1954
r n·...........,..a..'.....r-'a.... 'U'-VU. t1IU
Expenditures.
92950 Printed In Canada.
M " I't f Elgin,
UnlClpa I yo....,......................
BY-LAW No..............,J..,9"H....
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
, '
,~~~.. ,~~,~,~ ~,?~,~.... F.,~ :v.~.., J:I~,~,~:r. ~<i.. ..1;!:t ?,1I,E>,éI~ ~~::',....,::::-:::-:~::',::,::::::::::: ::,::::::::::- ::-,::,::,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 year19~,6.,." not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
'N~TE¡ I"'~rt at, of taxes, is·!.~?..,~,i.~~,~,?'?:.'....':l',"':?.,...fI~~,~r.~<:l,..¡¡,~,~..,~~,x.::t';r...,~~,y,~~..,:r.!t,?,~,~~,~<i,?..,....,
oun 0 as ma e
revenues for the
~f\~~~t Il~~t, I\h~~; . ,~~ !~,.. .~~~.~.~.~.c:J:... ~.~.~... ~ ~.~:::."':.::: ~ ~.-:::::.-:'.':':::-:::-. :7:::.7.~ ::-.:7.::-.::::::::::-.:7.:-:-:::.::;:-::':". ::-:::.:: ~::::7.. .doll ars.
o as year.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
N°TE' ,'""" ,m- the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is,..........................,
aun 0 prevIous
By- aw(s) passed
ttits year. Nil .
,........................,..............................,..,......,....................,...dollars of which the Corporation has already
N'l
bo rrowed a total of.... ......",.."""""".."",'..'"".."" "',"" '.."" ....,"',.."""....""'...."......",..,..""""",,.. ,dollars.
THEREFORE the Council of The Corporation of the,....;(?,()~~,~,y.........,..,............................,
Of........,..,~~~,~,I1..,..,............,..............,..,....................,hereby enacts as follows:
1- The Head and the Treasurer are hereby authorizèd 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......9.~,~..,!:1:i.~,J..,~,~~"....F.,~!!':..f:I\l~,d.:'::!':~..,'!;!.I:<?!-!-.ê,éI~~:::,
-::::::::":,,:":,,::,::::::::::-,::,:-:,:-:,:-:,:-::::::-:::-,:-:,:-:::::::::-:::-,:,:",:,:",-::::-:::-::,:",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 329, 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,:-:,::..,~,-::,-::::-::':"..per centum
per annum, which may be paid in advance or otherwise.
¿e1erk Warden
"
'~~':':.:;'-"_:;:=~=~="";c,,,._.~~~
,
J
Seo.329 of
*~~ó~~~60
Current
borrowings
Umltupon
borrowIngs
Limit at
anyone
time.
Treasurer
to furnish
lender with
copy of By-law
Temporary
application
of estimates
of preceding
year
Exolusion
from,estimated
revenues
(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 colleoted, the current expenditures 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.
(2) The amount that may be borrowed in any year for the purposes mentioned in subsection 1 shall_not,
except with the approval of the Municipal Board, exceed 70 per cent of the total amount of the estimated revenues of
the corporatio" as set forth in the estimates adopted for the year, R,S,O.1950, c, 243, s, 341 (1,2),
_ , (3) 'The amountthat may be borrowed. at anyone 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 ,rear, that any amount is borrowed under this section, the
treasurer shall furnish to the lender a copy of the by-law authqrizing 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 revenues 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 set forth 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! borrowings-or issues of debentures orfrom 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,ß,
If there is sufficient available under existing by~law(s) to provide for the fresh assistance
a new by-law is not needed.
required
EXTRAcTs FROM THE, MUNICIPAL ACT R,S,O.
1960
CORPORATE
SEAL
As witness the Seal of
the Corporation.
Cl9fk.
Dated
this.., ......' , ....... ......, ........ .................... ......, , .......day, of......,........" ,.."",..""" ..,..' ......" ,19,
purpose.
Passed
CORPORATE
SEAL
Clerk.
I hereby certify that the foregoing isa true copy of By-law No. ,of The Corpora-
tion of the................................................of................................................,.....in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and that the said
By-law is in full force and effect.
r'"''''
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 for any 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 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
2. A" sums·,t)orrowea ,TrOmtnesa,oøaOK, foranyUf' èUI,':ur Ult:lI-'UfpV~It?,~;""I...,.I~IV.,1:I\\,,& I,",,".n:~
said Section 329, shaH, with interest thereon, be a charge upon the whole of the revenu'ésof the
Corporation for the current year and for all preceding yep.rs, as and when such revenues are
received.