94-52
Expenditures
Current
for
Municipal By-law
Bank of Montrea
M
-
ELGIN
icipality 0
M
94-52
BY·LAW No
of
to borrow the sum
necessary
i
he Council of the CorporatIon deems
WHEREAS
dollars
FIFTEEN MILLION
he year
for
he taxes are collected, the current expenditures of the Corporation
to meet, vnt
that
Municipal Act
of thB
89
Section
AND WHEREAS the total of amounts previously borrowed under
o
repaid are
have not been
he estimates
hB
dollars.
AND WHEREAS the amount of the estimated revenues of the Corporation as set out in
Floopted for thp. current year and not yet collected (or. if the same have not yet been adopted. the amount of
estimated reVfmues of the Corporation as set forth in the estimates adopted for the next preceding year
TWENTY-SEVEN MILLION. FIVE HUNDRED & SEVENTEEN
THOUSAND~ TWO HUNDRED & THIRTEEN
ars
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.
dol
IS
IT THEREFORE ENACTED by thB said COllncil as follows:
or The Deputy Treasurer
The Head and the Treasurerl'of the Corporation are hereby authorized on behalf of the Corporation to
froni time to time. hy way of promissory note, from Bank of Montreal, a sum or sums not exceeding in
BE
dollars
for the year, including the
89, and to give, on behalf of
corporate seal and signed by them for
per centum per annum, which may be
FIFTEEN MILLION
the Corporation
of the said Section
hQrrow
the aggregate
to meet, until the taxes are collected
amounts required for the purposes me
the Corporation, to the Bank a promissory note or notes, sealed with the
the moneys so borrowed with interest at a rate not exceeding PRIME
paid in advance or otherwise.
the current expenditures of
ntioned in subsection
the purposes mentioned in the said Section
of the Corporation for the curren
the said Bank of
upon the revenues
such revenues are received.
for any or al
18 whole of
from
, be a charge
as and when
sums borrowed
interest thereon
preceding years
2 AI
89, shall, witl
year and for al
As witness the Seal of
the Corporation.
Clf!lk
Dated
of ttlf~ .._GºUN'rX_h_________._ of .___~L-_GIN ___,__ in the Province ot Ontario,
duly pas5F!d at a meeting of the Council of the said Corporation duly held, and that the said By-taw is in full force
and effect
his
day of
9
hereby certify that
1e foregoing is a
Ie copy of By-law No
of The Cornor¡:¡
ion
crwk
P¡:¡ss~r:I this
and preceding years and all
applied for such purpose.
l~.TfL.._._..__
day 0
._º~ÇEMBEg
9'!~
or Deputy Treasurer
(3) The Treasurer'is hereby authorized ;:¡nd directed to apply in payment of all sums harrowed purstlant
to tI1e ¡:¡uthoritv of this By-law, as well as all other sums borrowed in this year and any previous years. from the ~(lid
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
of the moneys collected or received from any other source, which
the Current year
may lawfully be