1980-1405 Medonte
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I Form 114A (Ontario)
J Municipal Borrowing
Current Expenditure By-law
A Insert amount
9' to be author-
. ized by this
By-law only.
Refer to the
estimates for
the current
year, if
adopted; if
not, to those
. of last year.
..
*
Insert
(a) 70% of
uncollected
reven ues
(b) prior
advances still
outstanding.
Same amount
as in first
paragraph.
By-Law Number ............ ...JAQ';?'HH'HH
Municipal Corporation of the TOWNSHIP
of
MEDONTE
A By-Law to authorize the borrowing of $ 48.o,.QQQ.,.QQ..
Whereas the Council of the Corporation deems it necessary to borrow the sum of
$ 490,000.00 to meet, until the taxes are collected, the current expenditures of the
Corporation for the year;
And Whereas the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 19 81, not including revenues derivable or
derived from the sale of assets, borrowings or issues of debentures or from surplus including
proceeds from the sale of assets is $ 1, 200 , 000 .00
And Whereas the total amount that may be borrowed at anyone time for the purposes
mentioned in sub-section (1) of section 332 of The Municipal Act is (a) $ 840,000.00
less (b) $ Ni 1 being the total of similar borrowings which are still unpaid.
Therefore the Council of the Corporation of the TOWNSHIP
hereby enacts as follows:
of MEDONTE
1. That the Head and Treasurer are hereby authorized on behalf of the Corporation to
borrow from time to time, by way of promissory note, from The Toronto-Dominion Bank, a
sum or sums not exceeding in the aggregate
FOUR HUNDRED AND NINETY THOUSAND---------------------- Dollars
to meet, until the taxes are collected, the current expenditures of the Corporation for the
year, including the amounts required for the purposes mentioned in Sub-section (1) of the
said Section 332 and to give, on behalf of the Corporation, to the said Bank a promissory note
or notes, sealed with the corporate seal and signed by the Head and Treasurer for the moneys
so borrowed with interest at the Bank's prime interest rate which rate shall be as notified by
the Bank to the Treasurer from time to time,
2. All sums borrowed pursuant to the authority of this By-law as well as all other sums
borrowed in this year and in any previous years from the said Bank for any or all of the
purposes mentioned in the said Section 332 shall, with interest thereon, be a charge upon
the whole of the revenues of the Corporation for the current year and for all preceding years,
as and when such revenues are received.
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 moneys hereafter collected or
received either on account or realized in respect of the taxes levied for the current year and
preceding years, or from any other source, which may lawfully be applied for such purpose.
FINALLY PASSED this 16TH
day of DECEMBER
, 19 80.
~ CORP. t
( SEAL ~
(REEVE)
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I hereby certify that the foregoing is a true copy of By-law No. 1405 of
the Corporation of the TOWNSHIP of MEDONTE in the Province
of Ontario, duly passed at a meeting of the Council of the said Corporation duly held, and
that the said By-law is in full force and effect.
DATED this 16TH
day of DECEMBER
, 19 80
\ CORP. (
i SEAL
,
-..--
~
As Witness the Seal
of the Corporation
(Rev. 1-73)