HomeMy WebLinkAboutBy-law 2469 BY-LAW No....?....~...~.$..
gl tltp:laW to authorize the borrowing of $1;oo
Whereas the Council of the
(hereinafter called the "Municipality") deems it necessary to borrow the sum
of $ ,3oo,o00.o0 . . to meet, until the taxes are collected, the current
expenditures of the Mumclpality for the year;
c~ No.~.-~.r And Whereas the total amount of the estimated revenues of the Munici-
~o~ m ~-~ pality as set forth in the estimates adopted for the year 1~ ~;o, not including
}fl ~.~.~ revenues derivable or derived from the sale of assets, borrowings or issues of
debentures or from a surplus, including arrears of taxes and proceeds from the sale
And Whereas the total amount heretofore authorized to be borrowed
{v,~t. t~ this year for the purposes mentioned in subsection (1) of Section 841 of The
~") Municipal Act is $!qo,{l{m.oo , of which the Municipality has
already borrowed a total of $ x' i 1
Therefore the Council of the '?ownsh i p of' of Pi cl~er~[~7
hereby enacts as follows:
) 1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
,~3),tj' borrow from time to time by way of promissory note from Ta~
OF COMMERCE a sum or sums not exceeding in the aggregate $
to meet until the taxe~ are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned in sub~ection
(1) of Section 341 of the Municipal Act, and to give on behalf of the Municipality
to the Bank a promissory note or notes seated with the Corporate Seal and signed by
the Head and Treasurer for the moneys so borrowed, with interest, which may be
" paid in advance or otherwise, at a rate not exceeding ~ a per centum per annum.
. '10,I./0~ 2. All sums borrowed pursuant to the authority of this by-law, as well as all other sums
borrowed in this year and in previous years from the said Bank for any or all of the
purposes mentioned in the mid Section 3,tl, shall, with interest thereon, be a charge
upon the whole of the revenues of the Municipality for the current year and for all
,~ preceding years as and when such revenues are received.
'.. J 3. The Treasurer is hereby authorized and directed to apply in payment of all sums
, ' / borrowed as aforesaid, together with interest thereon, all of the money~ hereafter
...~,t'O~ 'collected or received either on account or realized in respect of taxes levied for the
current year and preceding years or from any other source which may lawfully be
applied for such purpose. ~, ayo/~~
Passed this ///..~ d 19
We hereby certify that the foregcJ{ng is a true copy of By-law
.No. 2~d~ of the 'l'own s]li p of
in the Province of Ontario, duly passed at a meeting of the Council of the said
, Municipality duly held, and that~the said By-laky is in full force and effect.
Dated Thia day
As Witness the Seal of
the T own sl~ i p of P i ck e~ ~'~i n ?~(--~~ ..2..~~ /, .~~
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