BYLAW - Borrowing of $100,000.00 - 19530112 - 114553\.
i
L.F.lll Rev. March, 1938.
Ont.
Municipal By-law for Current
Expenditures.
68116 Printed in Canada.
Municipality of ..... Th~ .... T.9.wn .... 9..f.. .. AJ.<rQr.a ...................... .
BY-LAW No ............. /f.lf:-:.'f. ................................................... .
A BY-LAW to authorize the borrowing of$ .. /~.?.~. .. ~.,.~ ... ?::?. ............................. .
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 19f,~ not including revenues derivable or derived
w•~T;,: ':,'1:;:.a,:.-from arrears of taxes, borrowings and issues of debentures is • ..... GJI'!e···fl'l:lflfrli'EHi···a:nd·············
,.~O:o\'l"'r,!~'" :;:,~ forty three thousand six hundred and ninety seven
r~.; ~~~ those •••••••••••••••••••••••••••••••••••....••.•••••••.••••••••••••....••••••.••.....................•...•••....•.•.•••••••••••••••••••••.•••••••••••••..•.•••••••. dollars.
~OTE'-' .. '~ert am-
lun.._. · ·, ·)revious .ay..r , P8888d \'"·.
'fo")
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AND WHEREAS the total amount heretofore authorized to be borrowed this year for
3~ .
the purposes mentioned in subsection (1) of Section 33!J:of The Municipal Act is ............. ~.:[[;: ..... .
. .......................................................................................... dollars, of which the Corporation has already
borrowed a total of ..................... JUL ............................................................................................. dollars.
THEREFORE the Council of the Corporation of the ... :\'OWN .............................................. .
of .............. .A.UROR.A .................................................... hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
t sums not exceeding in the aggregate ... ~······~---~~
t~, . . .. . . ~-;································· ..... dollars to meet, until the taxes are collected, the
~~r~~nt expenditures of the Corporation for the year, including the amounts required for the
l >>s(/urposes mentioned in subsection (1) of the said Section:zJ'fnd to give, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so borrowed with interest at a rate not exceeding ....... 4J,; ......... per centum
per annum, which may be paid in advance or otherwise.
2. All sui))~ ~arrowed from the said Bank, for any or all of the purposeS mentioned in the
said Section~.$H:III, with interest thereon, be a charge upon the whole of the revenues of the
Corporation for th\ current year and for all preceding years, as and when such revenues are
received. ~ • Y'<l'
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
-~'· borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year
.~/'.·. ·v_ and _any pr.eJi;iPlls_ yea. rs,_ fro~ the said Bank for any or all of the purposes mentioned in ~he said
"' · .. ·, Sectron ~~ther wrth rnterest thereon, all of the moneys hereafter collected or recerved on
r·A\ account or realized in respect of the taxes levied for the current year and preceding years and all ,.7 · / of the moneys collected or received from any other source, which may lawfully be applied for such
\.,f!'l purpose. \ • ""(\(\ ,
.
3$9 of
Passed this ......... l2th ............................................... day of... ..... Janua.r. .. ...................... 19 .. ,5 3
CORPORATE SEAL
I hereby certify that the foregoing is a true copy of By-law No ..................... of the Corpora-
tion of.. ......................................................................... .in the Province of Ontario, duly passed at a
meeting of the Council of the said Corporation duly held, and that the said By-law is in full
force and effect.
Dated this ............................................................ day of... ................................................. 19 ....... ..
As witness the Seal of
the Corporation.
CORPORATE SEAL
. ...................................................................... Ci~~·k.···
er 266, R.s.o. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
\,1 (1) A council may by by-law either pefore or after the passing of the by-law for imposing the rates for the
1o/lngs current year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as
the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
J.. for the year, including the amounts required for sinking fund, principal and interest falling due within the year upon
, -~,any d!3bt of the corporation, school purposes, special rates purposes, and for any board, commission or body and
~~~~--j>Urposes for which the corporation is required by law to provide .
. ;~ -,::,,. \\ __ :· _ · (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
1gs :,-::'--l..'i.~.;::.~<;..ept with the approval of the Municipal' Board, exceed seventy per centum of the total amount of the estimated
-·{~venues of the corporation-as set forth. in the estimates adopted for the yearc
'.ry
'" '" ing
,.,
(3) Until such estimates are adOpted~ the limitation upon borrowing prescribed by subsection 2, shall tem-
porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next preceding year.
(4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived
from arrears of taxes, borrowings and issues of debentures.