BYLAW - Temporary Borrowing - 19710105 - 189771\)''"'"". y > \
.
-~',.,..-$"r.''
Municipality of ........... Y.Q!WQAA~.O.N .. W. ... m .. ~ .. !w. ... 4w.QAA ...... .
· · o· . /J'·?·7-?I BY-LAW No •............................. o/.lv.97.~7.l.,............................................... · /
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of "/" '\ ,,cec F
......................... Jf.9.~ .. ~~~.:r.~~---~.9.HI?.@9.~::-.~~::-.~::::-.::::::-.~:::::::::-:::::::-:::::::-.~::::-:::::-:::~=:: ....... 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
~YC-'
forth in the estim.ates adopted for the year 19.7.1:! .. , not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
:~"~T~f ~~~~~ of taxes, is* ..................... ~P-.J:fUU9:11. •.. F.!1J,u: .. :S:und!:~.d .. and..F.:I£.ty ... ~ •.. !rwo ........... .
revenues for the
currant year if ·ad--~r\~ ~~.~-''· those : ••• : .....• ;i;l;Jw..~Y. .. !mc;l, .. M.;:J;y,-:-.f.;i..V.fl='".~::.-::-::::-.-::~::-:::::::-.-::,-::::-::::-:::-::::-.-::-::::-.-::"'"'·""'""·""'·"'"'="'"'····dollars.
NOTE: Insert am-
ount of previous
By-law(s) passed
this year.
f
.· . -····
(·.
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 ........ ~~k ......... .
. ......................................................................................... dollars, of which the Corporation has already
borrowed a total of ...................... ~~~ ........................................................................ 4.!.t..s-.. : ........ dollars.
THEREFORE the Council of The Corporation •.of the ... ; ........... ~~ ...................................... ..
of ................... .AUol'Om·······:: ....... : ......... : .......... : .. : ..... ; ... hereby enacts ~s-foilows : ..
1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
borrow from time to time, by way of promissory not~, from the .Bank of Montreal, a sum or
sums not exceeding in the aggregate ..... ; ......... X~~--~~~;:~~ .. ~~~-~ .. ::-:::::::::::-:::-:::::-:::::::-:::::::-:::
.. ::::-.::::::-::::::::::::-:::::::-:::::-.::::::::::::::::::-:::::::-::::-:::-:::::.-:-.:: .... 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-
po~ation, 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 ratenot exceeding ...... :.!1:: ........... per centum
per annum, which may be paid in advance or otherwise.
Seo. 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
2. All sums borrowed from tf)e said Bank, for any or all of the purposes mentioned in the
said Section 329, shall, with interest thereon, be a charg~ 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 al.l ofthe purposes mentioned in the said
Section 329, togeiher with interest thereon, all ofthe moheys hereafter collected or received on
account or realized in respect of the taxes levied for the current year and preceding years and al.l
of the moneys collected or received from any other source, which may lawfully be applied for such
purpos~asse~ this .. :·: .. ··: .. ···.·5.!\l:·:·············:····· .. ···· .. ···:············:d." ~···~··• · .•...........•.. 19 ... 7'
. oown . . fj.ifj, "'jfl_L . ....................... . ...... ' ···:~'1"~;;;.:··
I hereby certify that the foregoing Js. a .true copy of By-law No;.f~?".~?f ... of The Corpora-
tion of the ............ ~!?.'l'm ........................... of... ..... A~r.!?.:r.~ ............................. .Jn 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.
Da.ted. this .... , ......................... <;f..:.::':. .......................... ,day of.. .•. :/.d . .Y:.r!./.!:!!;.Y. ............... 19.7./..
As witness the Seal of
the Corporation •.
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.s;o. l960;
(1) A council may by by-Jaw either before or after the passing of the by-Jaw for imposing the rates for the
current year authorize the -head a"nd ·treaSurer lo 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 the a:mounts required for sinking f~n~, principal and interest falling due within 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 ,~Y year. for _the purposes me,ntioned in subsection 1-shaH not,
e·xcept 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.O. 1950, c. 243, s. 341 (1, 2).
· · ·-· ·_(3) .· The amount that may. be b·OrroWed 'at~arly one. tfme. for the purpos_es 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 M'unicipal
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 borrowed under this SectiOn, the
treasurer shal_l 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 beEin.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_corp9ration 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.<;J. 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. · · ·