BYLAW - Obtaining of Temporary Advances - 19560606 - 127556!::\ v
L.F.11 Rev. March 1955.
0NT.
Municipal By-Law for Temporary Advances
under Local.lmprovement Act.
i7395 Printed In Canada
BY-LAW No . .l.;?.)L
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, with the approval in writing of the Ontario Municipal Board, the Municipal
Council of the Corporation of the
of has
passed Construction By-law Number I:J£Cj 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 $18, tf 0<'">
proval are annexed hereto.
, copies of which by-hi\VV and ap-
''f!l
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 3~ per cent per
annum representeE· bY. a romiSS£rY note or promissory no!,es or by way of overdraft o.r o.·th. e. v}Vi.s .. e
not exceeding .€'-ft....~ ~ ~ ~ ~
e· • do ars to meet the cost of the slid works pending the completion the're(if. e (f''. :,
2. A promissory note or notes or other vouchers, sealed with the Corporate Seal and sig·ned
on behalf of the Corporation by the Head and Treasurer thereof, for the advances from fime 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 wo ks.
Passed by the said Council this
(Mayor or Reeve as the case
may be.)
b
Clerk.
I certify that the foregoing is a true C?PY of a By-law passed by the Council of the Municipal
Corporation of the
of 19
By-law Number
on the
of on the day
and that the paper-writing hereto annexed is a true copy of Construction
passed by the said Council
day of 19
/ ,. I ,.
·······················~·················································· t 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 appl'l
of Board ··-
required fo_r
underta!f'_-
(a) authorize; or etc. .
(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
~~~is~~ ,
(d) raised in a subsequent year or years; or
(e) provided by the issue of debentures,
until the approval of the Board has first been obtained.
(2) This section shall apply to the guarantee by a municipality of the debentures, bonds A••!'cauon or
. . f th . . l't f h • h ""'on to or other secunt1es o any o er mume~pa 1 y or o any ot er person or corporation w atsoever, m"nlclpot
or of payment of the whole or any part of the sinking fund, or principal of or 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
special 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" in this section '"'·~·ro~ation
and in section 68 includes a public school board in an unorganized township or in unsurveyed .~:,,~.~7:'1 ·
territory, and includes only a local board that may apply to the council that moneys necessary "· 67
'"• ea.
for any purpose mentioned in this section be provided by the issue of debentures of-the .cor-
poration of the municipality.
68.-No by-law shall be passed by a municipality for any of the purposes mentioned in
section 67 until the approval of the Board has first been obtained.
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