BYLAW - Authorize borrowing $40,000.00 - 19400110 - 8421940L.F.l~ Rev. March, 1938.
Ont.
Municipal By"law for Current
Expenditures.
64308 Printed in Canada.
Municipaiityof ................ ~.~: .... <JJ. ........ .
BY-'I...AW No.: ... \o.'.Jf'#.~ ................ ,., ........................... .
A BY"LAW to authorize. the borrowing of $ .. -!f.<:Jf·'O. .. O. ............................................. ..
WHEREAS the Council oftlie Corporation deerlls'it necessary to borrow the suni of
. <? lr ................. , ............ .J...rl.i.j .... ~~-, ........... , .... : ......................... : .............. : ... ,.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 ~tima't~ aaripted for titk y~ar 19 . .f.i?.:, not in~lodi~!l revenues derivable or derive<!
r ~~~ ,.~,:·¥£ frlirt1 :~7.o~tax~~gs lin~ 'ues /if qebentu~ is • ....... ,tf)iP... ... ~··:
! ~·.e..,.;t---=:r .... ~,.;;~:;:~~~:;;:;.,;~:z
·No.TE: lr188rt am. ·\-~. W',.'!la~s> "'::'!:.~ th,e pur~osesme~.~iOQed in subsection (1) of Section 339 of The Municipal Act is ........................... .
••~ '""· d ) ................... : .................. : ... ~ ................................ dollars, of which the Corporation has already
I
borrowed:;~tal of.. ........... ~ ................................................................................. : .............. dotiars.
_..---,--/.. ' THERE~E the Council of the Corporation of the ............... <.0:~:!:::~:=" .................. ..
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, b~way of pro!'llissory note, from theBan~of Montreal, a sum or
sums not exceeding ·in· the aggregate ...... :,:~ ... ;~:•ooooooooooooooo·· ............. .
. , .. "" ................. ,.,.: ....... , ...... , ..... , .......... , .... , ............. qollars .to me11t,, until. the ... t:l,xes ~r~.·coU~<itedr ~he
cu.rrent expenditures of the .corporation for the. year; including the amou~ts required f~~\he
purposes·mentioned··in sub;ection .(1) of the said,S~ction 339,:andlo give,onbeh~lf of the:Cor-. ·
porationJ to:the.Bank apromissory.note ornotes;sealed.with.the·corporate seal•and signed by ,,.,.. . . . •.. . ' . · ... , ':jjf. >'"•·'" 'c .
therll fottlie moneys so borrowed with interest at a rate not exceeding ....... 4'. ... l.f..per centum
. r·-:·-r ;-:: ::; ,: -.
per annum, wnicn'niaY be paid in a.dvahre'ofhfh'erwise.
0
1 2. . All sums borrowed from the said Bank, for any or all of the purposes mentioned in the
said Section 339, shall, with interest thereon, be a charge upon ~he 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
borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year
and any previous years, from the said. Bank for any or all of the purposes mentioned in the said
$ection339,)ogether withinterest thereon, all of the moneys hereafter collected or received on
··account or realized in reSpect of the taxes levied. for the cllrrentyear and preceding years and all
of the moneys. collected or received from any other source, which may lawfully be applied for such
purpose .
. Passe~this .............. , ...... , .... ~tf ........................ , .. .
coRPORATE
SEAL
················································································ Clerk..
I hereby cer,ti.fy.~hat1 theforegoing i.s a true copy ofBy-Ja:ov No ....... , ............. of the Corpora-
,!ic;!n .~t:·;····.···:•: .. ,., .. ,..,., ... ,T" ... ,.,., .................................. in tl\e Province of Ontario, duly passed at a
·'·I:. •. rrieeting of "the Council of-the ·said Corporation duly held, and that the said By-law is in full
force and effect.
Sect. 339 of
Chapter 266, R.S.O.
1937.
Current
borrowings
"~:~~){'<
;(
. l
Dated t~is ........ ~ ..... ,day of ....... r-= •• J,~· :<.'"-.. "'• ~. ~~!.,..!-~
As witness the Seal of
the Corporation.
CORPORATE
SEAL
............. a:..c...a:..~
~ Clerk.
EXTRACTS FROM THE MUNJCIPAL ACTR.S.O. 1937.
(1) A council may by by-law either before or after the.passing ()f !be by-law for. imposing the rates for the
curr"Eint year authorize the head and treasurer to borroW from -tiMe toe time by way of promissory note such sumS as
the_ council may deem necessary to meet, until the taxes _are_:col_leRted, Y}~ .curre,n~_ ex~ndihnes of t~Et .. corpora~i~n
for the year', including the ·amounts required for sinking fund,· Prir1CiP3.1 ,nd _interest fallinQ due Within th9-·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; :-~~:,f~;)t~~:_n -
borrowings· ·'
(2) The amount which maybe ~?rro,wed in any year for the. purposes mentioned in subsection 1 shall not,
· · ··except-,with ·the·approvaf-of::-the~Municiii'if:aOard{exceed-Seventy. Per-centum of the·total·amount of. the estimated
·· • ·••revenu&softhe'corporation•anetfor!h'·in"theestimates adopted for the year.
Temporary
application
of estimates
Qreoodlng
I
lualon
from estimated revenues.
(3) :·-Until sJ'bh'-1eslrtn'at&s-·a·r~;,_ad6~~~dt'ihtflimitation upon,borroWing-prescribed --bY subs·ectio·n 2~ shall te~
porarily be calculated upon the estimated revenues of the corporation as set forih in the estimates adopted for the
next preceding Y:Bar •. ,
(4) For the purPoses of subsectionS 2 and 3 estimated revenues shall nOt include revenues, derivable or derived
. f~m . ar~~rs of ·taxes,-bol'r'O'IJ_in~._ ~nd-issues Qf d_ebentu!'68-
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§~,I'J .. I:(,OF)v10N;TREAL
·>>BY" LAW••••
Authorizing th~:·
Borrowing of$ ......... : ...... , ... , ................................ : ......... .
For Current Expenditures for 19 ........
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