BYLAW - Temporary Borrowing - 19830103 - 255583/"'"",
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BY-LAW NUMBER 2555-83
.OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
WHEREAS the Council of the Corporation deems it necessary to borrow the sum
of --------THREE MILLION --------Dollars to meet, unti 1 the taxes are collected
the current expenditures of the Corporation for the year;
AND WHEREAS the total amount cif the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 1982 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 NINE MILLION, EIGHT HUNDRED AND THIRTY-FIVE
THOUSAND, TWO HUNDRED AND EIGHTEEN ......... Dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
the purposes mentioned in subsection (1) of Section 189 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, untLJ
the taxes are collected, the current expenditures of the Corporation for the year,
including the amounts required for sinking fund, pri.ncipal and interest faJ1ing due
within the year upon any debt of the Corporatlon, school purposes, specia1 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 estimated adopted for the year.
3. Unti 1 such estimates are adopted, the 1 imi.tations 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 preceedtng 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 author i.ty of this section shall be executed
in the same manner as a debenture as provided tn subsection {J) of section t8J, ·and may
be expressed so as to bear interest only upon such money as m11y be borrowed theron
from the time when such money is actually lent.
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MAYOR ~ Ol'RK ~
READ A THIRD TIME AND FINALLY PASSED THIS /J DAY OF JANUARY, 1983.
CLERK