BYLAW - Borrowing By law - 19860120 - 282086•
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BY-LAW NUMBER 2820-86
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 19B6 not including revenues
derivable or derived from the
debentures or from a surplus,
MILLION, TWO HUNDRED AND
THIRTY-FOUR •••.. DOLLARS.
sa 1 e of assets, borrowings or issuance of
including arrears of taxes, is FOURTEEN
FIFTY THOUSAND, SIX HUNDRED AND
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 Mayor 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
prescribed by subsections
are
( 2)
adopted, the limitations upon
shall temporarily be calculated
borrowing
upon the
cc--, estimated revenues of the Corporation as set forth in the estimates adopted
for the next preceeding year.
• -BY ~LAW NUMBER 2 820-86
Page 2
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 thereon from the time when such money is actually
lent.
READ A FIRST AND SECOND TIME THIS ~-71( DAY OF JANUARY, 1986.
MAYOR CLER~~
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READ A THIRD TIME AND FINALLY PASSED THIS ,;'o DAY OF JANUARY, 1986.
MAYOR CLERK