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1732 L'¡-' , ....,.,. " """,'-". I~~',: ~ Irj ;" /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<"''-,~-,-, LII..J..U ~'a CJ.V .I.\.WL"'LL......V .:.r..J.J.u.I o,;.¡...... ---~ ..."'................v........................... ~.~.".,-_._~~