1849
','
per annum, which may be paid in advance or otherwise.
them
fòr the
moneys so borrowed with interest at a rate not exceeding.:::::5..l::::::::.:::..per centum
poration,
to the Bank a promissory note or
notes,
sealed with
the corporate seal and signed by
I
purposes mentioned in subsection
(1) of the said Section 329, and to give, on behalf of the Cor-
current
expenditures of the Corporation
for the year,
ncluding
the amounts required
for the
------~----.7:.7:::::::::::::.:::.:::.::::::::::::::.7:.:::::::::::.dollars to meet,
until
the taxes are collected, the
sums not exceeding in the aggregate......t>I.~.~.":...J:¡B:~~.red Thousand-_-___________
..........."............................................
borrow
from
time
to
time,by way of
promissory note,
are hereby authorized on behalf of the Corporatiop
1
The
Head and
the Treasurer
to
of.
.ß),g;!..!"!.
.hereby enacts as follows
,
from
the Bank of
Montreal, a sum or
THEREFORE
the Council of The Corporation of the.
. Ç.!?\!'.I}.t. Y.
borrowed a total of............................. ................ ... N .:u.... ...................... ......... ....... ......... ............... ...dollars.
·!'!·:h.:J..................................................dollars, of which the Corporation has already
NOTE: Insert am-
ount of previous
BY-Iaw(s) pássed
tl1ls year.
Municipal Act is..
the purposes mentioned in subsection
(1) of Section 329 of The
year
s.~·~..J¡';1;I?-.~!::<:ê!i....?f.1!:!.}~Jg!~ty.:::.f..ºµ!:::::.:::.::::::::::::::.::::::::";::::::.:::.:::.".:: "':7.".".:::.:: "':::.:::.".::.::..dollars.
AND WHEREAS
the
total
amount
heretofore authorized
to be borrowed
this
for
*NOTE: Insert am-
ount of estimated
revenues for the
current year If ad-
opted, If not, those
of /astyear.
of taxes, is·
One Million Five Hundred and Fifteen Thousand
................................~..................................·..······....····..····....·..······..···..······..·............1..
from
the sale of assets,
borrowings or issuance of debentures or from a surplus,
revenues derivable or derived
including .arrears
forth in the estimates adopted for the year 19?)..., notincluding
AND WHEREAS
the total amount of the estimated
revenues of
the Corporation as set
to meet,
until
the taxes are collected, the current expenditures of the Corporation for the year
Nine
""'"''''
WHEREAS
,
Hun dre d Th ousan d - -- --- - - - -. - -:--::- :::.:::::::::::::::.::":::'::::::.::.:::.:::.::::::::::::::.::::::.::dollars
"',........."..........,..........,,,......,.............,......".......,...., ..
the
Counci
of
the
Corporation deems
it
necessary
to borrow
the sum
of
r
BY-LAW No
unl'''
Municipal By·faw for Current
Expenditures.
57142 PrInted in Canada.
1. §. 4.9..
Municipality of.......ß~.~L~~.
Temporary
application
of estimates
of preceding
year
Exclusion
from estimated
revenues
Treasurer
to furnish
lender with
copy of By-law
Limit at
anyone
time.
Current
borrowings
limIt upon
borrowings
(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 time to time by way of promissory note- such'sums as
the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
for the year, including the amounts required for sinking fund, principal and interest f~lIing 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.
(2) The, amount that may be borrowed in aryy year for the purposes mentioned in subsection 1 shall not,
except with the 'approv.al of the Municipal Board, exceed, 70 per cent of the total amount of the estimated revenues of
the corporation as set forth in the estimates adopted for the year.H.S.O.1950,c. 243, s. 341 (1,2).
~___ :(3')"___Ttre-amotmtth~rh1ay be, borro..yed at.?-ny one time for the purposes mentioned in subsection 1, together
with the total of any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in the
estimates adopted for the year. .--.-...."---.". -".- .-.- .--, -----
(4) At the time, after the 30th day of June in any year. that any amount is borrowed under this section, the
treasurer shall furnish to the lender a copy of the by-Iaw* authorizing the borrowing and a statement showing the
nature and amount of the estimated revenues of the current year not yet collected 'or,'where the estimates for the
year have not been adopted, a statement showing the nature and amount of the estimated réVEinues of the corporation
as set forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed
under this section that have not been repaid. 1958, c. 64, s. 23 (1). .
(5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall
temporarily be calculated upon the estimated revenues of the corporation as setforth in the estimates adopted for the
next preceding year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2).· . ,
(6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
the sale of assets" bor.rowings-or issues of debentures or from a surplus including arrears of taxes and proceeds from
the sale of assets. R.S.O. 1950, c. 243, s. 341 (4); 1958, c. 64, s. 23 (3).
*N.B. to provide for the
If there is sufficient available under existing by-Iaw(s)
a new by-law is not needed.
fresh assistance
required
860.329 or
*~s;ó.21g60
CORPORATE
SEAL
EXtRACTS FROM THE MUNICIPAL ACT À.S;O.
1960
As witness the Seal of
the Corporation
Clerk.
D.¡¡,te9. Ji) is.."..... .... ......, .., ... "..,.., w'
tion of the.
duly passed at
By-law,Js in fu
a meeting of the
force and effect,
Counci
of the said
.day.of........
Co-rporation du
19.
n the. Province of Ontario,
.y held, and that the said
.of.....
hereby certify that the foregoing is a.true copy of
CORPORATE
SEAL
Passed this..
By-law No.
1···4..··
....day of.. .~~~~~.:'X.I.. 196.4.~.
- ·-æ^v<..~~. ~ 4~'~---:'"
,...."......, ('¡'h~ 'H~~d '~i ·ti~;·~;~~~Îi'~·~:)'
.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 By-law, as well as all other sums borrowed in this year
and any previous years, from the said Ba,nkforany or all of the purposes mentioned in the said
Section 329, together with interest thereon, all of the moneys hereafter collected or received on
,account or realized in respect of the taxes .levieQ 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.
Corporation
received
for the current
year
.~.~.:..~.
and
tor
al
preceamg ytJär::¡,
~;) Ç\IIU