BYLAW - Borrowing By law - 19850121 - 272885'
BY-LAW NUMBER 2728-85
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, 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 1985 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 TWELVE MILLION, THREE HUNDRED AND TWENTY-
' SEVEN THOUSAND, ONE HUNDRED AND FORTY-SEVEN ...... 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, 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 tbe Corporation
as set forth in the estimated adopted for the year.
3. Until such estimates are adopted, the limitations upon borrowing prescribed
by subsections (2) shall temporarily be calculated upon .thecestcim!lted::revenees~of
the Corporation as set forth in the estimates adopted for the next preceeding 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) of section
181, 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.
'"'f't '"" "" ~"' '"" '"'' 7~., "' '""""'· 1985.
l < ~ ~ . dJA J__. ~==----=-----=~
MAYOR ~ CLERK
READ~A THIRD TIME AND FINALLY PASSED
. ~A~~~,
MAYOR
THIS ,21 DAY OF JANUARY, 1985 •
CLERK