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BYLAW - Borrowing By law - 19871216 - 295687I ' BY-LAW NUMBER 2956-87 OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA WHEREAS the Co unci 1 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 1988 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 ... SEVENTEEN MILLION, NINE HUNDRED AND THIRTY-NINE THOUSAND ••• 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 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, unti 1 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, schoo 1 purposes, speci a 1 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 1 imitations upon borrowing prescribed by Subsections ( 2) sha 11 temporarily be ca 1 cul a ted upon the estimated revenues of the Corporation as set forth in the estimates adopted for the next preceeding year. 4. The 1 ender is not bound to estab 1 ish 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 actua 11 y 1 ent. READ A FIRST AND SECOND TIME THIS 16TH DAY OF DECEMBER ' 1987. READ A THIRD AND FINAL TIME AND PASSED THIS 16TH DAY OF DECEMBER , 1987. MAYOR