BYLAW - Borrow - 19360113 - 78036- ------- --
LY, 10 Rev. 30th June, 1933.
On
Municipal By-law for Current
Expenditures.
3004 Printed In Canada.
Municipality of..... ............................ ... . ............ ....
BY-LAW No ...................... .......... ............................... ............
A BY-LAW to authorize the borrowing of $---, ....................................................................
H HEREAS the Council of the Corporation deems it necessary to borrow the sum of
EREA
.......... ......... ....................................................................... dollars
.. . .......... ............... ...................
t u til t
t /meet, until the taxes are collected, the current expenditures of the Corporation for the year;
P
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 1943...1, not including revenues derivable or derived
*NOTE: Inser�ta
from arrears of taxes, borrowings and issues -of debentures is * .....
oust of timated
... .........................................
es
revenues for the A
ourrent year If ad -
Ifnot,, those • � ... .............................................................................. dollars,
of tied"
o ast year. ....... ....
A -ND WHEREAS the total amount heretofore authorized to be borrowed this year for
NOTE: of InseA the purposes mentioned in subsection (1) of Section 334 of The Municipal Act is .......................rt am-
V.....
ount P &WV"s
B Law," assed
this year.
........... ......... ......... 0 ............................................ dollars, of which the Corporation has already
borroweda total Of .................................................. . . ..................... o ....................................... dollars'..
THEREFORE the Council of the Corporation of the......... ...........
..................... .....................
o.................................................hereby enacts as follows:
fi� .......
1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
10
borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or
sums not exceeding in the aggregate... ................... .......... av-.': . ............................................. ...........
.............. o ........... o ............................. .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
.,,
Corporation for the current year and for all preceding years, as and when such revenues are
received,,
I. 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
r and any previous years, from the said Bank for any or all of the purposes mentioned in the said
Section 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 the an moneys, collected or received from other source which may lawfully be applied for such
y
purpose.
i w
Passedthis. ... ...... ...........................................day of..... ........ ............. ........
CORPORATE.. ......................................................... .......
SEAL. .(T ad of the Corporation)
.. ... ... ....... ...................... ....... . .. .........
Clerk.
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
pn►eeting .of .the l�ou'ncil_ 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.
................................................................................
Clerk.
CORPORATE
SEAL.
Sec. 334
re-enacted 1933. EXTRACTS FROM THE O NTARIO 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 year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as
r the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
t
*T 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 upon (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 centum of the total amount of the
estimated revenues of ,the corporation as set forth in the estimates adopted for the year.
Temporary (3) Until such estimates are adopted,, 'the limitation upon borrowing prescribed by subsection 2 shall tem-
application
of o-+imates porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
of eding next preceding year.
y+
Exclusion (4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived
from estimated from arrears of taxes, borrowings and issues of debentures.
re ve n ues. .