BYLAW - Authorize Borrowing of $40,000.00 - 19430111 - 88643f
I
r
I
I
I
I
I
LF.10 Rev. March> 1938.
Ont.
Municipal By-law for Currant
Expenditures.
54308 Printed In Canada.
Municipality of ................. ~.\ll;'.C>!.!l..~.~I.l:t..~ ...................... : ... : ...
... . .. 886 • . . . ..
BY-LAW No ...... : ......................................................................... ..
A BY-LAW to authorize the borrowing of $ .... ~.Q.,.9.9.9.~.Q.Q ......................................... ..
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
.................. , ............ :::;:. .7. ~-~. ::::: ~-~-~ .r.. ~-!:'.1:: Y. .... '£.!}.~ .~ .1?. ~-~''!-::: ::.::.::.::::: :: .. ::.:: .:: .:: .: ::. ::.:: .................. 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 1!L~2. •. not includina'revenues deriva~l~ or'·derilied·
•NoTE: ,.,.,, • .,. f om · rs'of t b. 0 0· • d ·ss f d be t. · • ----Ei<rhty· Five Thousand ount or e:atlmated r_ _.-arrea _ _ axes, _ rr wmgs an 1_ u~s o e n ures ts .................... R ••••••••••••••••••••.•.•••••••.. _..... -.
revenues for the · · · . .. · .
ourreilt~ar·rr ad-, .------------------------------------~-----------:r~.:!-1',.~~~ , ........ : .................................................................... : .................................................................................... dollars.
AND WHEREAS Itie' total amount heretoforea~thorized to be borrowed this year for
!!,~[E;,'":'~~~':,'; the purp~es mentioned in subsection (1) of Section 339 of The Municipal Act is ........................... .
B.-Law(o) •-• thil year. · · .................................... ~.:!:~ ................................................ dollars, of whi.ch the Corporation has already
Nil . ·· borrowed a total of ............................................................................................................................ dollal'll~
THEREFORE the Council of the Corporation of the ....................... ~.~-~ ........................ ..
of .................. ~~!::9.!.'.~.!.9.:?:~-~ .................................... 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
---,_ --'>" . ' "
t d. · th t .. · Fortv, Thousand,--,--------------,,--, sums no excee mg m e aggrega e .. , ................ , ................................................. : ............................... ; ..
...... ,.::-.::.:::::.::::::::::-.::.::;::::: .. 7.~:::.::,::~:.7.::,:::::::: ... dollars to m,~et, until the. taxes are collected, the
current expendit'ur; ~f the Corpor~tion for the -year, including the amounts required for the a. r/•'
purposes mentioned in subsection. (1). of the said Section 339, a~d to.give, on behidf otthe ,Cor-:.;...--
poration, to the Bank a promissory. note.or notes, seale.<.Lwi.th .the,.corporate seal !lnd·signed by
them for the moneys so borrowed with interest at a rate not exceeding; .... Al ........... per centum
per armum, which rnay be paid in advance or otherwise,
: ,.·
0
2. 1 All sums borrowed from the said Bank,1for any or all of the !purposes mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the whole of the revenues of the tf.;
Corporation for the.current year and for all preceding years, as and when such revenues are
received.
-.· ' -. ,· ·:. : .. '>A:_.,;;._:·:;
· · 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. prevjous years, from the said Bank for any or all of the purposes mentioned in the said
· ··· .. ·· ... S!lctif.l!) $39, tOg!lther with interest thereon, all of the moneys hereafter collected or received on
.. acoounfor realized in respectof 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
purp~:
-
Passed this, ........... ,~.~.t;::':{~:!-.~E ................................. day of ..... ~.~.~.~::::.r.., ........................... 19 .. ,~ 3
' .. C"oRPORATE.
SEAL
d hereby cer,tify that the.foregoing is a true copy of By-law No ... ~.?..?. .......... of the Corpora-
... .:;. -_,.;.,'ii' ,;,.-, ··'··· !/.,;, ' ._' ,; '.' . - - ----..
ti~n ()f,.,., ................ ~y~Q!::~ ....... , ............................... in the Province of Ootario, duly passed at a
iri~eti'nglof the Coi.incil;Mithe·said Corporation duly held, and that the said By-law is in full
force and effect. _,.,. "1 '
.... · D,ated 'this .... :1:c: .' .... §t. ~.:-:.~!?:~.~ ................. , ....... day of ............ ~~.:!-.~~.ry .................... 19.~:1. .. .
As witness the Seafof ·
the Corporation.
CORPORATE'
SEAL
Sect. 339 of
Chapter 266, R.S.O.
1937. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
Current
borrowinp
TeffipOr"ary
applloatlon t""'. tlmates ·-)ceding
. <:.!f)
. Exoluslon
from estimated
revenue&.
· (1) A council may by by-law either. before or after the passing of the by-law for imposing 'the rates for the
current year authorize' the head and treasurer to borrow from time to time by way df promissory note such su-ms aS
the. council may deem -necessary_ to_..meet,_ until -the tm:c.es ~re~coll~c~d, 'th_e.current.expe~~-Itur~._of .t_he corporati~-n
for the year, including the ·amounts required for sinkinQ fulid, prinCiPal and interest falling due within the year upon
ariy debt of the corporation, school purposes, special rates purposes,_ and for any board, Commission Or body _and
. oth6r .pUrpOses· fOr which the "Corporation· iS. ·reqUired· by laW ·to .. provide.
(2): TJ:te::amoun~---~hic;h:·._rnay be ~or~~d in any year for the purp~ mentioned in subsection1 shall not,
excejlbvith;the appioval;ohhe Municipal 'Board; exceed seventy per centum of the total amount of the eStimated
· · · "'mvenues·of:the eorporation'as ••>! forth in, the· estimates adopted for the year,
(3) Until stlcli eitirii~tes'~r\j addpfud/!he limitation upon borrowing prescribOd by subsection 2, shall tem-
porarily b8 calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next: preceding year •
(4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived
from arl'fJ~rs-of taxes, borR:Qw~ngs -and issues_ of. debentures.
----·------· ----.. ----.. -----
--:•/
.,v;
; .. ;.
; ~--1 ' . •, _,
"','r·:
. . _::~
, ~~Af'!,~,9Ff).JION,:fREAL ("
.. , ·· · .,, .. ~:.:.::; ..... .: .. : .. : . .::·;1·,~!:~~-~-~:t:.~;;.!i.'.i~ .. :'.':.L .....•...... B~cn~"e
"' •rBY•LP,W·••,
Authorizing tfilii'
Borrowing of $ ... 1.'?. .•. ,9gg,.g9 ................................... .
For Current Expendit~;es for 19 ... 5.2
<rq.:,,'/8. "\li' •i'A .. 'w'·, .' .. N. a···:\ 'c-886 .,_.. . ....................................... .
.. MONI.C,IPAt:.·coR~,QRATION
·()'~)';:~ bf;-;; ry·w -.-:;
,.-:-·
L' (~
'W /~ _r,-
'·' .o~~<l ......... :.:~P.":~P..~.~:.t .... ~:~~.9Y ......................... 19:~A?,:,' ' ,.,,-_-, "'I,.,_,,;-..