1990-040 Medonte
13B6.1 (Ontario)
Municipal Borrowing
Current Expenditure By-Law
.,nsert amount to be
uthorized by this
y-Iawonly.
Delete "next preceding"
_if estimates for current
. year adopted.
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BY-LAW NO. 1990-:40
Municipal Corporation of the of
A BY-LAW to authorize the borrowing of $
1,750,000.00
WHEREAS pursuant to Section 189 of TIle Municipal Act the Council of the Corporation deems it
necessary to borrow monies from time to time to meet, until the taxes are collected, the current expenditures
for the year 19 2.L (hereinafter called "the year"),
AND WHEREAS pursuant to the authority of this by-law the amount that may be borrowed at any
one time, together with the total of any similar borrowings that have not been repaid, shall not exceed the
sum of $1.750.000.00
AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the
estimated adopted for the (next preceding) year, 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
$ 2,500,000.00
AND WHEREAS the amount of uncollected revenues of the Corporation for the year based 011 the
estimated revenues for the (next preceding) year is, $ 2,500,000.00
AND WHEREAS 70% of such uncollected revenues, less the amount of similar borrowings which
are still unpaid, is $ 1,750,000.00
THEREFORE the Council of the Corporation of the 'ltmSHIP
ME1X)NTE hereby enacts as follows:
of
1. That the Head and Treasurer are hereby authorized on behalf of the Corporation to borrow monies
from time to time, by way of promissory note, from The Toronto-Dominion Bank, necessary to meet, until the
taxes are collected, the current expenditures of the Corporation for the year, provided that the amount that
may be borrowed at anyone time, together with the total of any similar borrowings that have not been re-
paid, shall not exceed the sum of
One Million, Seven Hundred & Fifty Thousand Dollars
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 monies so borrowed with interest at the Bank's
prime interest rate wl1ich 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
the year and all preceding years from the said Bank to meet current expenditures of the Corporation s.hall,
with interest thereon, be a charge upon the whole of the revenues of the Corporation for the 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 monies hereafter collected or received either on account
or realized in respect of the taxes levied for the year and preceding years, or from any other source, which
may lawfully be applied for such purpose.
FINALL Y PASSED this
'Tenth
,1990
day of Decanber
CORP.
SEAL
I hereby certify that the foregoing is a true copy of By-Law No. 1990<40 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
Tenth\
,1990 .
Decanber
day of
As Witness the Seal
of the Corporation
CORP.
SEAL
(Clerk)
(Rev. (3-82)
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