BYLAW - Authorize Borrowing of $30,000.00 - 19460114 - 93246.· · LF~ 10 Rev. MarcH; 19as> ·
·:ont.<'
,,;,M~nicipal By-iaw for cllrlent
'"' · Expenditures.
6'8116 -Printed in Canada.
Mun.Ici pality .of.. .. ,' ....... , .. , ..... : .. ~~~·~.')~~' .. , .. , .................. .
BY-LAW ·No ................. ~ ..... : .. '~~.~:J!:::.: ............................. : ...... .
ABY-~AW to authorize the borrowing of $ ........ ;;tQ.,~~~~~~· .................................... .. . . ' '
\•vHEREAS the Council of the Corporation deeins''it neeeis'arii6 borrow the sum of
.... ; .. , .. ,;;.r-;:::.:::;;..::7.:':.:":.:~~;:~.?:1. ... :¥.~~~~~":!::':~.~:::':;';:::7:~:1:t!,;;;;:t::7.':'::t~~t:%~ .. cjollars: cJ.... .
to meet, until the. taxes are collected,. the cur~en~ ~xpenditures oft~~ Corpprati 0n fgr.the year;
" -__ .; -> ' ,--._. ,' -.,-------. •
AND WHEREAS the total amount of the estihlatec! revenues of the CortJoration as set
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forth in the estimates acJ~pted for the year 19.~;t?;;, hOt inciudiilg revenues derivabi~ord~~i~d *:t.~f'J!;~.~; fr()m,a~rlla~,oftaxes, borro\Ying~ .~lld iSll,lllls of ,d~~~~t~.r~. is.*.·:::!li~~~Jl,,~;t~£,~#.~.~~ ~
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· .. ··' '~Ntl VJHE~EAS the total amount heretotore au'thori:Z~cl to ti~ 6~rrowed this year fo,:·
: 0 '.-.-. ' ' .-,, '-: • ;
~:.···::::::.;::::.l!J~Pllrr>oses ment[gned in subsection (1) of Section 339 of The Municipal Act is .......................... ..
:.r.i..~~~~) .................................. J!~~~ ........................................... dollars, of which the Corporation has already .. . ·. . . N:u,. . .. . . . . . ·.·· .. . . ...
borrowed·a total of.. ......... : ... ; ........................................................................ ., ............. , .................... dollars. ·
' ··'• '. . . . .··. . . . . . .'r . . : ' THEREFORE the Council of the Corporation of the ............ ;.;~ .................................... .
. . .... •. ~~(t'IJI; . • . ·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
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~u;~~~;:~:~~~~21:.!~1~~t;·;·::~?7~.~~;;7~~-~!$ ... ~~£~~~~:.;~.~~7:, ..
: ..... ;,;;·;;·,,:: ... , ...................... • •..•.... ,.:;:.;(;.:.,;: ......• : ..... dollars to .. meet,cun.til.,the.t!!xes are .collected,.,the
·current l)xpenditures of the Corporation·for>the year,'including the a~ounts required for the
:
Pllrposes .mentioned in subsection(1) of the said··section 339, and·· to 'give; on 'beha:Jfclf'tlie'Cor---. ·-' ', -·-' , ___ ,_.,_. ··--,; -.
poration, to the Balik a pr(!miSsory note Ol' •n()tes{sealed with the corppr~tll•s~~l'aml•sigl)e.d by
. . i' . . • .. .. . ·.. . . ·•• • . • .... ; •. ·~ •• : ·. '·'~ •.. ·: . ..··:
them fqr the moneys so borrowed w1th mterest at a rate not exceedmg ...... ; ............... per centum . --' -: "-·,. ~·:-_.,,. '; ·--. -;_,---> .--. __ ,·. -', ____ .. :, .;. ,, ·----_--;,._ .-;
: . _-,·. ' .: __ -, -·· : -;,', '' '---("''' ,:.----_: ;-_;_.·_-.·;·-··:i-..,!' ::.-._::::;-·.-,-_,. ' per annum, which may be pilid in advance or otherwise.
2. All ~UITIS borrowed ·from the said Bank, for any or all of the purposes mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the whole "f, the revenues of the
Corporation for the.cu~rent year and for all preceding years, as and when such revenues are
received.
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U\::JH ''$.0itfi·!{'ffe•MJter is hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By-law, as well as all other-sums borrowed in this year
and any, preyi0,4!$ y~.a!'!li<(rom the said. Bank for, ;my or all of the P.UJPOS!ll!.•ll)entio!]!!d in the said
. §~g~!Rti gg~;!ii~~tMt~l'fiWir\tiJ'(~J~t)jeredri, all of the moneys hereafter colle~tiiif.or f~ceived oil
account or nialized in respect of the b).xes levied, for the current year,:and preceding years and all
of the mqnllys•pgllected or received from any other source, which maylaWfullybeappliedforsuch
purpRI!?"r:c, '::/\ "
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· t1on of ............. , ......... , ........•.... , ... :··········· .. ····::·.·········:·····'·" the Prpv!nce gf.Q~t~np, ,,duly passed at.a.
Current
boirowii'lgs
VV)lfme~fll\gFoOth¢cl:iouHCiiiofiltlie1said 'l:iorporation duly held, and that the said 'By-law is in full
· force and effect .
.. As·wfth~theSeafof
the •Corpora tion.
(1) . A. 00 uncil ma~ ,by by-1~\\'·~ither ~afore or·afterthe·~assing of tho l>y.taw for hnp()Sing t~e rateefor the
current year authOI-ize _the head 8.nd_treasuref tO borrow fi-om time to tiffie_ by._w_ay._of_ p_romissory_·note such sumS· as
the council may deem necessary ·to meet, until: the ~~_are c_oll~-ted_,;,~hft:~ur~n_t_e,x~p~~~reS---Clf t_fle-.~:'P?r:ati~n
for: the,yaar, including the-·amounts required ·for sinkirlg-·'fU'nfi~ p'rincfP&:f8.nd;irlt8r9st-fallillg·dUi:~_ Within-thi3·Year'Upori'
any dBbt of the corporation, sChool purposes, special rates purposes, and fOr an·y-bo8.rd;··Coin_rn.i~ion-·or_-body and
ottieiipurposes ·for.Cwhicli tha; corporation; i~·l)!quired·by <law to provideic: ·•· ·. , u·· n • ;{(2) i The_amount.vihich may be borrowed in any ~ar. for the pur~ mentioned in s~l>s<lction 1 shall not,
,_ ....... exc<mt•with the iapproyal· ~~ tha.Municipaf{Board; .exceed.seyenty:peri<;~~ntum of ·the ,:total amount oUhe. estimated . . i ' . . · ···••revenues•of•the•corporation<as•set.oforth•in•the estimatee adopted for the ~ar,
;:;:~'_:::--~~ifl~~~i poraril~3~·~ ,,~~:~~~:~~-~-:~~}:S·!~~::~te~~~~~~;~~~o~;:~i~-=~r::~ r=:r:~~:~~r=i-~~:~~~21:~~:;-v · c· .~· ........ '".ding . ne~,tprec;~~ding,~ar. ,., ,
)\ illusion . '(4). -FO~'th'a purposes 'of subsections 2 an'd'3estirrtated revenues shall not include revenUes.; derivabl8 Or d8riVoct
·:i; from.i3stiri1ated I b · d · f d be t
i:.i" reyenues. frorr.-arre_arfLO ·~~as,_., ~r~o.wmgs :~~-. ; ISSU~--9:/'' '~-" ',"' -~res·.-"
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Author!zing'itfie' · · '
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