BYLAW - Borrowing of $40,000.00 - 19440110 - 902440
L.F• W Rev. March, 1938.
Ont. 1
Municipal' BY-laW for Current
Expenditures.
54308 Printed In C&nada.
Municipality of •........... :l\.1l.r.9.~.1 . .9IJ,~. !.: ................................ .
BY-LAW No: ............... ?P.? ....................................... : ................ .
A ·BY-LAW to authorize the borrowing of $ ....... f!-.Q.,:5?.9.9..~.9.9. ....•..•.... , .......................... .
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
..... ; ............. , ...... , ......... ::: .7. ::. ::.::.::.::.-:-.::.f.. <?.r..~ Y. ... ?:'.e..<? .11.?.~.!:1: 9-.::.:: ::. ::. :::::.:: .:: ::. ::.::.:: .--:. 9.9.( ~.9.'?. ... d oil ars
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 iear 19#.(. not including revenues derivabl~ or derived
f . ' · ft b · · · d" fd b·"·t• · · • Eighty Five Thousand ·=::·cc:.:·"'"";~ii ro111_.arrears o a~es, orrowmgs ar1 ISSUes o e en uresIS ............................................... , ... , .... , .. .
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AND WHEREAS the total amount heretofore authorized to be borrowed this year for
.... ::,-::; the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is ........................... . passed ,• --''
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: .................................... ~.rl:.! ............................................. dollars, of which the Corporation has already
borrowed a total of ..................... ~.~-~.~ ............................................................................................. dollars.
THEREFORE the Council of the Corporation of the ......... Jg.~n ....................................... .
of. .............. !:.l.l..r.!?.?::~ .................................................... 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 --.,----,---,-.-Fort" Thousand---.,-.,.--,_. . sums no excee mg m e aggrega e ........................................................................................................ .
.... : ...... ::::::.:-.::.::.:::::.:-,::.::.::.::.~::.::.::.,.::::::.::.:: ...... dollars to meet, ,,until the taxes are collected, the
current expenditures· of·the Corporation for the year, incl~cfing the amounts required for the
purposeS mentioned in .. subsection (1) of the said Section 339,.· and to. give, on behalf ofthe. Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate seal· and signed by
them for the moneys •so borrowed with interest at a rate not exceeding ..... ~:f .......... per centum
J)erarinum, which· maybe•paid""iri advance or otherwise •
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 charpe upon the whole o,f the revenues of the
Corporation for the current year and for all preceding years, as and wh~n such revenues are
received.
3. The''T~li!lurer 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
}0, ·and any'previousyears;from the said.E!ank for any or all ofthe purposes (llentioned in the said
··~·~tRt!~9:Slt~~~t~ ~~t~i!i~PffiVrfx:~~y~!~0:o:ht~::u~~:nt~:~f!';;d c~~e!~~:~~::i:~~ ~~
''"";,.~:.~~~'" :·~ ~~:~~~oneY$ collected or received from any other source, which may lawfully be applied for such
;-"': . j( Pass.
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tAhAiTsE ............. ?:'.S.?.~h ...................................... ~ .. day of ..... :!.ar:~~!.:Y-" ............................ 19 ... ~4
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:-('-SEAL •••••• •••••••• ·······(ih·~·H~~d~f"~·~p;;r"a:ti~~)'''' ............... .
C: .
Seat. 339 of
Chapter 266, R.S.O.
1937.
Currant
borrowings
···············································································• Clerk.
. ti()ll,l!r·~·········· ..... , ...... u.,.,.,: .. , .......... , ........... , ....... , ...... .Jn U\eProvince of Ontario, duly ·passed at a
meeti'ng of the Coi.rnciiJof the'said Corporation duly held, and that the said By-law is in full
force and effect.
Date~ this .......... ~.~.~.~?. .......... , ......................... day .of .... ~:::?.~~.~.¥.. .............................. 19 .... ~~
' ., -----; ·--_-: -~ -' ,-: ~ -·: ,_ ; --
As witness the Seal of ·
the Corporation.
CORPORATE SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
(1) A council may byby,laweither before or after the, Passing C>f the. by~law for imposing' the, rates for the
current year authorize the head and treasurer to borrOw from thi1e to time by way of proinissory note such sums as
the_ council may ·deem -necessary to meet, until the.:~.--Jlr& ___ cO~_I~pld, the. __ curren_t expendit~-~ O:!}~e_ ~o~por~tion
for the year, inclUding the amounts required for sin'kitlg fUnd; PriOqi.pal and' interest fallitig due ·within the' :Year upon
any_debt of the_corporation,_schoo_l purp~-' S~ial r~_tes:purp~,_and for any board, commission or body and
other purposeS-for which<the-·corp'oratiorf is--reQuired b}r·:law-.to provide. -
!"__ u~~~ (· (?)_ _-The.·: :amount. .which_ may be ~-o~ro;Ned i_n any year for the purposes mentioned in ~ubsection 1 shall not,
: bo:.1<></·-·t. ex€;8pt-'with··the·-,appl-oval· of·:lhe -MuniciPal-l-'BOard;·exceed seventy Per centum of the-total: amoUnt of the-estimated ~ .... ,.,~ ~ ,: _-:; :: :::} ,~,-·--,--:--reVeiliJeB of the'·corporation·:as:·setfo-rth--·in:::the'estimates adopted for the year.
['''~-.··.· .... .-~~.~-...... :.·.,.~'".:.· .•. :. porar;1~3~ ~~~~~~~~ ;~!-~-~-:-a::::~!~~~!";~~~o~~~~~a~~~r::~-~=r:~:~:~~~:S~i:~:~~~~~~t': _ -C.t~tJ: n_e~t.: preceding year.
Exolusiori ,_ (4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues, derivable or derived-
from estimated revenue&. from -arrears· of-·_taxes, bor_ro~ings and: ~ssu~ _of debentures.
':-'
.B,AIIJ K OF MONTREAL
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·BY" LAW;
Authorizing th~
Borrowing of $ ......... ~.9 .•.. 9.9.9..~.9..9. ....................... . :L·,.._. :--, -:~·,:::<.!
For Current Expenditui"Els for 19 .... 15
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MIJf\J.tCIPAl QOf;lpQRA~ION
o~·
The Town of Aurora.
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