84-37
Prod. 2202407·Form.
1~'1 (2) All sums borrowed
~ shall, with interest thereon_
year and for all preceding years,
L.F. 10 Onto
(8/82)
litho. CANADA-173113
rom the said Bank, for any or all of the purposes mentioned in the s'aid Section
. be a charge upon the whole of the revenues of the Corporation for the current
as and when such revenues are received.
the moneys so borrowed with interest
paid in advance or otherwise.
the aggregate --THREE MILLION FIVE HUNDRED THOUSAND --XX/IOO dollars
to meet, until the, t~xes are col.!~cted, the current expenditures of the CorporatioqJ~r the year, including the
amounts required for the purposes mentioned in subsection (1 of the said Section ~ and to give, on behalf of
the Corporation,· to the Bank a p'romissory note or notes, sealed with the corporate seal and signed by them for
at a rate not exceeding PRIME per centum per annum, which may be
borrow
IT THEREFORE ENACTED by the said Council as follows:
or Deputy Treasurer
The Head and the Treasurer of the 'Corporation are hereby authorized on behalf of the Corporation to
from time to time, by way of promissory note, from Bank of Montreal, a ·sum or sums not exceeding in
BE
AND WHEREAS the amount to be borrowed under this by law and the amounts of borrowings that have
not been repaid does not in the aggregate exceed 70% of the uncollected balance of the estimated revenues of
the Corporation as set out above.
is
AND WHEREAS'the amount of the estimated revenues of the Corporation as set out in the estimates
adopted for the current year and not yet collected (or, if the same have not yet been adopted, the amount of the
the Corporation as set forth in the estimates adopted in the next preceding year)
FIVE HUNDRED AND FIFTY-SIX
HUNDRED ND
estimated revenues of
TEN MILLION,
THOUSAND ONE
XX
dollars
dollars.
have not been repaid is
NIL
1~'1
AND WHEREAS the total of amounts previously borrowed under Section aa;!-of the Municipal Actthat
to meet, until the taxes are collected, the current expenditures of the Corporation for the year
THREE_äI
HUNDRED THOUSAND
XXLl.Q.Q.. dollars
WHEREAS
the Council of the Corporation deems
it necessary to borrow the sum
of
BY-LAW No,
Municipality of
84-37
ELGIN
-
i
r~
(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 weU as all other sums borrowed in ~~ear and any previous years, from the said
Bank for any or all of the purposes mentioned in the said Section , agather 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 purpose.
Passed this 13TH ~R 19 84
-= /
¡t..~~
e Head of the Corporation) Warden
...",....---<---~'-/~-./
Clerk.
I hereby certify that the foregoing is a true copy of By-law No. of The Corporation
of the of in 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.
Dated this - day of 19 ~.
As witness the Seal of
the Corporation. Clerk.