80-38
·
per annum, which may be paid in advance or otherwise.
them
for the moneys so borrowed with interest at a rate not exceeding
PRIME
per centum
poration,
to
the Bank a promissory note or notes,
sealed with the corporate seal and signed by
purposes mentioned in subsection
(1)
of the said Section 332, and to give, on behalf of the Cor.
current
expenditures of the Corporation
for
dollars to meet, until
1980,
the year,^ including
the amounts
required for
the
the
00/100
the taxes are collected"
sums not exceeding in the aggregate
THREE MI
borrow
1.
from
The
time
Head and
to
time,
hereby enacts as follows
or Deputy Treasurer
the Treasurer/are hereby authorized on behalf of the Corporation
by way of
promissory note, from
the Bank of
Montreal, a sum or
to
of
ELGIN
THEREFORE
borrowed a
the Council of The Corporation of the
FIVE HUNDRED THOUSAND ,dollars, of which the Corporation has already
TWO MILLION, THREE HUNDRED
total of SIXTY-FIVE THOUSAND --------------- 00/100.dollars.
COUNTY
NOTE: I nserl am.
Qunt of previous
By-Iaw(s) passed
thIs year.
MILLION
the purposes mentioned in subsection
(1)
of
Section 332 of The
Municipal Act is
TWQ
AND WHEREAS
the
total amount
heretofore authorized
OO/lOOdollars
during 1980
to be botrowedJdßiG~&lKfor
'NOTE: Insort am-
ount of estimated
revenues for the
current year if ad·
r.pted, if not, those
of last year.
AND NINETY-THREE ---
of taxes, is'
-
D
from
the sale of assets, borrowings or issuance of debentures or from a surplus, Including arrears
forth in
the estimates adopted for the year 19..lliL,
not
ncluding
revenues derivable or
derived
AND WHEREAS
the
total amount of the estimated
revenues of the Corporation as set
to
meet,
unti
the taxes are collected, the current expenditures of the Corporation forthe year;
1980
THREE MILLION
FIVE HUNDRED THOUSAND ----------- 00/100.dollars
WHEREAS
the Counci
of the
Corporation deems
it
necessary to borrow
the sum
of
MuniCIpal 'By:':läw' fòr
Expenditures.
039142
BY-LAW No._
Current
Municipality of
80-38
ELGIN
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 said Corporation duly held, and that the said
,19_.
hereby certify
that the foregoing is a true copy of By-law Nò.
of
The Corpora-
CORPORATE
SEAL
:""",-,-,--,-,,-<--<- ~
Clerk.
en
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.
17th
980
-.
>,..,.-.,,-,...<
All sums borrowed from the sa.id Bank, for any or all of the purposes mentioned in the
said Section 332, shall, with interest thereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received.
'-- '~1