90-73
Expenditures
Current
for
Municipal By"law
M
_ Bank of Montrea
ELGIN
Municipality of
90-73
BY-LAW No.
the sum of
necessary to borrow
i
he Council of the Corporation deems
WHEREAS
-----------------00/100 dollars
----------------- SEVEN MILLION
the current expenditures of the Corporation for the year
the taxes are collected,
unt
to meet
Act that
Municipa
of the
89
Section
previously borrowed under
amounts
ANO WHEREAS the total of
NIL
have not been repaid is
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 of the
estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year) 1990
NINETEEN MILLION, EIGHT HUNDRED AND FIFTEEN
--- THOUSAND, THREE HUNDRED AND SEVENTY-FIVE ---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.
100
is
of the Corporation to
sums not exceeding in
IT THEREFORE ENACTED by the said Cou"cil as follows:
2r Deputv Treasurer
The Head and the Treasurer of the Corpora'tion are hereby authorized on behalf
from time to time, by way of promissory note, from Bank of Montreal, a sum or
BE
I
borrow
the aggregate ------------- 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 P R.IME per centum per annum, which may be
paid in advance or otherwise.
(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 aU preceding years, as and when such revenues are received.
------------- SEVEN MILLION
(12/84) litho. CANADA·2245?2
L.F.100n
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
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 13th day of ~ecember __ 19~º-_ .
jJ~, rÞ~jß~~ __
# '- ITheHeadol1h .Corporation) . Warden
-~.:::~?::--_------
Clerk.
I hereby certify that the foregoing is a true copy of By-law No. ___ of The Corporation
ofthe_ 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 ~__19
As witness the Seal of
the Corporation. --------.----.--
Clerk.