1756
MunIcipal By-law for Current
Expenditures.
90422 PrInted in Oa.nada.
Municipality of....,Þ.¡J.,,g,:j,n...............
BY-LAW No.....;hZ?.~.....................
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
,)!;;j.,gh.t...Hµ!1g.:r.~.g...ï!:\º.1J,êªng..:_:::::::::-.::,.:_:.:_:::::::::,.::'.::'.:_:._:::::::'.::'.::',_:::::::-.::'.:-:.-::._::".."..::,.-::.-::::::::::"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...2.9., not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debéntures or from a surplus, including arrears
"NOTE: Insert am- of taxes -is.---------------------------------------------------
ount of ostlmated J ...... ........ .... .... ..... ......... ....... ......., .... ........ ........ ............... ............... .............................. ...................
revenues for the
current ¡ear if ad· 0 M' . " , "
~¡t~*1 :..~~', Ih". ..., !:!.\'1. .....;¡,J.l;¡,.q¡;¡.,....'J:.w.Q.,' k!¡¡p.dr..I;:.d....a.u.d...T.Ìj(enty.".,Ei:v..I;:... Thoußand ,.,.,.""".."."dollars,
AND WHEREAS the tornl amount heretofore authorized to be borrowed this year for
~u~TE'Of'n8:-;~,~':;; the purposes mentioned in sUbsection (1) of Section 341 of The Municipal Act is.::::::::-.::-.::.::.::::::::.
By-Iaw(s) passed
Ihley,,'. E' ht H d d Th d
,....~g...........),1,!').....r..?,.......",,,º)J§ª!?_,,.::::::::::_:.:_:.:_:.:_:._:::::.dollars of which the Corporation has already
borrowed a total of... """ "".., j ,¡a.ill........... "..., "..... '.."...."". "."",,, .".,., .".., .."............ .......,...., dollars,
THEREFORE the Council of The Corporation of the"......qg.1E?:!?.Y.:.........................................
of."...!!!.~~~,~.I.""....""..........".....................................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.....::.:::::.::.::-:::::::::::.::-.::-:::::::::::-,::-,::::::::::-.::-,:::::::::::::-.::,.:::::.-:::::::-.::,,:-::::::'
.~J.ghy....tI.v..!:!.g;r.~.g....r.):W.1I,ê.ªD.g::,,::,.:-:,-:::::.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.::2::-.3.l4:::..per 'centum
per annum, which may be paid in advance or otherwise,
''''i'
.
Exclusion
from aatlmatod
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
~r~~~r~~re8
of preceding
year
:3) Until sµoh 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 whioh l11ay be borrowed in any year for the purposes mentioned .insubsection 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 Y6ar~
Limit upon
borrowings
Current
borrowinøs
8eot.341 of
Chapter 243,
1950.
R.S.O.
ACT R,S,Q, 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 tim{3 to, timeby,way:ofpromissqry ,note such sums as
the council may deem necessary to meet, until the taxes are cõïfe"éfed;the 'currenfexþendituros 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, 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
_E¡(!F!AGIª £BC>I\II. !1:1J:: JI/Il!f1IQ!!'Ab
As witness the Seal of
the Corporation,
I
Clerk.
Dated this........... ........ .......... ..... ,..... .............. .......,...... day OT ........,.......................... ,.., ......, ..19,
.--~-~--"--
tion of the ................................,................of................................................ in the Province of Ontario,
duly passed' at-a: meeting òf the Council of the said Corporation duly held" and:that the said
By-law is in full force and effect,
hereby certify that the foregoing is. a true copy of By-law No...
~- -_..~-
of The Corpora-
Passed thiS.....................?}.~.~.................,....,..,.....~. O. ....,.~.?-.~.'?:.?:~Y.:" 19 60.
. '. . . ¡.......' ........
..\ ....,. .:~ë;;~~¡;.n.)U43·
....¡....4....~ ~
CORPORATE
SEAL
I
I
purpose,
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By"law;'a.Swell 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 ôfthè 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
~j""""", 'iM..~m'~i.1""'\ili.,¡,,¡¡\NIi¡¡¡~~""";m-~P:~.J;
~' Bafd $eotlon 3~1~ Bf1a..~ W"
Corporation for the current
received.
year
e ÇI.~~rg-Ð-UpOl'f -e-~ "ó~
preceding years, as and when
"0 ,6
revenues are