87-55
Prod. 2202407-Form.
L.F
10 Onto (12184)
Litho. CANAOA-218S44
.~
(2) All sums borrowed from the said Bank, for the purposes mentioned in the said Section
89, shall, with interest thereon, be a charge upon the 11~ revenues of the Corporation for the current
year and for all preceding years, as and when such revenues are received
any or all
whole of t'-.....
the Corporation, to
the moneys so borrowed with interest
paid in advance or otherwise.
the aggregate ·FIVE MILLION---------------xx/100 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 Bank a promissory note or notes, sealed with the corporate seal and signed by them for
at a rate not exceeding PRTMF. per centum per annum, which may be
borrow
IT THEREFORE ENACTED by the said Council as follows:
or Deputy Treasurer
The Head and the Treasurervof 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 7Ó% of the uncollected balance of the estimated revenues of
the Corporation as set out above,
s
AND WHEREAS the amount of the estimated revenues of the Corporation as set ou
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)
FOURTEEN MILLION, NINE HUNDRED AND SEVENTEEN
--THOUSAND, SIX HUNDRED AND ~~YENTY-FOUR-------
dollars;
in the estimates
"he amount of the
1987
dollars.
have not been repaid is
NIL
AND WHEREAS
the total of amounts previously borrowed under Section
89 of the Municipal Act that
to
meet, unti
the taxes are collected, the current expenditures of the CorporatIon for the _year
of the Corporation deems
------------------ FIVE
MILLION------------------ xx
10_0 dollars
WHEREAS
the Cou ncil
t
necessary to borrow
the sum
of
r'
,
BY-LAW No.
M
_ Bank af Mantrea
Municipality of
87-55
ELGIN
Municipal By-law for
Expenditures
Current
'.::.r
<'"
I
As witness the Seal of
the Corporation
Clerk.
Dated this
ofthe 01
duly passed at a meeting of the Council of the said Corporation duly held, and
and effect.
hereby certify that the foregoing is a true copy of By-law No.
öf The Corporation
Clerk.
Warden
day 01
19
n the Province of
that the said By-law is in
Ontario,
lulllorce
Passed this
moneys hereafter collected or received on account or realized
and preceding years and all of the moneys collected or received from any other source, W
applied for such purpose.
1Qth
December
19
R'Z