91-75
Current Expenditures
for
Municipal By-law
M
_ Bankof Montrea
ELGIN
Municipality of
91-75
BY-LAW No
WHEREAS the Council of the Corporation deems
necessary to borrow the sum of
t
dollars
until th,e taxes are collected, the current expenditures of the Corporation for the year
to meet
89 of the Municipal Act that
AND WHEREAS the total of amounts previously borrowed under Section
ONE H!lNDRED~ND_ SEVENTY THOUS_AND
TWO MILLION
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 ofthe
estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year) ll9....1
TWENTY-ONE MILLION, SIX HUNDRED AND SEVENTY-ONE
THOUSAND THREE HUNDRED AND FORTY~THREE- 00
10 o 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.
is
iT THEREFORE ENACTED by the said Council as follows:
j or Deputy Treasurer
The Head and the TreasurerYof the C-orporation 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 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 PRTMF. per centum per annum, which may be
paid in advance or otherwise.
the said Section
for the cu rrent
mentioned in
be a charge upon revenues of the Corporation
as and when such revenues are received.
the said Bank, for any or all of the purposes
the whole of the
Litho. CANADA·224522
(2) All sums borrowed from
189, shall, with interest thereon,
year and for all preceding years,
(12184~
Prod. 2202407-Form. L.F. 10 Onto
As witness the Seal of
the Corporation
Clerk.
Dated this
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.
day of
19
hereby certify that the foregoing is a true copy of By-law No.
of The Corporation
Clerk.
'Warden
Passed this
mentioned in
moneys hereafter collected or received on account or realized in
and preceding years and all of the moneys collected or received
applied for such purpose
12TH
91
(31 The Treasurer
to the authority of this By~law, as well
Bank for any or all of the purposes
IS hereby authorized and directed to apply in payment of all sums borrowed pursuant
as all other sums borrowed in this year and any previous years, from the said
the said Section 189, together with interest thereon, all of the
respect of the taxes levied for the current year
from any other source, which may lawfully be