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Bylaw 2559: Temporary Borrowing By-law

The Corporation Ofthe Township Ofaugusta By-law No.2559 Beinga By-law Toauthorizeborrowing From Time To Time To Meet Current Expenditures During The Fiscal Year Ending December 31, 2005 Whereassection407of The Municipal Act 2001, S.o. 2001 Chapter 25provides Authority For A Council By By-law To Authorize Temporary Borrowingat Any Time During A Fiscal Yearuntil The Taxes Are Collected Andother Revenues Are Received,the Amount Council Considers Necessary To Meet The Current Expenditures Ofthe Municipality For The Year, Including Amountsrequired In The Year Forthose Listed In Section 407 By Way Of Promissory Note Or Banker’s Acceptance And Whereasthe Total Amount Which May Be Borrowed From All Sources At Any One Time To Meet The Currentexpenditures Of The Corporation, Except With The Approval Of The Municipal Board Is Limited By Section 407 Of The Municipal Act 2001 Now Thereforethe Council Of The Corporation Of Thetownship Of Augustadoes Hereby Enact As…

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