86-76
Prod
(2) AU sums borrowed from the said Bank, for any or all of the purposes mentioned in the said Section
89, 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
2202407-Form. L.F. 10 Ont. /12/84) Litho. CANADA-218944
paid in advance or otherwise
the aggregate --------------- FOUR MILLION ---------------xx/l00 dollars
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 PRIME per centum per annum, which may be
IT THEREFORE ENACTED by the said Council as follows:
or Deputy Treasurer
The Head and the TreasurerVofthe 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
borrow
BE
not been repaid does not
the Corporation as set out
AND WHEREAS the amount to be borrowed under this by law and the amounts of borrowings that have
n the aggregate exceed 70% of the uncollected balance of the estimated revenues of
above
is
AND WHEREAS the amount of the estimated revenues of
adopted for the current year and not yet collected (or, if the same have not yet been adopted,
estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year)
THIRTEEN MILLION, TWO HUNDRED AND SIXTY-NINE
----THOUSANDEIGH~HUNDRED AND SIXTY-EIGHT----xx
in the estimates
the amount of the
ll8..6.
100 dollars
the Corporation as set out
dollars,
have not been repaid is
AND WHEREAS the total of amounts previously borrowed under
Section
89 of the Municipal Act that
to meet. until the taxes are collected, the current expenditures of the Corporation for the year
------------------
OUR MILL,ION---------------_-- xx
- -
100 dollars
WHEREAS the Council of the~Cbrporation deems
t
necessary to borrow the sum of
1-
BY'LAW No,
Municipality of
ELGIN
,
·
131 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 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 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 11th
Clerk.
I hereby certify that the foregoing is a true copy pf 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 witness the Seal of
the Corporation.
Clerk.