1802
14045 Printed In Canada.
M .. rt f Elgin I
unlClpa I yo...............,..... .............
II BY-~W No.......J&º,~,...........,..........,
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
.I:'!tg,~ ...~.~.~.Ç\¡;:~9: ,..r,h.º),.!!?ªn.S}:::::::;-.:;-,:;-::::::::-.:;-.:;-, ::,:: :::::-.:;-. :;-.::::::::;:: ::.:::::::: ::,:;-,::.:: .::.:: ::.::,:;-, ::::üollars
U I.:.\.
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..6.1" not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
"NOTE: Insert am.. f t " * -----------------------------.-----------------------
aunt of estimated 0 axes, IS ......................................................................................................................................................
revenuea for the :' , Fi ve
current lear If ad· 0 'M . . "
~ftr.~t ~..~~t. those ..J:\~L..,,;¡,J.h.9.D,..,',r.J:¡;r.~~....H:\t!:\d;r..E;1.(t,ªt\ç)..ß.e:v:~m,ty..."f.p.ur...îhp.u.¡¡,¡¡md.,...,,~
;1' Hundred and Seventy-Une Dollars.
I AN D WH EREAS the total amount heretofore authori~ed to be borrowed this year for
~~r~'.,'n'~;~v~O:;; the purpQses mentioned in subsection (1) of Section 341 of The Municipal Act is..,:::::-,::.::.::::::::::-.:;-
By..ID,w(s) passed
thiayear. N" H
,....+.~.¡:¡,....,)Jp.d:r..¡:¡.d...îhQ.u,:;¡a.l).d".':':..""..",",","'::':".".dollars of which the Corporation has already
~, borrowed a total of., ..........,.. ,.." ....... ...... In.t.;!,}....,.. ...... ......., ..'..,..............." ,.."" ...... ,......', ,....", dollars,
THEREFORE the CO\lncil of The Corporation Qf the....Ç,º,WI~Y.............,...............................,
of...~.+.g;hn..~......,..,........................,..............................hereby enacts as follows:
1, The Head and the Treas\lrer are hereby authori~ed on behalf of the Corporation to
borrow from time to time, by way Qf pmmissQry note, fmm the Bank of Montreal, a sum or
sums not exceeding in the aggregate,::::;-.:::.7.:;-,:;-,:;-::::::::-.:;-,::-,::-::::::::::;-.::-,::::::::::-,::-.::-:::::::::::-.::-.::-.::-::::::::-.:;-,::-:::
...~.~?~,..!:I::?-.~,qr.~~...~þ..?1f\?..~.~,q.7.::-.::-.:::::..dollars to meet, until the taxes are cQllected, the
c\lrrent expenditures of the CQrporation fQr the year, including the amounts required for the
purpQses mentiQned in subsectiQn (1) Qf the said SectiQn 341, and tQ give, Qn behalf of the Cor-
poration, tQ the Bank a prQmissory note or nQtes, sealed with the corporate seal and signed by
them fQr the moneys so borrowed with interest at a rate not exceeding::-,::.5.l::::-,:-::::per centum
per 'annum, which may be paid in advance or otherwise,
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"
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,
"
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~
ExclusIon
fromestlmatod
revenues
from
from
(4) For the 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 sÜrþlus including arrears of taxes and proceeds
the sale of assets,
Temporary
application
ofostimatos
of preceding
year
(3) Until such 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 ÿëar. .- -~ .
(2) The amount which may be bor~owedJn,any year, forihs p~rposesmentioned, in subsection1shaUnot,
except with the approval of tho 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.
!1
Limit upon
borrowings
Currant
borrowings
800t.341 of
Chapter 243, R.S.O.
1950.
EXTRACTS FROM THE MUNICIPAL ACT R.S,O, 1950,
(1) n Acouricii"maY·bY· hy~ÚIW è-¡t'her 'beforé ornåfter 'tlÎe' passirig'of' the by-ìawfor 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 deem neces~ary to meet,. until the taxes are collected~~thecuYr~¡'t expen,ditu'res-Q_fthe cprporation
for the year 1 including the amounts required for sinking fund, principal and interest falling due within the year upon
any debt of the corp.oration,_ school purp.os~s, special, rates_ purposes, andfor any b.oard, commission or body and
other purposes for which the corporation is required by law to provide. '
CORPORATE
SEAL
As witness the Seal of
the Corporation,
Clark.
Dated this"""".."."". ,,,,,.. "."", ..."".,.""."", "".. ,,,...,,,day oC""........ .""" ".,,,,, """" ."", ...,.19".."
tion 'ofthe "".. .of,..."""""..........". in the Province of
dulypasse~ at a meeting of the ,Council of the said Cprporation duly held"andthat
By-law is in full force and effect,
Ontario,
the'said
hereby certify that the foregoing is a true copy of
CORPORATE
SEAL'
By-law No,.
-ë ""ðr
.....".........~"..d3y-or.:~·~~Æ!~m."....
181?þ....."""".,.,... . ,// ,
th'ls .,....,...",,,,, , ¡:; /?, ,;/ y ~,..
,,,... ~~4
~?'H""""'., ·..~·a'd·~;the Corporation.
. .... .' '., '(The a
"';;;"'··7··,,,,,'4.,,,,·~--:A
of The Corpora-
Clerk.
Passed
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 fPr any or all of the purposes mentioned in the said
Section 341, together with interesUhereon, all ofthe 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,
.
7..,.,:"_;-,:,;,;,,,,?~.~
2. AU 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.
.........o.-;~<"'..:.,;.......u._._..
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