BYLAW - Obtaining of Temporary Advances - 19530119 - 114753~ v
M v
L.F. U Dec. 1931
0NT.
Municipal By-Law for Temporary Advances
under Local Improvement Act.
40084 Printed In Canada
BY-LAW No .. ../1tf.:./ .......... ..
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A BY-LAW authorizing the obtaining of temporary advances to meet the cost of certain
works undertaken as a local improvement pending the completion thereof.
WHEREAS the Municipal Council of the Corporation of the Town of
Aurora has passed Construction By-law Number 1146 ,
copy of which is annexed hereto, authorizing the construction of the works described in it as a
local improvement under the provisions of the Local Improvement Act, the estimated cost of
which works is $40,000.00
AND WHEREAS it is desirable to agree with a bank for temporary advances to meet the
cost of the said works pending the completion thereof.
BE IT THEREFORE ENACTED by the said Council as follows:
1. The Head and Treasurer of the Corporation are hereby authorize'\ to obtain from the
Bank of Montreal temporary advances at a rate or rates not exceeding 4'ii' per cent per
annum represented by a promissory note or promissory notes or by way of overdraft or otherwise
not exceedin!Ji /f.(j. b 60 • 0 0
dollars to meet the cost of the said works pending the completion thereof.
2. A promissory note or notes or other vouchers, sealed with the Corporate Seal and signed
on behalf of the Corporation by the Head and Treasurer thereof, for the advances from time to
time obtained under the authority hereof and interest thereon, may be given to the said Bank
providing for the repayment of or representing the said advances with interest thereon as
aforesaid.
3. The Treasurer of the Corporation is hereby authorized and directed to apply first in
payment of such advances with interest thereon as aforesaid all moneys borrowed on the credit
of the Corporation to repay such advances and to defray the cost of the said works a moneys
from other sources properly applicable to the cost of the said works.
Passed by the said Council this
(Mayor or Reeve as the case
may be.)
1 cr day of .19
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Clerk.
I certify that the foregoing is a true copy of a By-law passed by the Council of the Municipal
Corporation of the of on the day
of 19 and that the paper-writing hereto annexed is a true copy of Construction
By-law Number passed by the said Council
on the day of 19
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