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BYLAW - Borrow $40,000 - 19350114 - 7641935L.F. 10 Rev. 30th June, 1933. Ont. Municipal By-law for Current Expenditures, 30404 Printed In Canada. Municipalityof.... ....................................................... ............. BY-LAW No ........... 7 . ... ................................................... A BY-LAW to authorize the borrowing of $ ........................................................................ WHEREAS the Council of the Corporation deems it necessary to borrow the sum of Pro ........ . ....................................... .............. ............................................. ............ o ............ ) ..... ..................................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 #0, forth in the estimates adopted for the year 19 ... AA,, not including revenues derivable or derived OTE: Insert am- 444 from arrears of taxes, borrowings and of debentures is ...... 0 ....................... ... .... I I junt of estimated revenues for the 0 current year If ad- 404", opted,, if not,, those dollars. oflast year. ....... ...... ....... ............... ............................. AND WHEREAS the total amount heretofore authorized to be borrowed this year for auE:Insertprevious am- t of the purposes mentioned in subsection (1) of Section 334 of The Municipal Act is........... . By -Laws) passed thi ............ ........ 6 ....... *..* ...... ............................................. dollars, of which the Corporation has already borroweda total of .................................................................................. �., o ....................................... dollars. THEREFORE the Council of the Corporation of the ........ ............................. ...... .............. of .................................................................................... hereby enacts as follows: 1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to borrow from time to time, by way of promissory note, from the Bank of Montreal, aAum I or . .. sums not exceeding in the aggregate...... . 7. V ................ ....... . .... ................... . ................. ...... 00 ............................................................. .dollars to meet, until the taxes are collected, the current expenditures of the Corporation for the year, including the amounts required for the purposes mentioned in subsection (1) of the said Section 334, and 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 ..... ... per centum per annum, which may be paid in advance or otherwise. 2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the said Section 334 shall, with interest thereon, be a charge upon the whole of the revenues of the al Corporation for the current year and for all preceding years, as and when such revenues are received, a 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 and any prev u years, from the said Bank for any or all of the purposes mentioned in the said 8 , tion 334, together with interest thereon, all of the moneys hereafter collected or received on account or realized in respect of the taxes levied for the current year and preceding years and all of th(r) moneys collected or received from any other source, which may lawfully be applied for such Passed this.......... ........... ..........................dayof.............................................1s ....I... c0 nPo RAT .......... .... 0. ...................... ........ AL (The ead o the Corporation) ... ..... ..... .......................... ...... . V--- Clerk. I hemby certify that the foregoing is a true copy of By-law No ..................... of the Corpora- tion of " �,� , , . � � - � �., � � . � 0',.. � ...................................................in the Province of Ontario, duly passed at a mootino of the Council of the said Corporation duly held, and that the said By-law is in full forco and offoot. Datodthis.., ......................................................day of ............................ I ....19........ . As witness the Seal of tho Corporation# ....................................................... ................ *0*00000 Clerk. mom Sec. 334 re-enacted 1933. EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.S.O. 1927. Current (1) A council may by by-law either before or after the passing of the by-law for imposing the rates for the borrowings current I year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as tho council may doom 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. Limit tjf)on (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not, borrowings except with the approval of the Ontario Municipal Board, exceed seventy per centurn of the total amount of the estimated revenues of the corporation asset forth in the estimates adopted for the year. Tomporary Aioation (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2 shall tem aj,)[ o- thnates porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the 0 coding next preceding year. Exclusion (4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived from ostimated rovonuos. from arrears of taxes, borrowings and issues of debentures.