2559
unt.
Municipal By-law for Current
Expenditures.
039142 Printed in Canada.
Municipality of
BY-LAW No._ 2559
-
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
MILLION, PIVE HUNDRED THOUSAND ------------_ 00/100dollars
to meet, until the taxes are collected, the current expenditures of th~ Corporation for the year ;1979;
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 19....2.8., not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
'NOTE, ["", .m- of taxes is. SIX MILLION, SIXTY ~NlNE 'rHOUSAND. NINE HUNDRED AND
ount of estimated '
revenues for the
current year If ad· SIXTY - - -- - - - -- - - - - - -.. - - - - - - - - - - - -- - - - - - - - - - --- 00 / 100 dollars
r.pted, If not, those
of last year. during 1979
AND WHEREAS the total amount heretofore authorized to be botrowed:Jt~ for
NOTE, ,'n.'" Im- the purposes mentioned in subsection (1) of Section 332 of The Municipal Act is NTT.
ount 0 prevous
BY~law(s) passed
this year, dollars, of which the Corporation has already
borrowed a total of NIL dollars,
THEREFORE the Council of The Corporation of the COUNTY
ELGIN hereby enacts as follows:
of
or Deputy Treasurer
1. The Head and the Treasurer/are 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 TI'iO MILLION , nVE HUNDRED THOUSAND
--------------------- 001100 dollars to meet, until the taxes are collected, the
,
1979
current expenditures of the Corporation for the year,^inclu~ jng the amounts required for the
purposes mentioned in subsection (1) of the said Section 332, 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.
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79-
'10
CORPORATE
SEAL
As witness the Seal of
the Corporation,
Clerk.
Dated this
tion of the
duly passed at a meeting of. the
By-law is in full force and effect.
.of
Counci
day of
in the Province of Ontario,
of the sai'(j Corporation duly held, and that the said
9-.
hereby certify that the
CORPORATE
SEAL
foregoi ng is a true copy of
By-law No.
of
Clerk.
The Corpora-
Passed
this
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' 332, 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
pu rpose.
'/
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned
said Section 332, shall, with interest thereon, be a charge upon the whole of the revenues
Corporation for the current year and for all preceding years, as and when such revenues
received.
in the
of the
are