BYLAW - Authorize Borrowing of $10,000.00 - 19441002 - 91244·:<
I . . , ,
L.F.10 Rev. March, 1938.
Ont.
Municipal Byo.law for Current
Expenditures. "'
54308 Printed In Canada.
Municipality of ... : ........... l\:11_~~:~ ... ~~-· .............................. ..
BY-LAW No ......................... 9..l:::!: ....................................... : ....... .
A BY-LAW to authorize the borrowing of $ .... ~9~.9.9.9.~9.9. ......................................... ..
WHEREAS tile Council of the Corporation deems it necessary to borrow the sum of
.. ::.::.:::::::::.:;. ::.::::::::::.:: ... ~ .~!:': .. .'!;~.'?. ~ .S. ~~-~.-:: ::'. ::'.:: .::. -:: .-:: ::. ::,:::::,-:: ::'. ::': ::.:: :::.":. ::. ::.::.:: .-:: .0.9./.~ .'?..'?..dollars j 1
to meet, untH 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 fl8timates adopt~cf for th'tl year 19~.~~-. hot inl:iuding revenued derivabllf or derived
·~~\."w_"; f ·. '· · · f t b ' · ·. d · f d b t.··. · • * Eiahtv Five Thousand ~ rorp arrears o axes, orrowmgs an Issues. o e en ures 1s ...... , ... ->> .............. , ............................... .
· .. ·!i!~~·i;',Y!~~··!. . . ,' . _, _____ ------------------------------~00/100
............................................................................................................................................................... dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
!!.~l·~r 1 ";'~~1:,':,'; the p!Jrposes mentioned in subsection (1) of Section 339 of The Municipal Act is ........................... .
'ff.t'::~~)-pasaed .': .. --,. ____ -.· ·.---
c ..... : ................................... ~~~ .. ~ ........................................ dollars, of which .the Corporation has already
. Nil. "'. ' < ·. . . . . ·.
borrowed a total of ............................................................................................................................ dollars.
THEREFORE the Council of the Corporation of the ........ ~.~-~ ....................................... ..
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, by way of promissory note, from the Bank of Montreal, a sum or
sums not exceeding in the aggregate .. :;::,::.::~,~!:\ .. ,?;'~.0.~~-~-~:;,::.::.:::::::::.::.::.: ............... : ............ ..
.... : ... -:::::::.::.::.:.:::::.:.:.:::::::.::.::.::.::.9.9/.?,p~,dollars to meet, until the taxes are collected, thll :{ ~
currenfexpencJitiJ~es of the CorporatiQn for the year, including the· amounts required for the
purposes mentl~~ed in subsection (1) of the said Section339, and to give, on behalf of the Cor-
porati0 n, to the.Bank a l>romissory note or notes, sealed with the corporate seal and signed by
them' for' the moneys so borrowed with interest..at a rate not exceeding .... : ..... ~ ......... per centum
pefarilltlril; which may be paid in advance or otherwise.
:·: Sect. 339 of
~~r.er 266, R.S.O.
Curmnt
borrowings
Limit upon
borrowings
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the ,( A. A
said Section 339, shall, with interest thereon, be a charge upon the whole of the revenues of the .J,. <::[ (J •
Corporation for the current year rand for all precedir)g 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 { 1 D
Section 339, together with interest thereon, all of the moneys hereafter collected or received on \l' '\{ .-() •
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
purpose.
CORPORATE
SEAL
....................................................................... CI~·;k:··-
I hereby certify that the foregoing is a true copy of By-law No .... 2+...?. ........ of the Corpora-
tion of ............. ~~~:::~.~ .......................................... .in the Province of Ontario, duly passed at a
meeting of the Council of the said Corporation duly held, and that the said By-law is in full
force and effect.
Dated this ......... ?i.~.g.9.!J:~ .................................. day of ... 9.9.~.!?.R.~t. .............................. 19 ... 1.4.
As witness the Seal of
the Corporation.
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
(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 of promissory note such sums as
the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
for the year, including the amounts required for sinking fund. principal and interest falling due within the 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.
(2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
except with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimated
• :I>
,.:,-··
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B,AI'JK OF I\IIONTREAL
c•BY"lliAW
Authorizing th~ ' '•:·
Borrowing of $ .... ;!..9. • .9,Q,Q,~.9.Q ....... : ................ .
.';; )_·,.,, -'(·" )_:•
For Current Expendit~;es for 19 ... .9::4
.q·8· v• "A'W' · :N·. •·• •iT••912 -'I -L.: -0~ .. ~-....... -........... : ... ., ............. .
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