92-64
Current Expenditures
for
By-law
Municipa
M
_ Bank of Montrea
ELGIN
Municipality of
92-64
BY,LAW No
the sum of
necessary to borrow
t
of the Corporation deems
WHEREAS the Counci
dollars
SEVEN MILLION
until the taxes are collected, the current expenditures of the Corporation for the year
to meet
of the Munlcípal Act that
89
Section
the total of amounts previously borrowed under
AND WHEREAS
THREE HUNDRED AND SEVENTY-FIVE
ONE MILLION
have not been repaid are
THOUSAND- - - - -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)
TWENTY-THREE MILLION, EIGHT HUNDRED AND ONE THOUSAND.
----SIX HUNDRED AND TWENTY--------------------------
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:
Qr Deputy Treasurer
The Head and the TreasurerK>f the Corporation are hereby authorized on behalf of the Corporation to
frorYi 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---------------- 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 PRIME per centum per annum, which may be
paid in advance or otherwise.
for any or all of the purposes mentioned in the said Section
~he whole of the of the Corporation for the current
(2) All sums borrowed from the said Bank,
89, shaH, with interest thereon, be a charge upon '1 revenues
year and for a1l preceding years, as and when such r ~venues are received
o Onto (2/89) Litho CANADA-224522
L.F.
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 10TH
(The Head of the Corporation) Warden
Clerk.
I hereby certify that the foregoing is a true copy of By~law No. at The Corporation
olthe 01 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 - dayol 9 -
As witness the Seal of
the Corporation
Clerk.