BYLAW - Authorize Borrowing ($40,000) - 19370111 - 79537L.F. 10 Rev. 30th June, 1933.
Ont.
Municipal By-law for Current
Expenditures,
30404 Printed In Canada,
Municipalityof...... ..; . ..................................................................
BY-LAW No ................... ...........................................
�:,...
A BY-LAW to authorize the borrowing of $.......t........ 4.4,.............................
WHEREAS the 'Council of the Corporation deems it necessary to borrow the sum of
.................. .....................
........................ ................ , ..... ........ 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 not including revenues derivable or derived
*NOTE: Insert am- from arrears of taxes, borrowings and ,issues of debentures is ......... 0&4-.............................
..........
ount of estimated
revenues for the
current year If ad- ......
opted, it not those
.�......... .. ...............dollars.
0 last Year,
AND WHER 'S the total amount heretofore authorized to be borrowed this year for
NOTE: Insert am-
ount of previous the purposes mentioned in subsection (1) of Section 334 of The Municipal Act is .........................
0 Law(s) passed
t year,,
...... ##04.04#40 ...... .............. ........................... dollars, of which the Corporation has already
N4 ........................
borroweda total of ............................................................................................................................ dollars,,
THEREFORE the Council of the Corporation of the ..........�ft�. .............................
..... ...............
of ............ ,�..,* ...... 0 ............................ ... 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 pr onote, from the Bank of Montreal, a sum or
LA
sums not exceeding in the aggregate. ......... .... ...... .......... ... ...................... .... .....................
so .............. * ........................................ ...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 nates se 4j*,with the corporate seal and signed by
them for the moneys so borrowed with interest at a rate` not exceeding .... I . .....per centum
per annum, which may be paid in advance or otherwise.
2# /A II sums borrowed from the said Bank, for any or all of the purposes mentioned in the
said Soct"on 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.,
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
W
borrowed pursuant to the authority of this By-law, as well as all other sums borrowed .in this year
and any provious years, from the said Bank for any or all of the purposes mentioned in the said
Sloction 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 tho moneys collected or received from any other source, which may lawfully be applied for such
purpose#
Passed this--- ........ day of.... ..... ... .................... .... 9-3
...................
0
ATE 01`4100" ............ .. .... .. ... ... . .. ...........
8 E! A L (The Head of the Corporation)
.. .... .... . .......... ........................................
Clerk.
I homby certify that,the foregoing is a true copy of By-law No...... ............... of the Corpora-
tion ............................................... in the Province of Ontario, duly passed at a
Mot ' Ina of the Council of the said Corporation duly held, and that the said By-law is in full
forco and offoot.
'd 'his
.........................................day of...............................
... ....19........
As witrim the Sol of
the Oorporation,
............ I ........................................................... 1#0060*0
Clerk.
001`111011ATC
A Ca A I
Sec. 334
re-enacted
co
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 yoar autt"jorizo tho hoad and troasurer to borrow from time to time by way of promissory note such sums as
the council may (loot -n r ioejos 'sary to moot, until the taxes are collected, the current expenditures of the corporation
for the year, Including tho amoonts roquirod for sinking fund, principal and interest failing 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
application
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2 shall tem-
of P-+imates
porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
o,.' tiding
Y-
next preceding year.
Exclusion
from estimated
4
() For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived
revo:
from arrears of taxes, borrowings and issues of debentures,