HomeMy WebLinkAboutBy-law 1737BY-LAW Number 1737
A By-law to authorize the borrowing of a certain sum to provide
the expenditures of the ~unicipality for the year 1948.
V~HEREAS the Council of the Township of Pi~g, (herein called
~' '~the Municipality) deems it necessary to borrow t-~^^§um of ~4~
to meet, until taxes are collected, the current expenditures of~the
Municipality for the year:
AND WHEREAS the total amount of estimated revenues of the Muni-
cipality as set forth in the estimates adopted for the year 1947,
not including revenues derivable or derived from arrears of texas,
borrowings end issue of debentures is ~..~/~.-~;%9.~.? ~
AND ~EREAS the total amount heretofore authorized to be borrowed
this year for the purposes mentioned in sub-section (1) of Section 339
of the Municipal Act is $50,000.00 of which the l~unlcipality has not
borrowed any part of same:
Therefore the Council of the Township of Picketing hereby
ENACTS AS FOLLOWS:
1. The Head end the Treasurer are hereby authorized on behalf
of the .~unicipality to ~orrow from time to time by way of promisory
note from the Canadian ~ank of Commerce a a~m or sums not exceeding
in the aggregate ~50,000.00 to meet until the taxes are paid in the
current year, the expenditures of the ~unlcipality for the year
including the amounts required ~or the purposes mentioned in sub-
section (1) of ~ection 339 of the ~uniclpsl Act, ~nd to 2ive on be-
half of the ~unicipality to the Bank a provisory note or notes
sealed ~i~h the Corporate Seal end signed by the Head and Treasurer
for the monies so borrowed with interest, which m~y be p~id in
advance or otherwise at a rate not exceeding ~per cent um per annum.
2. All sums borrowed pursuant to the suthorlty of this By-law,
as well as all other sums borrowed in this year, ~nd in previous years
from the said Bank for any or ell of the purposes mentioned in the
said Section ~39, 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 sre received.
$. ~'he Tressurer is hereby authorized and directed to apply
in payment of all sinns borrowed as aforesaid, together with interest
thereon, all of the monies hereafter collected or received either
on account or realized in respect of texes levied for the current
year and preceding years or from any other source ~Jhich may law-
fully be applied for such purpose.
CARRIED January 12, 1948.
Clerk,