BYLAW - To Authorize the Borrowing of $40,000.00 - 19420112 - 87342L.F.10 Rev. March, 1938.
Ont. 1
Municipal By-law for Current
Expenditures.
54308 Printed In Canada.
M unici palityoL ...... A .\-!~Q.J::'/?, ., Qp_j; ........................................ .
BY" LAW· No .. : ... : ....... $73 ........................................................... .
A BY-LAW to authorize the borrowing of $ ..... AQ •. 9.Q.Q .•. QQ .. ; ................................... ..
WHEREAS the Council of the Corporation deems it necessary to borrqw the sum of
· ............. :::.:.::.:: .::.:: .::::. f !?. r..~ Y. ... ?:.h 9 .lJ.~ ?.-.!:\ ~:: .-:-.. -:-. ::. ::.::.:: .:: ::. ::.::,:: .:: .-:-. ::.::.::.:: .::.:. ::.::.::.:: ::. ::.::.:::::.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 ad!ipted fllr tHe yllar 19 . .?.1:1?., not including revenues derivable or derived
•NOTE•Ir.Mrtam---.--_.-: -•' " --_-·-·• : ount oi eoUmatad from arrears Of taXes, borrowrngS and ISSUeS Of debentures IS ........... , ............... : .............................. ..
revenuea for. the· -·
ourrent year lhd-0 H d . d & F. Th d . :f'f,:01
1~0::~ ~... ..!1~ ...... ~ ... r.~ ......... ' ..... ~-Y. ~ ......... 9.!!. !'!.r::n ... :: .. ::. ::. ::.:::::.:: .:: ::: :: ::-. ::-.::::: ::-. ::-.::-.::.:: .::::: ::-.::.::.::::: ::-.::-.::-dollars.
NOTE: Insert ari1-ount. of previous
B~Law(e) ·-paaled
thil year.
-\-... ·--· '-·:' . ---· -. - --';,_ -.', --',_.
AND WHEREAS the total amount heretofore authorized to be borrowed this year far
tq~ purposes mentioned in subsection (1) of Section 339 of The Municipal Act is ............................ .
.., ................................. ~~-~-~ ............................................. dollars, of which the. Corporaticm has already
. borrowed a total of ..................... ..!'!X!:.~ ................................................................... c ....................... doll~r's.
THEREFORE the Council of the Corporation of the .............. ~.9.~ ................................. ..
of ........ A!:\£~.!.':-'::.!.9.~.~-~ ............................................ hereby enacts as folhJws:
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
t d. · th . t •. ··· . FortY.•.Thousarid.,-.-,...,..,-7-----~ . .,------. sums no excee mg m e aggrega e ..................................................................................................... ,
..... :,:.:.:::-.::.:.:::::.:.:::.::.::.::.:.':".::.::.::.:.::::::'.::.dolla,~ tQ_ .• irl~~f •.. uhtil·t~e taxe8•' are collectE)d, th~
current expenditures of the Corporation for th~year, i~cl~ding th~ amounts required for the
purposes mentioned. in subsection (1)ofthe said Section 339, and t~~ilie1 on behalfofthe Cor-
poration, to. the Bank a promissory note or notes, sealed with the corporate seal and signed· by
them for themaneys so borrowed with interest at a rate not exceeding ..... ~[ ... · ...... per centum
per annum, which maYbe paid irl'advanee•arotherwise.
c
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the ,
said Section 3~9, 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 whjm such revenues are
received.
' 3. The Treasurer is hereby authorized and directed to apply in payment of all sums )
and any previous years, from the said Bank for any or all of the purposes mentioned in the said ·
borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year ~
Section~339, 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 moneys collected or received from any other source, which may lawfully ·be applied for such
purpos~. . . . ····· ~ '.
Passed this ..................... /...d?. ..........•............................. day of ....... !T.\'!-X1.1J~.r.x, ..................... , .. 19./r2
,_,,_,_,
.! her!JbY ~~xtify !~\lttth,e~!oregping is a true copy of By-law )\Jo.,.}l,73. ...... ;. oftheGorpora-
ih ,~)9:Q.8f:c•i·'"i'''"'""""'":::0~:;~.G<;!-l,··•··:··········· .. ·······:······Jn .tlie Province of Ontari~, duly p~~ at a
:·}, rr1eet1ng <of ·the Counml 'of' the·sa1d Corporation duly held, and that the sa1d By-law 1s m full
force and effect.
• .D· '".i. . .... · .... / -:1 -~ • .January_ 4~ . ated thls .......... , ......... /..:.,.,. .............................. day of .................................................. 19 ........ .
As witness the Seal of
the Corporation.
CORPORATE
SEAL
·--,__ ,-.,., ------·-· -' --------__ ,
............. aea.~ ~~fert·
Sect. 339 of -~
CJlapter 266., R.s.o.
1937, EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
Current
borrowings
\ upo_n;
Jwlngs:,_
-·:-..-~.,y,o;f-X"""'h-,-----
Temporary
"fPiicatlon o estimates
needing
"'Y:~1'_,/
Exoluslon
from estimated
revenues.
(1) . A council may byby"laweither before or after the passing oftheby-lawfor imposing .the rates for the
current year authorize the head atld treasurer to borrow from time to time by way of promissory note such sums as
th~ cou,ncil_ may-deem· nec:essary-to mf38t;-until-the taxes_ are= coU~,ted, _thO·/_~urrent exj)en~_it~res of t~e corporation
for the year,· including tlie &mounts·re·quired for sinkirlg fUnd, PrinciPal and interest·f311inQ due within the year upOn
any debt of t~e ~~poration, s_chol:)l purposes, special ~tes purposes, and for any board, commission or body and
Other· purposeS -for--Which 'the:. Corporation-is;required by. law to· provide. -
(2) _The. arn~unt .w.hi()_!l, __ r(I;J.Y,"_be ~~~ro_wed in ~n¥ y~ar fo_r the_ purposes mentioned in subsection 1 shall__ not,
'exoopt·with thee approval of•ttiecMunicipru''B~aiil; exceed 8eventy Jier centum of the total amount'of the O.timated
·· ·'revenues of'theeorporatioi'i'assertorttfih··theestimates adopted·.for the year.
(3) ·Until sGi>fi estiiTia'iO. iire'.adbptell<·the ·limitation upon borrowing prescribed bY subsection 2, shall tem-
porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next-prSceding Y.Oar._-
(4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues; derivable or derived
from· arrea~ of _t~,:~rro~ings; and issues _of debentures.
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Borrowing of $ ...... A9.A.9.9!?..~.9.9 ............................. .
::·; .c'·~ :<H~-1\);:;
.I;12U
For Current Expenditures for 19 ... !!:?
"(' '. ,. ' . ' ' 87 · B· ~I!:AW Nd? .. :::::~.:.::,.:2 ...................... .
.•. MIJI\It.CIRAG·.···.··; tc .'" 1
........................... Jt~BflQR~JION
J~.Jn1h-bns iJ:r· '::·;
OF
The Town of) kurora.
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