89-71
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Municipality of ELGIN
BY-LAW No. 89-71
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
----,------------- SEVEN MILLION------------------ 00/100 dollars
to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
AND WHEREAS the total of amounts previously borrowed under Section 189 of the Municipal Act that
,
have not been'repaid is NIL
dollars.
AND WHEREAS the amount of the estimated revenues of the Corporation as set outin 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) 1989
SEVEN MILLION, FIVE HUNDRED AND FORTY-NINE
is --- THOUSAND , TWO HUNDRED AND SEVENTY-FOUR ----:W /1 00 dollars;
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.
BE IT THEREFORE ENACTED by the said Council as follows:
Of, DtJ,utt(; Treasureji .
III The Head and the Treasurer\b the pora ·on afe hereby aut onzed on behalf of the Corporation to
borrow from time to time, by way of promissory note, from Bank of Montreal, a sum or sums not exceeding in
the aggregate --------------SEVEN MILLION--------------OO /1 00 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)'iùfthe'šaid Sectiorf189, áhd tÒ'"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
paid in advance or otherwise.
121 All sums borrowed from the said Bank, for any or all of the purposes mentioned in the said Section
189, 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.
Prod. 2202407·Form. L.F. 10 Onto (12/84) Litho. CANADA-224522
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Dated this
As witness the Seal of
the Corporation.
Clerk.
day of
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 8y~law is ¡nfull force
and effect.
9
hereby certify that the foregoing is a true copy of By~law No
of The Corporation
(3) The'Treasurer is hereby authorized and directed to apply in payment of all sum's 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 14th _ day of December 9 89
I') , "."-"
(The Head of the Corporation) Warden
~~------ ~
Clerk.