BYLAW - Temporary Borrowing - 19820118 - 247381'
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BY-LAW NUMBER 2473-82
OF THE MUNICIPAL COPRORATION (F THE T!MN OF AURORA
WHEREAS, the Council of the Corporation deems it necessary to borrow the sum of
--------THREE MILLION --------Dollars to meet, until the taxes are collected, and
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 1981 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 --------EIGHT MILLION, THREE HUNDRED AND
THREE THOUSAND AND ONE HUNDRED AND TWENTY-SEVEN --------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 Coporat ion is required
by law to provide.
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 estimated
revenues of the Corporation as set forth in the estimates adopted for the
year.
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
sect ion 324, and may be expressed so as to bear interest only upon such
money as may be borrowed the ron from the time when such money is actually
lent.
READ A FIRST AND SECOND TIME THIS /{ti, DAY OF JANUARY, 1982.
CLERK
READ A THIRD TIME AND FINALLY PASSED THIS /iffoAY OF JANUARY, 1982.
CLERK