1690
'~''''~--''''''''''''''':'>'-. ~----~;~~-,
-. . V
Munioipal BYwlaw for Current
Expenditures.
63026 Printed in Canada.
M u n ioipal ity of.......", ,9.9.~P.9..~~J!J. ~1.h.,.9. ~:gg ~y.", ~J'", j!;+.g ;i,.,\1"""
BY -LAW No."..".."."#.~,9.º,......"......,',...,",....,.,.....:,,....,',..""",'. """,..... ,...
WHEREAS the Counoil of the Corporation deems it neoessary to borrow the sum of
,,§':L.:x:.. ,l1:1.lJ:lc;!:r:~ q" :I:;,l1.9.1l.5., a,p.,cl,~::: :::':"::::,~,7:::: ,:":, ,:":, ':"::::::: ,:":, ,:":, -:::::,7::::...... ':":.::,7::::~ .....,::,:::::::: .....,::,':":,::.7:dollars
to meet, until the taxes are oolleoted, the ourrent expenditures of the Corporation for the year;
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth in the éstimates adopted for the year 1957.." not inoluding revenues derivable or derived
from the sale of assets, borrowings or issuanoe of debentures or from a surplus, inoluding arrears
~~T~¡ '":~¡~:'':'d of taxes, is·." ,$..9.;g J ,§,J.¡;,1.,!.9.§,.., (J:'! :L.~,~.., J:.11l.pAr:,~ ,cl.., ~cl" ..~J:.1.:L,:r:1?Y.: ,:":,<?,~,~.., :t;J:.1,o.':l~~!?:~h""
revonuos for the (
curren' yo" If ad· i h d d d f' t ' d 11 d' xt' t ~
'Y'rd" If, ;'" 'h08' ..~" ,~..,'" ':l!?:" E!'",.., ,étP:..," ....C),r.,.. 1 -::, <?~<:!,..,..9. ,.....étr..1? J,.. ,étg"., ..;3.:1"...., 1::,;3, "',~.,' g.~lL..~
o as y a.
AND WHEREAS the totàl amount heretoforé authorized to be borrowed this year for
, ,
N0TE' ,'n"i~ rm. the purposes mentioned in subseotion (1) of Seotion 341 of The Munioipal Aot is......................,....,
Dun 0 p vous
By_law(s) pas8sd
thIs year.
..........,..................................................................,..,........,dollars, of whioh the Corporation has already
borrowed a total of, ,.""""",.."""",,',' ,.",.."""'..'",..,..',...""'..'",...""....""""""""""...."""""",,,,, dollars.
THEREFORE the Counoil of The Corporation of the..,9.9,w.r\iy......,....................,..................,
of....~~$.~,Il,'..,.........................,......,......,........,..,........,hereby enaots 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 exoeeding in the aggregate......$.;L;¡¡;,..H,\ill4r.ê.çj...,1.Þ,~;mê,ªA4..,P.º.:¡,,:¡,¡g~ê::::::::::::::::':'::-:,
::-:::::,::,~::,::.::.:':':::::::::::.::,::::::::::::':',:':'::::::::::::::,::,:::::ctottars-to meet, until the taxes are oolleoted, the
ourrent expenditures of the Corporation for the year, inoluding the amounts required for the
i
I
purposes mentioned in subseotion (1) of the said Seotion 341, and to give, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the oorporate seal and signed by \
them for the moneys so borrowed with interest at a rate not exoeeding, .5.,i, per oentum
pér annum, whioh may be paid in advanoe or otherwise,
,..
,
¡
Exclusion
fromeatlmated
revenues
from
from
(4) Forthe purposes of subsections 2 and 3, estimated revenues shall not include revenues derivable or derived
the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
the sale of assets.
Temporary
application
of6stlmates
of preceding
year
(3) Until such estimates are adopted, 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 preceding year. .
(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
revenues of the corporation as set forth in the estimates adopted for the year.
lImttupon
borrowings
Current
borrowings
Sect. 341 of
Chapter 243, R.S.D.
1950.
EXTRACTS FROM THE MUNICIPAL ACT R.S,O. 1950.
___ - --(1)- A còuncil may by by~law either beforêor after thè~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 taJies.:.ant coJlected, .the.cun:ent..øxp.eo.ctiturß.s_pi the. c.orp.ar:atlon
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.
CORPORATE
SEAL
As witness the Seal of
the Corporation,
,¡-,L2...
Clerk.
,~
Dated this.
:I,$:~Þ.,."..""" ,.."", ..,..day of, ....... ~.~,tl :g,a.:r:y, 1 , ,..""".."", ,19,,~ '].~
. ( f th" County." f El.,.in ' : th 'p , . f
tlon 0 e............... ......,.............' .0.., ....,....,......~.. In e rovlnce 0
duly passed ata meetLng of the Council of the said Corporation duly held, and that
. '. ..' '. --. ", .. ....,..--
By-law is in full force arid effect,
Ontario,
the sa,id
hereby certify that the foregoing is a true copy of
By-law No,..,;!.,9.9..Q,
CORPORATE
SEAL
Passed this 18th
...............................
of The Corpora-
Clerk.
.
9..,.5..7
3, The Treasurer is hereby authorized and directed to apply' in payment of all sums
bQrrowed.pursuant to the aut~ority 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
Section 341, together with interest thereon,allof 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
purpose.
.
þ
.
"_.,.,,,,~,.:.--
,---."'-----'-~,,-~,,-"-=-,'::.:;~,."'--.;;,----.,,~
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the ~ ~
said Section 341, shall, with interest thereon, be a charge upon the whole ofthe revenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received.
"
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