90-3
Current Expenditures
for
Municipal By-law
M
_ Bankof Montrea
ELGIN
Municipality of
90~3
BY,LAW No.
the sum of
to borrow
necessary
t
of the Corporation deems
WHEREAS the Counci
-- ----------------EIGHT MILL ION-~ -------------- --00 L100 dollars
the current expenditures of the Corporation for the year
taxes are collected,
the
meet, unt
to
89 of the Mu"icipal Act that
the total of amounts previously borrowed under Section
AND WHEREAS
FIFTEEN-----
THOUSAND
TWO HUNDRED AND
have not been repaid is -----ONE MILLION
100 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 (or, 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) _
FOUR MILLIŒ, THREE HUNDRED AND THIRTY-SEVEN THOUSAND
---------- ONE HUNDRED AND SIXTY-FIVE---------- 00L100 dollars
-------00
IS
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.
AND WHEREAS
iT THEREFORE ENACTED by the said Council as follows:
or Deputv Treasurer.
The Head and the Treasurer"of the COfþoratton 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
MILLION-------------- 00/100 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 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.
the aggregate-- ------------ EIGHT
(2) All 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
CANADA-224522
Lilho.
10 Onl. (12/84)
L.F.
Prod. 2202407-Form.
(3) 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
a"d preceding years and all of the moneys collected or received from any other source, which may lawfully be
applied for such purpose.
(4) That this By-Law become effective December 20th, 1989.
Passed this 17TH day of JANUARY 19 90
/J~"-<A ,~-=. g1~WkØ' - ,
. ". . ITheHeadoftherporation}. Warden
.~-<..-<. '/r;>--./
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,