93-66
Expenditures
Current
for
By-law
Municipa
Montrea
Bank of
M
-
ELGIN
Municipality of
93-66
BY·LAW No
of
he sum
necessary to borrow
ì
of the Corporation deems
WHEREAS the Coune;
dollars
SEVEN MILLION
the year
for
until the taxes are collected, the current expenditures of the CorporatIon
to meet
Act tha
Municipal
of the
89
AND WHEREAS the total of amounts previously borrowed under Section
SIXTY THOUSAND
FOUR HUNDRED AND
repaid ore
have not been
in the estimates
he amount of the
the next preceding year) _
THIRTY-SIX THOUSAND,
00/100 dollars
dollars.
- 00/100
the estimated revenues of the Corporation as set out
collected{or. if the same have not yet been adopted.
the estimates adopted fa
HUNDRED AND
AND WHEREAS thB amount of
, the current year and not yet
evenues of the Corporation as set forth in
adopted fOf
estimated
TWENTY-FIVE MILLION, NINE
SEVEN HUNDRED AND ONE
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
he Corporation as set out above.
of the Corporation
sums not exceeding
00/100
=--_ dollars
for the year, including the
for the purposes me of 89, and to give, on behalf of
to. the Bank a promissory note or notes, sealed with the corporate seal and signed by them for
at a rate not exceeding PRIME per centum per annum, which may be
to
in
IT THEREFORE ENACTED by thB saìd COllncìl as follows:
or Deputv Treasurer
The Hearl and the Treasurer of the CorporatiOn are hereby authorized on beha]
from time to time, by way of promissory note, from Bank of Montreal, a sum or
BE
harrow
thB aggrBgate ~_____SEVEN MILLION
to meet, until the taxes are collected
amounts required
the Corporation
the said Section
the current expenditures of
ntioned in subsection
the Corporation,
the moneys so borrowed with Interest
paid in advance or otherwise.
of the purposes mentioned in the said Section
the revenues of the Corporation for the current
received
for any or al
the whole of
2 All sums borrowed from the said Bank
89, shall, with interest thereon, be a charge upon
year and for all preceding years, as and when such revenues are
;>"fl9) 1ilho r.M~^rM 774512
(lOnt
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 wen as all other sums borrowed in this year and any previous years, from the !1aid
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.
Possod this _ ........ ..~~_TH ._........__.....__
Clerk.
I hereby certify that the foregoing is a true copy of By-law No. ______ .......___.__.___..___ of The CorllOTnlion
of the ..._ ._. ...n..__'_~_"_____~'.~~__.___'_·_."'___" of ___,____....___.__.__.____ _. in the Province of Ontario,
duly passp,d at a meeting of the Council of the said Corporation duly held. and that the said Bv·law is in full force
and effect.
Dated this -'.-- 1_..........
As witness the Seal of ¿
he Corporation ..__._-------~.
Clmk