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BYLAW - Temporary Borrowing - 19810112 - 241381' /_, ... , { 'y BY-LAW NUMBER 241-3.-81 OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA WHEREAS the Council of the Corporation deems it necessary to borrow the sum of --------ONE MILLION---------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 1980 not including revenues derivable or derived from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears of taxes, is SEVEN MILLION, ONE HUNDRED AND NINETY-SEVEN THOUSAND AND FORTY THREE -----------dollars. AND WHEREAS the total amount heretofore authorized to be borrowed this year for the purposed mentioned in subsection (1) of Section 332 of the Municipal Act is --------NIL-----------dollars, of which the Corporation has already·borrowed a total of ---------NIL---------dollars. THEREFORE the Council of the Corporation of the Town of Aurora hereby enacts as follows: 1. The Head and the Treasurer are hereby authorized to borrow from time to time by way of promissory note such sums as the council considers 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 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 estimated revenues of the Corporation as set forth in the estimates adopted for the year. 3. Until such estimates are· adopted, the limitations upon borrowing prescribed by subsections (2) shall temporarily be calculated upon the estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year. 4. The lender is not bound to establish the necessity of borrowing the sum lent or to see to its application. 5. Any promissory note made under the authority of this section shall be executed in the same manner as a debenture as provided in subsection (1) or section 324, and may be expressed so as to bear interest only upon such money as may be borrowed theron from the time when such money is actually lent. READ A FIRST AND SECOND TIME 1%/ CLEIDZft MAYOR READ A THIRD TIME. AND FINALLY PASSED THIS.tz(nAY OF JANUARY, 1981. MAYOR