1732
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/1 /¡
tÆ/ J
a!rdëñ
t
:'tt,d/¡/lJ
this
22nd
day
fariuary,
.L'75'7.
per annum, which may be paid in advance or otherwise,
them
for the moneys so borrowed with interest at
a
rate not exceeding,.....,2............per centum
poration, to the Bank a promissory note or notes,
sealed with the corporate seal and signed by
purposes mentioned in subsection
(1)
of the said Section 341
and to give, on behalf
of the Cor-
current expenditures of the Corporation for the year,
noluding
the amounts
required
for the
. ê.!!y'~g. ..tI.'H-!}.çtr.~.g.. ,r.þ,9.Y.-,§,~g::':::':::::::::dollars to
meet,
unti
the taxes are collected,
the
sums not exoeeding In the aggregate...:''::::7'::'':''::::::::--------..:-------------------
borrow
from
time
to
time, by way of promissory note,
from
the Bank of
Montreal, a sum or
1
The Head and
the
Treasurer are hereby authorized on behalf of the Corporation to
of,.....)$.~g~',h.."""...,",...........".............,..................hereby enaots as follows
THEREFORE the Counoil of
The Corporation of the....,........,...9.9,Y.-n.'!iY..............
borrowed a total of...,...", ,...., Ig,U.L.,.. ....,... ........ .......,...., .............,.. .........., ,.... ........, ......,..,...... .dollars.
NOTE: Insert am~
ount of previous
By-Iaw(s) passed
this year.
,,ê,~.Y,~m,..f!1m,g.r.9.g..,'!:'.h.9.J~!?,ª,~,g::::::::,.::,.::,._:::::::,.::,.dollars ofwhioh the Corporation has already
·NOTE: Insert am-
ount of estimated
ravenu6S for the
current year if ad~
optod, If not, those
of last year.
".----------------------------------------------------
IS ..........,........,.................................,.............................,...........,..'....'............,..,....................,.........
,...º.~.~...~~,;!.JJgp..,....ºJ;!..~...Mgn.,g,r.~.ª-...~...!!;,:¡,gþ,~,Y.:::'~þ,r.~.~.,.r.þ.9.~§.ªm;I;~....~,~~~~=dred
and Thirty-One Do11ars,---__________________________~-_-___-
AND WHEREAS the toful amount heretofore authorized to be borrowed this year for
,
the purposes mentioned
n subseotion
(1)
of
Section 341
of
The
Munioipal
Aot
IS..:7.:'7.~.:":.':':.'7.:':'::':".:":.
of taxes,
from
the sale of assets, borrowings or issuanoe of debentures or from a surplus,
nCluding arrears
forth in the estimates adopted for th,e year 19....?9, not inoluding
revenues derivable or derived
AND WHEREAS
the
total amount of the estimated
revenues of the Corporation as set
to meet,
until
the taxes are oolleoted, the current expenditures of the Corporation for the year
,~~,y.~!?:,"gu...~,g.:r.!!~,.,~,þ.~~.~ª~,4,:::::::::::::'.:::::._::::::::::-,::'.::._::::::::-::.-:::::.7'.:;',::'.-::.::,:::::::-,::-.-:::::::::::"dollar8
WHEREAS
the Counoil of the Corporation deems
it
neoessary
to borrow
the sum of
,.-
BY-LAW No 173
,....................
Municipal By-law for Current
Expenditures.
90422 PrInted in Canada.
Municiplllity of"......,~.~e;!!?:
ExclusIon
from estimated
revenues
from
from
(4) Forthe purposes of subsections 2 and 3, estimated revenues shan not include revenues Qerivaþle 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
ofostimates
of preceding
year
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
porarilY be calculatedùpon the estimated revenues of the corporation as set.forth in the estimates adopted for the
next preceding year. '
Limit upon
borrowings
(2) The amount which may be borrowed in any year for the purpQses mentioned. in subsection 1 shall l1ot,
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.
C~rrent
borrowings
Seot.341 of
Chapter 243, R.S.O.
1950.
1950.
(1) A council may by by-law either before or after 'the passing of the by-law for imposing thè rates for the
current year authorize the head and treasurer to borrow from time to time. bY:Vjay. of promiss,ory,npì,e such. su~sas
the council may deem necessary to meet, until the taxes are èóÏleëted~ the current- êxper'1ditures:"of the cofpórati6n
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 boarØ, commission or body. and
other purposes for which the corporation is required by law to provide.
CORpORATE
SEAL
I;:)(TRÞ,Q:¡:SJ:RQJYL IH,t;. M\lJ':J!R1.¡:>A!-.ACT R.S.O.
As witness the Seal of
the Corporation
·1...··iL....
Clerk.
Dated this........,...........??!1g..." ..................................day of ..,.......~~!}~S'::ry. L" ,...., ..,..19,~.9...
tio,hof.the ...........g.9.~P.:'!i.¥.......~,...:..........oL..:..,~...¡¡;;1,.,g,:þ}.....,.....:..~...... in the Provinc.e Qf Ontar¡o,
duly passed at a' meeting of the Council of the said Corporation duly held, and that the said
By"lâW is infu,lI force- ând'effect.
Passed ,this....................??nA.......,....day 0;rr§~~~'r.¥.,~......"'···:;..19.59. .
.:.......i~-::·!:, <g.~;::.'y.../k.<4!;,~~::.1:::Y..,
. ..u(iì'1êHeadof¡the Corporation.)
.....f;..jß..;~
h is a true copy of By-law No,......n.n..
.,-'...... .... ....--..- ,.............-. -.."..,-....'."
I
CORPORATE
SEAL
hereby certify that t~e
fore.goir.~
of
The Corpora-
.....--,--.--...,
Clerk.
3, The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this'Bÿ~law;aswell 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 lawfully be applied for such
purpose,
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.
._'I<"''-,~-,-,
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