91-1
Current Expenditures
for
By-law
Municipa
M
_ Bankof Montrea
ELGIN
Municipality of
91-1
BY-LAW No.
necessary to borrow the sum of
t
of the Corporation deems
WHEREAS the Counci
dollars
100
00
------------------SEVEN MILLION
to meet, until the taxes are collected, the current expenditures of the Corporation for the year
89 of the Municipal Act that
AND WHEREAS the total of amounts previously borrowed under Section
SEVEN HUNDRED AND TEN THOUSAND-
- ONE MILLION
have not been repaid is
lOOdollars.
AND WHEREAS of the estimated revenues of the Corporation as set out in the estimates
adopted for the current year and not yet colletted (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) l...9....9....O
NINETEEN MILLION, EIGHT HUNDRED AND FIFTEEN
--- THOUSAND, THREE HUNDRED AND SEVENTY-FIVE--- 00/100 dollars
the amount
--------00
IS
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 c.orporation as set out above.
of the Corporation to
sums not exceeding in
IT THEREFORE ENACTED by the said Council as follows:
or Deputv Treasurer
The Head and the Treasurer of the Corporation are hereby authorized on behalf
from time to time, by way of promissory note, from Bank of Montreal, a sum or
BE
borrow
the aggregate -------------- SEVEN 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 P RIME per centum per annum, which may be
paid in advance or otherwise.
All sums borrowed from the said Bank, for any or all of the purposes mentioned in the said Section
with interest thereon, be a charge upon the whole of the revenues of the Corporation for the current
all preceding years, as and when such revenues are received.
L.F. 10 Onto (12/84! Litho. CANADA-224522
(2)
89, shall,
year and for
Prod. 2202407-Form.
131 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 16TH day of JANUARY 19 91
.~~yP--;¡.-~..,....;.-
(The Head of the Corporation) Warden
,')1flA'lf'~" , /)1./Jß.--n'!--/J~ ) 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·passedat 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.