80-60
..,_...~..,...-. ~J
Expenditures,
039142 Printed În Canada.
Municipality of ELGIN
BY-LAW No._ 80-pO
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
THREE MILLION, FIVE HUNDRED THOUSAND ----------- 00/100 dollars
to meet, until. the taxes are collected, the current expenditures of the Corporation for the year;1980
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 19.BQ, not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
'NOTE: In.." am- of taxes is. SEVEN MILLION, SEVENTY-FOUR THOUSAND. EIGHT HUNDRED
ount of estimated '
revenues for the
current year If ad.. I
"tad, If not, 'ho.. AND NINETY-THREE ------------------------------- 00 100dollars
ofloat,..., during 1981
AND WHEREAS the total amount heretofore authorized to be botrowed :ttIIk~for
NOTE: In'''' am- the purposes mentioned in subsection (1) of Section 332 of The Municipal Act is ---------
ount of previous
By-Iaw(s) passed
thla year, ------------- NIL ------------- dollars, of which the Corporation has already
borrowed a total of ---------------- NIL -------------------- dollars.
THEREFORE the Council of The Corporation of the COUNTY
of ELGIN hereby enacts as follows:
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 THREE MILLION, FIVE HUNDRED THOUSAND
---------------------- 00/100 dollars to meet, until the taxes are collected, the
, 1981,
current expenditures of the Corporation for the yearVincluding 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.
-7-
~/
tI
1]
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_.
The Corpora-
hereby certify that the foregoing is a true copy of
By-law No.
of
Clerk.
CORPORATE
SEAL
~.~
en
purpose.
Passed this
11th
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
December
,1980
-.
r
2. All sums borrowed from the said 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.