BYLAW - Obtain Temporary Advances - 19731129 - 200473j
I
BY-LAW NUMBER 2004-73
OF THE MllNICIPAL CORPORATION OF THE 'KmN OF AuroRA
A BY-LAW AUI'HORIZING THE OBTAINING OF TEMPORARY ADVANCES 'ID MEET THE COST OF
THE ESTABLISHMENT OF AN INDUSTRIAL PARK IN THE 'IDWN OF AuroRA UiiDER THE
PR:>VISICNS OF THE MllNICIPAL Per, SEcriCN 354, (1) PARA.50, R.S.O. 1970, CHAPl'ER 284.
WHEREAS, with the approval in writing of the Ontario Municipal Board, the
Municipal Council of the Co:rporation of the Town of Aurora has established
an Industrial Park for the Town of Aurora under the provisions of the
Municipal Act, the estimated cost of which is $1,600.000.00, a copy of which
approval is annexed hereto.
AND WHEREAS it is desirable to agree with a bank for temporary advances to
neet the cost of the said Industrial Park pending the completion thereof.
BE IT THEREFORE ENACI'ED BY THE SAID COUNCIL AS FOLLOWS:
1. The Head and Treasurer of the Co:rporation are herej:>y authorized to obtain
from the Bank of Montreal temporary advances at a rate or rates not
exceeding 9 per cent per annum represented by a promissory note or
promissory notes or by way of overdraft or otherwise not exceeding
One Million, Six Hundred Thousand dollars, to neet the cost of the said
Industrial Park pending the completion thereof. ' ~-
2. A promissory note or notes or other vouchers, sealed with the Co:rporate
Seal and signed on behalf of the Co:rporation by the Head and Treasurer
thereof, for the advances from tine to tine 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 Co:rporation is hereby authorized and directed to
apply first in payment of such advances with the interest thereon as
aforesaid all Ironeys borrowed on the credit of the Co:rporation to repay
such advances and to defray the cost of the said Industrial Park and all Ironeys
from other sources properly applicable to the cost of the said Industrial Park.
PASSED BY THE SAID COUNCIL THIS 29th DAY OF NOVEMBER, 1973.