95-46
Current Expenditures
for
By-law
Municipa
Montrea
Bank of
M
-
ELGIN
MunIcipality of
of
95-46
necessary to borrow the sum
BY-LAW No
of the Corporation deems
FIFTEEN MILLION
i
WHEREAS the Counei
dollars
for the year
the Corporation
he taxes are collected, the current expenditures of
to meet, unt
Municipal Act that
as of the
Section
the total of amounts previously borrowed under
AND WHEREAS
o
repaid(!re
have not been
dollars.
AND WHEREAS the amount of the estimated revenues of the Corporation as set out in the estimates
aooDted for the current year and not yet collected (or, if the same havenat yet been adopted. the amount ofthe
estimated reVFmues of the Corporation as set forth in the estimates adopted for the next preceding year! _
TWENTY-EIGHT MILLION. NINE HUNDRED & NINETY THREE,THOUSAND
s SIX H E OO/lOOdolla,s
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 Corporatjon as set out above.
BE IT THEREFORE ENACTED by the said Council as follows:
or Deputy Treasurer
(1) The Hp-é!rl and the Treasurer,\:)f ttie Corporation are hereby authorized on behalf of the Corporation to
borrow froni time to time, by way of promissory note, from Bank of Montreal, a sum or sums not exceeding in
_ dollars
for the year, including the
::, and to give, on behalf of
,I and signed by them for
per cantu", ~r annum, which may be
the i'Jggreg<'lte
to meet, until the taxes are collected, the current expenditures of the Corporation
amounts n:~{' lJired for the purposes mentioned in subgection (1) of the said Section 18
the Corporation, to the Bank a promissory note or notes, sealed with the corporate se...
the moneys so borrowed with interest at a rate not exceeding PRIME
paid in advance or otherwise.
FIFTEEN MILLION
---------.
the purposes mentioned in the said Section
revenues of the Corporation for the curren
revenues are received.
of
the
for any or al
the whole 0
2) All sums borrowed from the said Bank,
89, sh;¡ , with interest thereon, be a charge upon
year and for all preceding years, as and when such
,
,
,
As witness the Seal of
the Corporation.
Clmlr.
Dated this'
ofrhe .._.._..._.._____.._____
duly passp,d at a meeting of the Council of
and ~ffect.
----______.____ day of
--<.. of. ___ n___. _._.____ _. ;n Itle Province of Ontario,
the said Corporation duly held, and that the said By· law is in full force
--<.__.«-~.
---
19
hereby certify that
1e foregoing is a
Ie copy of 8y~law No. ___._
----~ -'-'--'
of The CorrOrr1linll
Pass~rl
or Deputy Treasurer
(3) The Treasurelfis her~by authorized i'md directed to apply in payment of all
to thp. <Jtlthority of this By· law, as well as all other slims borrowed in this year and any previous years,
Bank for any or aU of the purposes mentioned in the saki Section 189, together with interest thereon, all of
moneys hereafter collected or received on account or realized in respect of the taxes levied for the current yea
and preceding years and all oflhe moneys collected or received from any other source, which may lawfully be
applied for such purpose,
is
14th
... ---_.
995
slims borrowed pursuant
'rom thp. ~;¡id
he