BYLAW - Obtaining of Temporary Advances - 19560604 - 127256L.F.U Rev. March 1955.
ONT.
Municipal By-Law for Temporary Advances
under Local Improvement Act.
'?7395 Printed in Canada
BY-LAW No. 1~7?: H. •
A BY-LAW authorizing the obtaining of temporary advances to meet the cost of certain
works tiiiilltitijifi~f'pending the completion thereof.
WHERE:AS, with the approval in writing of the Ontario Municipal Board, the Municipal
Council of the Corporation of the
TOWN of AURORA has
passed Construction By-law Number ~ 0 ... 7s. authorizing the construction of
the works described in it ajq~iltJIRii~~tc~jCJtili~~ilfJf!l!iiQ;iliQli~~
AlcK
the estimated cost of which works is$ :330,000.00
proval are annexed hereto.
, copies of which by-law and ap-
AND WHEREAS it is desirable to agree with a bank for temporary advances to meet the
cost of the said works pending the completion t~ereof.
BE IT THEREFORE ENACTED by the said Council as follows:
1. The Head andTreasurer of the··corporation are hereby authorl!ed to obtain from the
Bank of Montreal temporary advances at a rateor rates not exceeding 44 per cent per
annum represented bya'promissoiy note or promissory notes or by way of overdraft or otherwise
not exceeding three hflndred and. thirty thousand - - - - - - - -
- - - -dollars to meet the cost ofthe 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 afore-
said.
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 and all moneys
from other sources properly applicable to the cost of the said works.
Passed by the said Council this fourth
(Mayor or Reeve as the case
may be.)
day of June 19 56.
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
Clerk.
P.T.O, I
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
67-(1) Notwithstanding the provisions of any general or special Act, a municipality shall Sect. 67-68 of
Chap, 262 R.s.o. 1950. not,
Where a~
of Board
required ft.,
undertakinli ;·~
(a) authorize; or
(b) exercise any of its powers to proceed with; or
(c) provide any moneys for, .
any undertaking, work, project, scheme, act, matter or thing, the cost or any portion of the cost
of which is to be,
(d) raised in a subsequent year or years; or
(e) provided by the issue of debentures,
imtil the approval of the· Board has first been obtained.
etc. · ;.;:-,;._:
(2) This section shall apply to the guarantee by a municipality of the debentures, bonds App!loatlon of
h . . f th .. l"t f th t" h t "'"'''"to or ot er secuntles .o any o er mumCJpa 1 y or o any o er person or corpora ton w a soever, m""'''•''
or of payment of the whole or any part of the sinking fund, or principalofor interest on any such •"'""''"·
debentures, bonds or other securities, and no guarantee thereof shall be made or entered ·into;
or by-law in that behalf be passed, by any municipality under the provisions of any general or
sp'!lcial Act, or of any agreement entered into pursuant thereto, or by-law passed thereunder,
until the approval of the Board has first been obtained.
. --.
(3) Notwithstanding the provisions of section 1, the word "municipality" iri this. section '"\~'P"\a~''"
and in section 68 includes a public school board. in an unorganized township or in unsurveyed ~:~~~~:~"-i i.
territory, and includes only a local board that may apply to the. council that moneys necessary "· 67
'"' '7' .~
for any purpose mentioned in this section be provided by the i~SU!l of.debentures of the. cor-
poration ofthe municipality.
. GB.-No by-l~w shall be passed by a municipality for ariy of the purposes mentioned in
section 67 until the approval ofthe Board has first been obtained.
~')\
Approval of ),
by-laws. .-----. · , ____ .