1779
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peJ annum, which maybe paid in advance or otherwise,
them
poration, to the Bank a promissory note or
for the
moneys so borrowed with interest at
a
rate not exceeding..-::-,?':::3.!4:::.per centum
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,
.~.:ï:gh!?., ,!t1-!Ðgr.~.g... J1~9.Y.ê,ª.I::!~L, ...,.. ,....dollars to
ncluding
the amounts
required for the
meet,
until the
taxes are collected,
the
sums not exceeding in the aggregate...::::::::------
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~,J!l,J..,."....,.,.......".....,.....,............,.............,..hereby enacts as follows
THEREFORE
borrowed a total of......."....",..",.. J.~;h;J,..L.., ............,. ......, ,...., .......", ......... ...... ........, ......",...., ....doll ars,
the Council of
The Corporation of the.........~.'2~~:t?y...
NOTE: Im~art. am-
ounl of previous
By-Iaw(s) passed
this year.
,¡j;;hg9:~..,~!m,ç!.,:r.?g...r,Þ...QMf.!ª!J..9.::::::::::;-.:;-,7::::.":;-.dollars, of which the Corporation has already
"NOTE: Insert am-
ount of estImated
revonues for the
current year If ad-
opted, If not, those
of last year.
the pu rposes
-*----------------------------------------------------
IS ......................................................................................................................................................
" .' fi ve hundred
º.I::!.~...M~,;¡)..~g.I::!,',.,.!:,w.º,..gJ,\Thg.:r.ªª...-ª-g,ç!.".¡j;;hgh,~Y....r.h.:r..ª~.,.r,Þ...QM.f.!ªP.-.g,..,.."."..::dolhrrl':
and sixty-six dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this
mentioned in subsection
(1)
of
Section 341
of
The Municipal Act is..:::----·----
year
for
of
taxes,
from
the sale of assets, borrowings or issuance of debentures or from a surplus,
ncludirtg arrears
forth in the estimates adopted
for the year 19"..?',+, not
neluding
revenues derivable or derived
AND WHEREAS
to meet,
the total amount of the estimated
revenues of the Corporation as set
until the
(
taxes are collected, the current expenditures of the Corporation for the year
E~ "'ht Hundre,d.....T"hgw:'!ª!J..\k::::::::-.'.':::::::::::::'.':.:-:,'::,':::::'.':,:;_,,::,,::,,:::::'.':,'.'::::::::::'.':.::.::.,::::::::::-.'.':dollars
.......~......................... .
WHEREAS
the Council of the Corporation deems it necessary to borrow
the sum
of
BY-LAW No 1779
.....................................
90422
Printed 1/1 Canada.
Municipality of..,....,ÉiJgir!;~....,..,
, -
"
"
;¡
;,
Exclusion
fromostlmated
ravenuas
from
from
c
(4) Forthe purposes of subsections 2 and 3, estimated revenues shall not include revenues derivableor derived
the sale of assets, borrowings or issues of debentures or froina surplus including arrears of taxes and proceeds
the sale of assets.
)
Temporary
applioaUon
of estimates
ofpreoedlng
year
(3) Until {)uch estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tern..
porarily be caIGU.,'ated -UP!>A 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 Munièipal Board, exceed seventy per centum of the total amount of the estimated
revenues of the corporation as ~et forth in the estimates adopted for the year.
Limit upon
borrowings
1950,
(1) A council may by by-law either before or after the' passing of the by-law for imposing the rates forth..
current year authorize the head and treasurer to borrow from time to ti~ebyV!ar of- promi~s.orY,note suchsuiT1s as
the council may deem necessary to meet, until the taxes are collected, th"e current expendituresóf-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.
Current
borrowings
Seot.341 of
Chapter 243. R.S.O.
1950.
_EXTRAGTJU'RO~ II:IE MJJ,1\I1CleAl.,.ACT R.B.Q,
CORPORATE
SEAL
As witness the Seal of
the Corporation.
-/" . ,,/¡
,-, ¡¿y
....., ........:.._......
Clerk.
,º~tf3.~ tl¡is............,.....,..,.........."...............,....,..........,..day of......,.............,........,...."......,.....19..
tion of the..,;,... .....:..':,....,...:............of......,..,...............,...........,......,... in the Province of
óul}íïfassed at a meeting of the CouncilÖ! the said Corporation duly held, and that
By-law is in full force and effect, " "-
Ontario,
the said
~er~b¥c~rtify th¡¡ttl1e foregoing is_ atr,:,e, ~EY, ()f~y.::I!l~l\Io~.:::~::.::'::.:::: o! Ihe Corpora-
CORPORATE
SEAL
Passed this..................J2.:'?Þ:...............,.....................day of
.~.~~~~r.y..1.,',.;...."......, 19.§.~,
./ ~/'/ø
....,~~~ ffU(.¿át,, ,...:0f2.~l-:;t~.!'Þ,..,.~."".,t. f ..&(l.".t;! "~,'¿
W d rr~. >till!!. oflh, Cor"",.. ,
ar en vOW1~ ~L g1n.
.......l..,A9...~ " ~:
purpose~
3, The Treasurer is hereby authorized"and directed to apply in payment of all sums
borrowed pursuant to the authority'of this'ByClaW, 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 ot'themoneys 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
-
trr·e,
,"1
,
,.....-------. '....-.-------'~
- ,'" ',~
2. All sums borrnwed from the said Bank, for any or all of the p'urposesmentioried 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,