BYLAW - Borrowing By law - 19740107 - 200574--~-------------·--
L.F.10 Rev. May 1960.
Ont.
Municipal By-law for Current
Expenditures.
98812 Printed In Canada.
Municipality of ........ G!O.w.N ... OF ... .AIJRQ.RA. ............................................... .
BY-LAW No .................. :?JHl.!?.::-.7.~ ............................................................ .
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
FOUR HUNDRED THOUSAND .............................................................................................................................................................. 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
forth in the estimates adopted for the year 19.7.l!:., not including revenues derivable or derived
from the sale of assets, borrowings or issu·ance of debentures or from a surplus, including arrears
:~gT~i '~'r.;.~*' ;Qf~e~; ~~·.'J;WO ... J;!JIIIIIQW.,§)j!YJ::.\'J' .. JW.l'!Il.~P. ... ill ... g_@_'K'f ... ~IJS!Y.~~P., .... !..J:~ ....
revenues,-·--for .. thB ,. , -' .
~·[:~··-,(~;?:h~; HUNDREDI.AND SEVENTY TWo------------------.r tii!·~·'"• .. : . ·. . .............. , .. , .. , .. 1;-.................................................................................................................................. dollars.
~;: i ;; u ,;' AND:\~HEREAS the total amount heretofore authorized to be borrowed this year for
•(I , '1 _ • -· .:· ~ _-·_. 3 32 \[;~~~{~:;::~~i the pur~os~s.mentioned in subsection (1) of Section -of The Municipal Act is .......................... .. !f .. _._ }1'; ::.,~.::.l":··,.·.-... ~ .......... NlL ................................................... dollars, of which the Corporation has already
: ll . i . · J;~'--.. _A borrowed a total of... .............. N.IL .................................................................................................. dollars.
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THEREFORE the Council of The Corporation of the ............. T.Ol.I!N ...................................... ..
of ............ .AURORA ...................................................... hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf 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 ... FOUR ... HUNDRED, .. THOUs.AND .......................................... .
-::::-.:-:.:-:.:-::::::::::::-.:-:.::::::::::::::::::-.:-:::-::::::::::::::-:.:-:::::::::::-: ... 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-il!il-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
PREVAILING
tflem for the moneys so borrowed with interest at a rate not exceeding .... RATE ......... 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
2. A!Mrnns borrowed from th~ said Bank, for any or all of the purposes mentioned in the
said Section:ashall, 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_,p~ous years, from the said Bank for any or all.of the purposes mentioned in the said
Sectiori ., otogether with interestthenion, 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
ofthe moneys collected or received from any other sou hie, which may lawfully be applied for such
purpose.
Passed this .......................... 7..th ................................. day of ...... JANU.ARY .................... 19.74..
CORPORATE ••••••••. ~.:.~ .. ~. 1-::.-:: ... h ..... lfJ. .... ~ ....
SEAL .~.l[h~ ""{jad~i;ha Corporation.) "! .............................. ~t?.?..~F
I hereby certify that the foregoing .is a true copy of By-law No.gP.Q.£:/fof The Corpora-
tion of the ............. :~~:::c ....... of ....................... Ub.::.k~ .... 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. . ~ : . , . . · ~ . . · · 7Y
Dated th1s ................................... 2 ............................ day of ............... ~ ........ ,19 ........ . --. -cr· , ~
As witness the Seal of
the Corporation.
.
q ·'
.,, ... , ... ,£?f. ~~ .. ··.' ''
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CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960
(1) A council may by byMiaw 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, including the amounts required for sinking fund, 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 any year for: the 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).
(3) The amount that may be borrowed at any one 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 estimat_ed 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 shall furnish to the lender a copy of the byMiaw* 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 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.0.1950, 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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