2034
Ii
I:
per annum, which may be paid in advance or otherwise,
them
for the
the corporate seal
b d ·th· t t t t t d· ---7!---
moneys so orrowe WI In eres a a ra e no excee Ing........................per centum
poration, to
the Bank a promissory note or
notes,
sealed
with
and signed by
purposes
mentioned in subsection
(1)
of the said Section 329, and to give, on behalf of the Cor-
cu rrent
expenditures of the
Corporation for the year,
ncluding
the amounts
requ
red
for the
-----------------------------"dollars to meet,
unti
the taxes are collected, the
sums not exceeding In
Montreal,
the aggregate....~~~...~~.~.~~?n..L.~~.~?~....fI~~.~.~.~~...~.~.~.~.~~nd,
borrow
from
time
to
time,
by
way of
promissory note,
from
the
Ban k of
a
sum
or
1
THEREFORE·",,,,, "'......"UI...., ,I'... """"0............'
of........~~.~;~~. . """.........................hereby enacts as follows
The Head and
the Treasurer
are hereby authorized on behalf of the Corporation
to
.I.I.."'I"'^,........:I
~.
TL... 'f"
^ ^"n^'^~ion of the County
...............................
borrowed a total, of....~~!~~....H.~~~.~.~.~...~.n..~...f.:!:~."!?Y.·..!!?:~~·~~~~:::·:..:::::::::::.':':.::::::::.dollars.
¡
NOTE: Insert am-
ount of previous
By-Iaw(s) passed
this year.
Four Hundred ..~.~.?~~~.~,~.-::::::::.::,::.:::::::::::.::...dollars, of
...................................
the purposes mentioned in subsection
1
which the Corporation has already
(1)
of
Section 329 of
The
,
Municipal Act is..!.~.~...~g.~on,
*NOTE: Insort am-
ount of estimated
revenues for the
current year if ad-
opted"If not, those
of last year.
AND WHEREAS
the total amount heretofore authorized to be borrowed this year for
of taxes,
T . Hundred and Sixty_Six----------------------------- d II
we . ........................................................................ 0 ars.
...................................................................................
the sale of assets,
.~.?~~...~~~~?n..!.....~~~....fI~~~.r..~.~...~.~~...~~~n..~'f.:::~~.~.~~...~~.~~.sand,
is·
from
borrowings or
issuance of debentures or from a surplus,
ncluding arrears
forth in the estimates adopted
for
the estimated
68
the year 19........,
not
ncluding
revenues derivable or derived
AND WHEREAS
tl)e
total
amou nt
of
revenues of the Corporation as set
to meet,
WHEREAS the of the Corporation it to borrow the
Two Millien Eight Hundred Theusand--------------------
................................?..,......... ".........................................................................................................dollars
unti
the taxes are collected, the cùrrent expenditures of the Corporation for the year
Council
deems
necessary
sum
of
-¡
Munioipal By-law for
Expenditures.
98812 Prlntod In
-...
Ont,
Canada.
._,
BY-LAW No......;..............~~~.4....
Current
Municipality of.................:OUNTY OF ELGIN
I,'
,
,
Temporary
application
of estimates
of preceding
year
Exclusion
fromostimated
revenues
Treasurer
to furnish
lender with
copy of By-raw
LImit at
anyone
time.
Limttupon
borrowings
(1) A council may by by-Jaw either before or after the passing of the by-law for imposing thé 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 cant of the total amount of-the estimated revenues of
the corporation as set forth in the estimates adopted for the year. R.B.O. 1950, c. 243, s. 341 (1,2).
cc., . (3) The amount that may be borrowed @.t 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 Municipál
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 revenues of the corporation
as sat 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, o. 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, .borr9wings or issues of debentures or from a surplus incl~djng arrears of taxes and proceeds from
the sale of assets. R.S.O. 1950, o. 243, s. 341 (4); 1958, o. 64, s. 23 (3). ~
·N.B.
If there is sufficient available under existing by-Iaw(s) to provide for the fresh
a new by-law is not needed.
assistance required
Current
borrowings
800. 329 of
Chap. 249t_
R.S.O.19tiIJ
EXTRACTS FROM THE MUNICiPAL ACT R.S.O.
1960
CORPORATE
S~L
As witness the Seal of
the Corporation.
C16l'k.
19.
Dated th is....... ........ ........ ........."......"......,.,. ......,....... ..day of...,
tion of the..........................................,.....of........,
duly passed at a meeting of the Council of
ElY-/aw is in full force and effect.
......,....................,..,in the Province of Ontario,
the said Corporation duly held, and that the said
hereby certify that the foregoing is a true copy of By-law No..
.of
The Corpora·
CORPORATE
SEAL
this..... ....... ........... ~.~.~~ ..::... .....,'. ....."" ..day of..,.,...". ,~.I1~ ~".,',."..., 19.~.~. ~
..a.:..æ~ ft¿cC~,-
~ ..<"ih~.~..~d~it···'ëc;;P~~~t.I~.~:). ....,...
;4!{L.. ...~ '
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 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 ami preceding years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
pu rpose.
.",.:'...... ..,....'f.,..:<..,........':t.,.:t:<.;.:-.:.:.>....,.,::.:<~.':.<~__..,.,;l~
'-"'.:::-,::f,:¡·;:,::,.·::.'lJ'~·:(;;i:·~"f(,·""'19J..·.qÖttPøYti~.Ct::·~~~·~:):,~.&~i~.<t:I,afl_t</":"C:>I;':':~hY:·Or:;aI'·'of·,t~?: ~.u.rpo's~'s·..Jn.~T1tl_oiÌ.E)c:I..:I.r..1;he. ':,~
:t1s,¡dS.eot¡on329i~haIlß w¡th,'-{ntere.s.tthereol"l~' .beaoharge,upon thewlìoJe'ofthe re,venues oflhe
Corporation for the current yea;" and for all preceding years, as and when such revenues are
received.