follows:
1.. The. Head .and the Treasurer. are hereby authorized on beha.lf of the 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.OUR ........... mJN'.DRED ............... "··· ............................. .
.................. TH.OUS.AND .. -w-ft-w~------.. 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 Bank 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 ........ 8i. .......... per centum
per annum, which may be paid in advance or otherwise.
~ } ..
:-:
Sec.329 or
Chap. 249,
R.S.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
''fl !'/
2 .. All sums borr~;ed from the sail! Bank, for any or all of ttr'\Jrposes mentioned in the ·
·said Section 329, shall,\." . .! interest thereon, be a charge upon the wwole 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 p.revious years, from the said Bank for any oral I of the purposes mentioned in the said
Section '329,togetlier wi.th interest thereon, all iiftne· 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~fully be applied for such
P,ljr.pose. · '
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', '' 'Pass~d, this ...................... !$-T!l ................................... , .. day of .. .
•
_ .. ,\
CORPORATE. ···~··•••"'"''~····. ''rh~~···=··-;c.;,~: .. "t ................. .
SEA. L' ·• . •••••••••·········>"··($.~{~ ....... ~·~ .. •····· .. ~ ..... ·. ·~-' ·· ' : · ; · ,.r. ... ~·-·:~, .. p•··~·:~lerk.
/'{ i h~reby certify that the foregoing is a trua:copy of_ By-law No:.187.Q,-7.0 .. of The C.orpora•
~ ' (: .
tion. ofthe.' ........... !f.QWN .......................... of.; ............... AUR.OEA .. : ..... , ............. i.n the Province of Ontario;
duly passed at a meeting of the Council of the said Corporation duly held; and tliat the said
By~law isin full force and effect .
. Dated this ... ,.::':··--.................................................... , ... day of... ..... , ....................................... 19 ........ .
As witness the Seat of·
the Corporation.
' i-'.
CORPORATE
SEAL
..,. : .J.;
EXTRACTS FROM THE .MUNICIPAL ACT R.S.O. i960. ~ ·; .
;. Clerk .
(1) A council maY b}' by-la~-either before or after the passing of the by-law fo_r _impOsing the rates for the
currerit'year authorize the head arid 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-·yea_r, including the amounts required for sinking fun~, principal and interest falling due .within the year upon
anY d6bt 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 p_rovide.
(2) The amount that may be borrowed in any year for the purpose!fn:tentioned in-subsection j_ sh_all not,
except ·with the approval of the l\llunicipal Board, exceed 70 per cent of the total amount of the estimated rev£!rues of
the corporation as set forth in the estimates adopted for the year. R.S.0.1950, c. 243, s. 341 (1, 2). ·,...
(3) · Tha.~mount that may be borrowed at any orie time for the purposes mentioned insubsec\~:n _1, tOgether
with the tOtal of any similar borrowings that have not been repaid, ·shall not, except with the approval of the f'v1unicipal
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in. the
estimates-..adopted-f(!rthfi'.:-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-law* authorizing the borrowihg.and a statement showing. the
nature·. and amount of the estimate.d revenues of the current year not ·yet collected or, where the.estimates for the
year have not been ado'Rted; a statemerit 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
underthis section that hav~:not bean· rep·aid._1958, c._ 64, s.:23. (1 ). _ _ · ·--·
(5) Until such estimates are adoPted, the Jimitatiorls upon borrowing prescribed by subsections 2 and 3 shafl
temporarily be calculated_,upon the estimated revenues of the corporation as set forth in the estjmates adopted for the
next preceding year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2). . · ·.. . .. • .
(6) For the purpos.e:of this section, estimated revenues shall not include revenues derivable or derived-from
the sale of assets, borrowirigs or-issues of debentures or from a surplus including arrears of taxe;s 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 p_rovida for the fresh asSista:riC~; required
a_~ew by-law is not needed. · · --.--· ·, · -· ·
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