BYLAW - Obtain Temporary Advance - 19690902 - 186069I •
BY-LAW NUMBER 1860-69
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
A BY-LAW AUTHORIZING THE OBTAINING OF TEMPORARY ADVANCES TO MEET THE COST OF
CERTAIN WORKS UNDER THE HIGHWAY IMPROVEMENT ACT R.S.O. 1960 PENDING THE
COMPLETION THEREOF.
WHEREAS, 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 1859-69 authorizing the construction of the works
described in it as a Connecting Link Reconstruction under the provisions of the
Highway Improvement Act, the estimated cost of which works is $734,303.03,
copies of which By-Law and approval are annexed hereto.
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:
l. The Head and Treasurer of the Corporation are hereby authorized to obtain
from the Bank of Montreal mmporary advances at a rate or rates not
exceeding 8-1/2 per cent per annum represented by a promissory note or
promissory notes or by way of overdraft or otherwise not exceeding
seven hundred and thirty-four thousand, three hundred and three dollars,
and three cents 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 wo~s and all moneys from other
sources properly applicable to the \ . cost of the said works.
AID COUNCIL THIS~ DAY OF SEPTEMBER, A.D., 1969.
MAYOR