BYLAW - Borrowing By law - 19760119 - 206576·---~
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L.F.10 Rev. May 1960,
-Ont.
Municipal By-law for· Cu.r:rent
Expenditures.
67395 Printed in Canada,
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Municipality of ................... : ..... ~.9.\'!l'! .. .Qf. .. A.!J.R9RA ..................•.•..•..............
BY -LAW. No •.............................. ?.Q§:?. .... :-::7..(?, .............................. : .... :: ......... .
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
........................ .!.9!!J! .. .:\!\!!'!.l?.~ ... ~1l!?J!:.§M!.P. ................................................................................... dollars
I to meet, until the taxes are collected, the current expenditures of the Corporation for the year; f'i
•NOTE: Insert am~
ount of estimated
revenues for the
current year if ad-
opted, if not, those
of last year.
NOTE: Insert am-
ount of previous
By-law(s) passed
this year.
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth ill the estimates adopted for the year 19 .. .?.?.., not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
· * THREE MILLION SEVEN HUNDRED AND FIFTEEN THOSUAND, NINE HUNDRED of taxes, IS ................................... ?... .......•....•............•••.......................•.•.•............................•.......•.........•...•..
. AND SIXTY-EIGHT o. ............................................................................................................................................................ dollars
AND WHEREAS the total amount heretofore authorized to be borrowed thisyear f9r
332
the purposes mentioned in subsection (1) of Section:l31!9 of The Municipal Act is ........................... .
. ............................... !'!.~.~ ................................................... dollars, of which the Corporation has already
NIL ·. borrowed a total of ............................................................................................................................ dollars.
THEREFORE the Council of The Corporation of the ................... 'l'OJI!N ................................... .
of .................... .(\Y~.<?.~!). ................................................... 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
. . FOUR HUNDRED sums not exceeding 1n the aggregate ......................................................................................................... .
••••...... J'H.QY!?.!\UD ...............................••........•••........•.. dollars to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, including the amounts required for the
332 .
purposes mentioned in subsection (1) of the said Sectiollll52lil, and to give, on behalf of thp Cor-
poration to the Bank a promissory note or notes, sealed with the corporate seal and signed by
' Prevailing
them for the moneys so borrowed with interest at a rate not exceeding .... :r.?::l;~ ............ per centum
per annum, which may be paid in advance or otherwise.
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2. ' All sums borrowed from the said Bank, for any or all of the purposes mentioned in the'
s_aid Sectio~, shall, with interest thereon, be a charge upon the w~ole 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 ~together with interest thereon, all of the moneys hereafter collected or received on
accountll?1ealized in respectgf the taxes levied for the current year 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 ............. :.nl~~~W .............................. day ~i ........ i!:$..¥.~.R.X .... ~ ................ 19.?.?. ..
COAPO~ATE •••••.• ~............. -~-.f~.
SEAL . (Tha-H d,ol the_ Corporation
. . ............... , ................. dZ.'".
Clark.
. I hereby certify that the foregoing is a true copypf By-law NoAP..6.S'::$of ThfCorpora-
tion of the ............. =:r::::~ ............ 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. . . , . ~"""1~
Dated this ........ ~~ ... : ... /://!i!.day of ........ zt=·~-~:-:.~::-... (f·······-19./.~ ·
As witness the Seal of
the Corporation.
CORPORATE SEAL
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