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72 MUNICIPAL LAW
IWO. Appropriation of Surplus Funds. The Council ma}-, by by-
law, direct that any surplus moneys in the liamls of the 'J'lvasuror, and not
specially otlieiwisc api)ropriate<l, sliall be civdited to the sinkinj; fund of
nny dclK'nture (li'l)t, and invested as previously stated.
The C'Ouneil may also apply the surplus income derived from any
public or corporation work, or any surplus money raised b}" additional rate
to the payment of any del)t, either carryin;; it to the sinkiny fund account
of the debt or payinj; any instalment accruinfr due.
lllti- Educational Investment. A municipality ]iavin<>' surplus monuy.s
dcrivtfd from the 'Ontario Municipalities Kinid," or from any other .source,
may, by i)y-law, set such surplus apart for educational puii)oses, investinij
the same in pulilic securities or in tirst mortgages on real estate used for
farming purposes. The mortgage must not exceed two-thirds of the value
of the real estate on whicli it is .secured, .according to the last revised
Assessment Roll.
illl't Loans to School Trustees. The municipality may, by by-law,
invest any sur])lns money set apart for educational purposes by loaning it
to any Hoard of seliool trustees in the municipality : or may, by by-law,
gnnt an}' portion of sucli funds or from other general funds by way of
gift to aid poor school sections within the municipality.
tllill. Unauthorized Investments. No member of a Municipal
Council shal! in anyway be a party to the investment of such moneys on
behalf of the muiiicii)alitv, otherwi.se than is authorized bv statute, and
any member so doing becomes personally liable for any loss U) the
municipality.
11114- Treasurer's Annual Returns. The Tivasurer of Munici-
palities indebtetl to the Municipal Loan Funil is reijuired to send to the
Provincial Treasurer on oi- before the loth day of January each year, a
return duly certified to, giving the annmnt of ta.xable proj)erty, a true
account of all debts and liabilities of the municipality for all purposes for
the then last year. Failure to transmit .such report incurs a penalty of
§(100, with costs.
lllVi- Government Report of Debts. The C<nincil is reijuired each
year, on or before the .'Ust day of Jainiary, under a penalty of S2() in
case of default, to make a report to the Lieutenant-tJovernor, through the
Minister of Agriculture, of the debts of the municipality as they stood on
the .'Ust day of December preceding, showing:
1. The original amount of the debt.
2. The <late when it was contracted.
3. The days fixed for it+> jmyment.
4. The interest to be paid therefor.
5. Tlie rate provided for the redemption of the debt and interest
6. The proct^eds of .such rate for the year ending .'{1st of l)ecend)er.
7. The portion (if any) of the debt paid during that year.
8. The amount of interest (if any) unpaid on 8Lst day of Decend)er.
9. The balance still due of the principal of the debt.