1709
By-law for Current
'es.
75744 Printed in Canada.
M .. rt f Elgin
umClpa I yo............., .......'
1709
BY-LAW No....,......................
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
~.~.Y.~g..,f:\)¿X!.g!.',~.<L.T.þg.'-!.i?ª!?:g::::::::::::,:::.::,:::::::::::,:::,::::::::,:::,:::,::::::::::-:-,::',::,::::::::-,::',::',:::,7..7.::',::"::,,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 19...~,~, not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
·NorE: ,Insert am~ of taxes -is...------......-------------------------------...-....----------
Ðunt of estimated ,..........................................................................................................................................,..............
revenues for the F art y
,"",nl yo.. If ad- 0 M' 11 ' d! nTh' 'rh d
~rt:::'", ~oa~~t. those ....XLf?......l......*.R);!,"",ª.~" ..,.;,,"',::¡;.~!;!,:,....., Q,\Uw.n ","''''''','''.'',''','''''''''.'',,,::,:,'''''',''','',''''' ",,,,.,,,,,dol lars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
~~JE:ur'n':~e'~'::; the purposes mentioned in subsection (1) of Section 341 of The Municipal Act is...,::::::.:::,:::.::,7.,7.:::..
By~law(8) passed
thla yoar. S H d d Th d
,....~y.~g.....y!1:,..!.',~,..........g,'-!,i?ª!?:...::::::::::::::.:::,::::::.::,dollars, of which the Corporation has already
borrowed a total of..",...."....".... ,( ,~,~ ,~1......,....." ....."".., ...,.., ,..",......",...."...",......,,'....', ,...",.. ,. ,dollars.
THEREFORE the Council of The Corporation of the..............Q,9\·)p,1;,Y......................,..........,..
of,...."~Jg;!,nJ,.,...."."..,",...,',..,',....."..,,..,........,....,.."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....,::::::,::::::::::,:::::::::::::.::.::,:::::::::;,::,::::::::::,:;,::,:::::::::;,:;,::::::::::::;,:;.:-
ß.~y.~n.)!m);çj.,!.','?4..,T.Þ.R),g~!:m.çj.,7..:::::,::',:::,dollars to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, including the amounts required for the
purposes mentioned in subsection (1) of the said Section 341, and to give, on behalf of the 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......,5.,;.. per centum
per annum, which may be paid in advance or otherwise.
/
Ex()lusion
from estimated
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 debenturesorfroma.surp,lus including.arrearsoftaxes, and proceeds
the sale of assets.
Temporary
application
of estimates
of preceding
year
(3) Until such estimates are adopted, th'e limitation upon borrowing prescribed by subsecti'on 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,
ex..cept 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.
Limit upon
borrowings
Current
borrowings
Seot.341 of
Ohapter 243. A.S.D.
1950.
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
(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 (teem 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, speoial'rates purposes" and for any board, commission or body and
other purposes for which the corporation is required by law to provide.
CORPORATE
SEAL
./..,..iJ.
................
\. Clerk,
As witness the Seal of
the Corporation
...:>
Dated this, ....",.."" ,2.,7.:t.þ....,..,.."...", '... .......,.."" ..,.... day of.., '..... ..,Jan,u.ar.y. '"...."....,' ,19. ..2.$...
tion of the ........9.<'?,1,m:t.y., ,.,...........,of...,...,));J,g;i..n.......,....,........... in the
duly passed at a meeting of the Council of the said Corporation duly
By-law is in full force and effect.
Province of Ontario,
held, and that the said
hereby cèrtify that the foregoing is a
CORPORATE
SEAL
true copy of
cßf' "
~ I
~ ................
. ~, .............
..... .. ."¡,,~...._- . /-
I Ær ~~:......
........... '........-&.......... .. Clerk.
By-law No"....J.7.9.9.,
of Thé Corpora-
Passed th is", ....",...., ,~,l¡-,~þ',.." ...,.,...., '.,."...,'....",.", ..,d ay of,
,~,ªn,\.!ª;r.y.............,' 19..58
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
Section 341,together with interest thereon, all of 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 I¡¡.wfully be applied for such
purpose.
r-'
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 of the revenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received,