BYLAW - To Authorize Borrowing of $40,000.00 - 19410120 - 85741L.F.10 Rev. March, 1938.
Ont. 1 • • •
Municipal By-law for Current
Expenditures.
54308 Printed tn Canada.
Municipality oL ......... t7~ .......... : .. ~
.. ·A BY-LAW to authorize :::~:r:~:~·:;·~::::::.~~~~:;.:~~ .. :.::::::::::::::::::::.:::.:
WHEREAS the :0ouncil··of the Corporation deerns it· necessary to borrow the sum of
................................... -4:·····~······················ .. :····· .............. : ... d611ars
to meet, unti,l 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 se't
forth in' the estimates adopted for the year 19.1/.l, nofincluding revenues derivabiJ or derived
•N<>TE: ~~\.~ from, arrears of taxes, borrowings and issues of debentures is * .... a.. ... ~
... :~.~ .... ~ ...... S .................... ~ ....... : .................. ~ollars.
c AND WHEREAS the total amount heretofore authorized to be borrowed this year for
!~lE;, 1 -:'~t.~"::; the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is ........................... .
By..Law(s) pasaed · ·-../?. _
lhl• ,.... • ••••• : ••••••••••••••••••••••••••••••••••••••••• ~ .................. : ............. dollars, of which the Corporation has already
·fla borrowed a total of ............ ~ ..................................................................................................... dollars.
THEREFORE the Council of the Corporation of 'the ................ c/~ .............. .
-of .... , ....... 4-'~ .............................. 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, a sum or
sums not exceeding in the aggregate ..... : ..• ~~ ..... ~~"' c:::L ........ :··
.•...... , ........................................•........•................. dollars' tiJ.rneet, uritil the. taxes are. collected, th~
currel)l expenditures of the Corporation for til~ year, including the amounts required for the
purpos~:mentioned in subsection.{1). of the said Section 339, and to give;. on behalf of the. Cor-
poratioll, to the Bank a promissory note or notes, sealed with the corporate seal and signed· by
thern forthe rnoneys so borrowed with interest at a rate not exceeding .... ~.».:. per centum
per anrn.mi, which rnay be paid' in advaric~or otherwise. '.f Ji-.JJ.ii...it ·
.
·. _jj;fl . r·
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' .
Sect. 339 of
cnapter 266, R.s.o.
1937.
Current
borrowings
Temporary
"fPlioatlon o estimates , r~ooding
~w
Exclusion
from estimated
revenueS.
I . 2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the
said Section 339, shall, with interestthereon, be a charge upon th11 whole of the revenues of the
Corporation for the current year and for all preceding years, as I and when such revenues are
received;
a:<rl,e' T~ellSurer 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 purpi)S6Smentioned in the said
· ~tion 3$9,Jogetb!lr \Vith int!lrii.$f thereon, all of the moneys hereafter collected or received on
... account or realized in respect of the taxes levied for the curl'llnt year' and preceding years and all
of the moneys col.lected or received from any other source, which may lawfully be applied for such
purpose ..... · , .,
.... "· . . -(1 ..P
Passed this ..... , ........ , •. X~ ............. ,, .......................... day of .... ..
I herel:wceJtify·tllat th11 foregoing is a true copy of By-law No ................. , ... of the Cor pori .-' -,._,_ ' _, ---~-. . --' -'
tion ·. o~., .. , ................... , ...... , ......... , .................................. in the Provin.ce. of Ontario,. duly. passed at
mileting:of the Council. of the said Corporation duly held, and that the said By-law is in fL
force and e~ect.
Dated tf)is ...... ,. .................................................... day .of ..... , ... , ....................................... , .. 19 ...... .
As wi tnllSS the Seal of
the Corporation.
CORPORATE SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
(1) A council may by b)"law either before or afler the passing of the b)"law for imposing the rates r,
current year authorize the head and treasurer to borrow from time to time by way of promissory note such su
the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corpo
for the year, including the amounts required for sinking fund, principal and interest falling due within the yea1
any debt of the corporation, school purposes, special rates purposes, and for any board, commission-or -boc
other purposes 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 sh;
except with the approval of the Municipal Board, exceed eeventy per centum of the total amount of the est
revenuea of the corporation as eet forth in the estimates adopted for the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, sh1
porarily be calculated upon the eatimated revenues of the corporation as set forth in the estimates adopted
next _preceding year.
( 4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or
from arrears of taxes, borrowings and issues of debentures. ·
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BAN KOF MONTREAL ~
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B:Y"LAW"
Authorizing tllil'
Borrowing of $ .............. '1' •• .,, ... , ................................ .
For Current Expenditures for 19 ....... .
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' -. ,; ' •..•• MuN rcrF?Ah. coRPoRAtroN
OF