85-60
Prod.
(2) All sums borrowed from the said Bank, tor any or all of the purposes mentioned in
89, shall, with interest thereon, be a charge upon the whole of the revenues of the'Corporation
year and for all preceding years, as and when such revenues are received.
2202407-Form.
L.F.10Qnt.
12/84)
litho. CANADA-218944
the said Section
for the current
the aggregate = THOUSAND --XX/lOOdollars
to meet, until the taxes are cOllected, the current expenditures of the Corporation for the year, including the
amounts required for the purposes mentioned in subsection (1) of the said Section 189, and to give, on behalf of
the Corporation, 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 PRTME per centum per annum, which maybe
paid in advance or otherwise.
borrow
EE KILLION
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
FI'L~ HUNDRED
BE
not been
the Corporation as set
the amount to be borrowed under this by law and the amounts of borrowings that have
repaid does not in the aggregate exceed 70% of the uncollected balance of the estimated revenues of
out above.
AND WHEREAS
dollars
AND WHEREAS the amount of the estimated revenues of the C6fþpration as set out in the estimates
adopted for the current year and not yet collected (or, if the same have not1et been adopted, the amount of the
/
estimated revenues of the Corporation as set forth in the estimates adop~ed for the next preceding year)
SEVEN HUNDRED AND TWtNTY-ONE
HUNQRED AND NINETY-FiVE
s
dollars,
have not been repaid is
NIL
AND WHEREAS
the
total of amounts previously borrowed under Section
189 of the Municipal Aet that
to meet, until the
taxes are collected, the current expenditures of the Corporation for
the year
-----
THREE MILLION
FIVE HUNDRED THOUSAND
----- xxi 100 dollars
WHEREAS the Coune;
of the Corporation deems
BY-LAW No
,
t
necessary to borrow
the sum of
Municipality of
M
_ Bank of Montrea
ELGIN
----~)
Municipal By-law for
Expenditures '
'd
k,
Current
'---'
.
~
-...;"'-'-
(3) The Treasurer is hereby authorized and directed to apply in payment otall sums borrowed pursuant
to the authority of this By~law, as well as all otne'r 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 189, together with interest thereon, all of the
moneys hereafter collected or received on account or realized in respect of the taxes levied for the cUr~ent 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 12th day of December 1985
~~rden
~...;,...-~--?4--
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 9 -'
As witn'ess the Seal of
the Corporation.
Clerk.
,.,,,-
,,<i,.