90-2
Current Expenditures
for
Municipal By"law
M
_ Bankof MontTea
ELGIN
Municipality of
90-2
BY-LAW No.
necessary to borrow the sum of
t
of the Corporation deems
WHEREAS the Counci
1 0 0 dollars
-----00
SEVEN MILLION
until the taxes are collected, the current expenditures of the CorporatIon for the year
to meet
189 of the Municipal Act that
Section
total of amounts previously borrowed under
ONE MILLION,
----EIGHT HUNDRED AND
the
AND WHEREAS
THOUSAND ---
EIGHTY-FIVE
have not been repaid is
---- --- .DJU10º- dollars.
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 lor, if the same have not yet been adopted, the amount ofthe
estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year) _
NINETEEN MILLION, ONE HUNDRED AND SIXTY-TWO THOUSAND,
is --------- FIVE HUNDRED AND SIXTY-FIVE----------OO/lOO 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.
IT THEREFORE ENACTED by the said Council as follows:
or Deputv Treasurer
The Head and the TreasurerP'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
borrow
the aggregate ~ SEVEN MILLION
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 Pr ime per centum per annum, which may be
paid in advance or otherwise.
100 dollars
00
for any or all of the purposes mentioned in the said Section
~he whole of the revenues of the Corporation for the current
received.
121 All sums borrowed from the said Bank,
89, shall, with interest thereon, be a charge upon 1
year and for all preceding years, as and when such r :!venues are
(12/84) Litho. CANADA-224522
Prod. 2202407-Form. L.F. 100n
As witness the Seal of
the Corporatio'n
Clerk.
Dated this
of the of in the Province of Ontario,
duly passed at a meeting ofthe Council of the said Corporation duly held, and that the said By~law is in full force
and effect.
day of
9
hereby certify that the foregoing is a true copy of By-law No
of The Corporation
.~
Clerk.
"~
Warden
Passed this
and preceding years and all
applied for such purpose.
1Lth
(3) The Treasurer IS hereby authorized and directed to apply ir t of all sums borrowed pursuant
to the authority of this By-law, as well as all other sums borrowed in this any previous years, from the said
Bank for any or all of the purposes mentioned in the said Section I ' , with interest thereon, all of the
moneys hereafter collected or received on account or realized in '..:t of the taxes levied for the current year
of the moneys collected or received any other source, which may lawfully be
day of
togethe"
respe'
from
89,
.IANUARY
9
90