BYLAW - Borrowing By law - 19770110 - 211377I
. \
L.F •. 10 Rev. May 1960 •.
C)nt. ·
, Municipal By-law for Current
Expenditures.
67395 Printed in Canada,
M . ' ; .J't f . mgloll\T Qli' ATT1>QRA untctpa ·' Y. o .......... , ......... •w .......... n .......... H •• , .... , .............. , ...................... .
. . ··.··· ' 211"--7.7 .. BY cLAW No ................................. o( .......... , ........................................ , .......... .
WHEREAS the Council of the Corporation deem~ it necessary to borrow the sum of
................ EIG!fl! .. HUNDRED .. THOIJ.sA!ID .. ::-:::::.7.:: ::-.7.:: ::-.7. ::::-.7.::::-.::::.7.:: ::-.7.:: ::-:::::::-:::::::-:::::::-.::::.7 ..... d oil a rs
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.:?.6 .. , not including revenues derivable or derived
frorn the sale of assets, borrowings or issuance ofclebentures or from a surplus, including arrears
~~n~T~~ l':s~l~:t~ci of taxes, is* ..... F.Q~ .. MlMtl.QN., ... rr.~ .. IDJNJ:)~J! ... k\N.J). .. ~.IN~X.~ ... 9N~ .. X'.~9:t)J?M.U?.,~ ...... ~:.: ........ .
revenuas for the current year If ad-· ·· --·. - --· · :
ootod, '' not, thoso ONE HUND,""' ""' "lvmv_ 'liV'ITTl> --------'-'--'------"--'-"-o..-o..--'---' dollars of last year, ................................... ~ .. ~.'!w ... ~ . .fi.-.l.h ..... !;".~~A\.,,......................................................................... .
NOTE: Insert am-
ount of previous
By..taw(s) passed
thla year.
AND WHEREAS the total amount heretofore authorized to be borrowed this. year for
332 • . • ... :·
the purposes mentioned in subsection (1) of Section~ of The Municipal Act is ........................... .
.. ............................... NlL. ........ : ........................................ dollars, of which the Corporation has already
borrowed a total of... ................................. !'!.:g. ................................................................................. dollars.
THEREFORE the Council of The Corporation of the ............... :t'.QWN ....................................... .
of ...................... Nlli9:\l!.!o ............................................... 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 ............................. EJ:GHrC •• !lllND.REll ............................................. .
........................ TI!OUSAl\ID .. -~-~~-~~-~-~o. ..... 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~ 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
them for the moneys so borrowed with interest at a rate not exceeding ..... r:a.t.!l .......... per centum
per annum, which may be paid in advance or otherwise.
2. All sums borrowed from th~ said Bank, for any or all of the purposes mentioned in the
said Sectio~ shall, with interest thereon, be a charge upon the whole of the revenues of the
Corporation filt'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 Bankfor any or aiLofthe purposes mentioned in the said
Section ~;>together with interest thereon/all of the moneys hereafter collected or received on
account oltealized 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,'whicli may lawfully be applied for such
purpose. , .. . . . .. . . . . .
Pa~sed this ................................ \9.t~ ......................... u<<Y.....,f< ..••.•..... ,f...~!~IU;-............... 1.9 ... 7..7.
CORPORATE
. SEAL
Clerk.
I hereby certify that.the foregoing .is a true copy of Byelaw No .. ?.~.P::.7.7. ... of The Corpora-
tion of th~ ............. , ... w~ ............... , ..... of .......... ~V,+N.lli\ ................... , ......... inthe Province of .Ontario,
duly passed a:t a· meeting of the Council of the said Corporation duly held, and that the said
By-law is in full force and effect···
Dat!l!l thi~ ...•................... , ..... ,:.J.9.tn ..... ., ..•........... , .... dayoL ....... !l"M!li~X. ..... , ..... , ......... 19 ... 7.7. .•
As witness the Seal of'
the Corporation.
CORPORATE
SEAL