BYLAW - Borrowing By law - 19870107 - 288887BY-LAW NUMBER 2888-87
OF THE MUNICIPAL CORPORATION OF THE TO,WN 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 ~ear:
AND WHEREAS the total amount of the estimated revenues of the Corporation
as set forth in the estimates adopted for the year 1987 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
FOURTEEN MILLION, NINE HUNDRED AND SIXTY THOUSAND .. i. 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 provipe.
2. The amount that may be borrowed at any one, time for the purposes
mentioned in subsection (1) together with the total of qny similar
borrowings that have not been repaid, shall not,. except with the approval
of the Municipal Board, exceed 70 per cent of t~e uncollected balance of
the estimated revenues of the Corporation as se~ forth in the estimates
adopted for the year.
3. Until such estimates are adopted, the 1 imhations upon borrowing
prescribed by Subsections (2) shall temporaril~ be calculated upon the
estimated revenues of the Corporation as set i forth in the estimates
adopted for the next preceeding year.
4. The lender is not bound to establish the necessjity of borrowing the sum
lent or to see to its application.
5. Any promissory note made under the authority df 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 7TH DAY OF JANUARY 1987.
READ A THIRD AND FINAL TIME AND FINALLY PASSED THIS 7TH DAY OF JANUARY,
1987.
MAYOR ~~~ LERK !
I