1976
r Municipal By~'aw for Current
, Expenditures.
57142 Printed In Canada.
M un ici pal ity of........S;g.v.~~,Y.., ,S!,f" ,,!?,~g,J;~
I BY-LAW No. "",..:I.,?,7"(j,...."".."",, ",..,....",,:,..
I:i
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
,
Two Million, Four Hundred Thousarid~-~-----~-------------
"""""""""','" ..'..'"""""""""....",..,..""""",.."",.."""..",'....,'," '..'", ,.."",.."",....'"".."" ......""..""" ..,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,~.7.., not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
*N~TE¡ In,:¡, a,m. of taxes, is...~,~:r.~'3...~,i.,1.:I.,~,?,~,!....~?,ll,r:..,J:Ill,~,~:r.,e.~..,ilI.1,cl..,T.,l1,i.,r::t.!.:-:-,s.i.:x:..,~,lJ.,?,ll,s.'!:?:~,~,
aun 0 Ð mas
revenUÐS for the
¡'¡ ou,..nt yes, If ad- Eight Hundred and Ninety Three--__-__--____--__----____--------
'I ~f~~ ~~s:.ot. those ....."...............,....,.......,.........,......................'...."......,.............. ,........".........:....:.... ......... ;,..........,...... ...dollars.
I!
i AND WHEREAS the total amount heretofore authorized to be borrowed this year for
,
N0TE' ,'"art rm- the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is........,(),~,~....,......
oun 0 preVOU8
By~]aw(s) passed
'hi, yes,. M' 11 . F' d d 1:h ø.
,..~..,..},9r.h....:,:¡,:v:~...!J.\,m...r.,0........ ..,!:;>J!Ji,<I!À.. ,....dollars, of which the Corporation has already
Three Hundred and SeVffi~ Thousand----------
borrowed a total of..........",..""....""....""..""....""....".."""".."" ....'",...."".."",.."""..""""""",.... ,dollars.
THEREFORE the Council of The Corp()ration of the....,..S:?,llI.1:t.L............................,........
£1' '
of"......,:....g?-,~",........,......,.....................,................,....hereby enacts as follows;
1. The Head and the Treasurer ¡¡,re 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,..'!,~~..,~¡;i};:I.,~,~~,L,t~~~:'::..,I;f~~,~:'::'::9-..,:r.~?ll,::,ilI.1,~....,
::::::::-,::-,::-,-:::::::::::,:::,:::::,::,:::::::::::,:::,:::,:::::::::::,::,::::::::::-,::-,:ãollars 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..,:-:,?,~::-,::::::::::Þer centum
per annum, which may be paid in advance or otherWise,
-,
IÎ
,
,
;~
,
800.329 of
Chap. 249,
R.S.O.1960
Current
borrowings
Limit upon
borrowings
Limit at
anyone
time.
Treasurer
to furnish
[enderwith
copy of By-Jaw
Temporary
~r~~~~~res
of preceding
year
Exclusion
from estimated
revenues
(1) A council may by by~laweither 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 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 corporation as set forth in the estimates adopted for the year. RS.O. 195(),c. 243, s. 341 (1,2).
(3), , The amount that may be borrowedc:.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 year, that any amount is borrowed under this section, the
treasurer shall furnish to the lender a copy of the by~law* 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 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 precedin9 year, R,S,O, 1950, c, 243, s, 341 (3); 1958, c, 64, g, 23 (2),
(6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
the sale of assets,bol'rowin€ s or issues of debentures or from a surplus including arrears of taxes and proceeds from
the gale of assets, R,S,O, 1950, c, 243, s, 341 (4); 1958, c. 64, g, 23 (3),
*N,B,
If there is sufficient available under existing by-Iaw(s)
a new by-law is not needed.
to provide for the fresh assistance
required
EXTRACTS FROM THE MUNICIPAL ACT R.S,O,
1960
CORPORATE
SEAL
A8 witness the Seal of
the Corporation.
Clerk.
Dated th is"".."""....",...." ......",..'"""..'"""",,',..,"',.. ,day of..
tion of the, ,of, n 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.
,19,
hereby certify that the foregoing
CORPORATE
SEAL
,e....,U/",..,~~..
(The Head of the Corporation.)
..,ß..'17~
is a true copy of By-law No.........,..........,of
The Corpora-
.,.........
Clerk.
purpose.
Passed this 21st
.........................................
,day of......,..::r~Il,~,~,
3 The Treasurer IS hereby authorized and directed to apply in payment of
borrowed pursuant to the authority of this By-law, as weil as all other sums borrowed in
and any previous years, from the said Bank for any or ail of the purposes mentioned in
Section 329, together with interest thereon, ail of the moneys hereafter coilected or received on
account or realized in respect of the taxes levied for the current year and preceding years and ail
of the moneys coilected or received from any other source, which may lawfuily be applied for such
~;'?[,:;~!l~'~~~t.fJ~m;~w~ii:~~~~~~":'t;~1M~~J/r~;:#~~~~jif.'\9'r,\¡rf&S'~i?pó~$~'Ö't:ft1~nitï\j,h'ê,d',:1'\:11:iiiô,;-0'\
rlf,~oQti()n:32fJ,,' 8h,ath'\¥~th i~.tarest-therconl fie a charge upon the whole ,of, the reven'[jes'ofthe
COrporation for the current year and foraH preceding years, as and '\!(hen suph revenues are
received.
1967
.......
all sums
this year
the said