BYLAW - Obtaining Temporary Advances - 19551003 - 124255'
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L.F. U Doc. 1931
0NT.
Municipal By-Law for Temporary Advances
under Local Improvement Act.
63026 Printed In Canada
BY-LAW No •. .../~~.J::: .....
,_ -~· ..
A BY-LAW authorizing the obtaining of temporary advances to meet the cost of certain
works URdertal<eA as a local impre•ieA•ent pending the completion thereof.
WHEREAS the Municipal Council of the Corporation of the
A u~A has passed Construction By-law Number /~
of
copy of which is annexed hereto, authorizing the construction of the works described in it-.
y·sal impre .. emeAt w;de; the pra"isieRs ef the I eeal Lt~provem~t, the estimated cost of
which works is $i,L5, I>Q.O
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 authorized to obtain from the
Bank of Montreal temporary advances at a rate or rates not exceeding 4-f:c per cent per ~ annum represented by a promissory note or promissory notes or by way of overt! raft or otherwise
not exceeding rol{-r-y f';:ve:. ~J,q...j:,.
dollars to meet the cost of the said works pending the completion thereof.
2. A promissory note. or notes or other vouch_ers, sealed with the Corporate Seal and signed
on behalf of the Corporation by the Head and Treasurer thereof, for the advances from time to
, ""'P, time obtained under the authority hereof and interest thereon, may be given to the said Bank
yYU'V'/ 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
.,u/fl of the Corporation to repay such advances and to defray the cost of the said works and all moneys
if"-from other sources properly applicable to the cost of the said works.
Passed by the said Council this
f-\ v
(Mayor or Reeve as the case
may be.)
3~·~ .. ~
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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
__ .('"Gl .··
. AFFIX ... ,
on the day of 19
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