Whereas pursuant to Section 189 of the Municipal Act, R.S.O. 1980, Chapter 302, the Council may, either before or after the passing of the by-law for imposing the rates for the current year, authorize the Head and Treasurer to borrow from time to time, by way of promisory note, such sums as the Council may deem necessary to meet, until the taxes are collected, the current expenditures of the Corporation for the year, including principal and interest falling due within the year upon any debt of the Corporation, school purposes, special rates purposes, and for any board, commission or body and other purposes for which the Corporation is required by law to provide.