89-50
Prod. 2202407-Form. L.F.
(2) All sums borrowed
89, shall, with interest thereon.
year and for all preceding years,
100nt.
12/84) Litho. CANAOA-224522
rom the said Bank, for any or all of the purposes mentioned in the said Section
be a charge upon the whole of the revenues of the Corporation for the current
as and when such revenues are received.
the aggregate
to meet, until the taxes are collected,
amounts required for the purposes mentioned
the Corporation, to the Bank a promissory note or notes, sealed with the corporate seal
the moneys so borrowed with interest at a rate not exceeding Pr ime per centum per
paid in advance or otherwise.
SEVEN MILLION ------------- 00/100 dollars
the current expenditures of the Corporation for the year, including the
in subsection (1) of the said Section 189, and to give, on behalf of
and signed by them for
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,
s
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
estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year)
SEVEN MILLION, FIVE HUNDRED AND FORTY-NINE
THOUSAND, TWO HUNDRED AND SEVENTY-FOUR
2Q
100
dollars
00
lOOdollars.
have not been repaid is
NINE Hll.NDREIL AND_THIRTY THQUSAND
AND WHEREAS the total of amounts previously borrowed under Section
89
of the MlInicipal Act that
to
meet, until the taxes are collected, the current expenditures of the Corporation for the year
_______n________ SEVEN MILLION
---------- 00/100 dollars
-------
WHEREAS the Council of the Corporation deems
it
necessary to borrow the sum of
BY-LAW No.
89-50
'ffk
.
.~ Bank of Monn-ea;------
Municipality of
ELGIN
Municipal By-law
for
Current Expenditures
any
Ie purposes mentioned in :ogether with interest thereon,
moneys hereafter collected or received on aCCount or realiied in respect of the taxes levied for the current year
and preceding years and aU of the moneys collected or received from any other source, which may lawfully be
applied for such purpose.
Passed this 27th day of SApt-AmhAr 19 89
aa--/~U
(The Head of the Corporation)
~.~
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 witness the Seal of
the Corporation. Clerk.
It l "~ [)/l lId;..!...· );/ '7-0 '-5 '{
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