BYLAW - Obtain Temporary Advances - 19741216 - 203374. -· .. /'!!' .
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BY-LAW NUMBER #2033-74
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA.
A BY-LAW. AUTHORIZING THE OBTAINING OF TEMPORARY ADVANCES TO MEET THE
COST OF THE CONSTRUCTION OF AN ADDITION TO THE AURORA PUBLIC LIBRARY
IN THE TOWN OF AURORA UNDER THE PROVISIONS OF THE MUNICIPAL ACT
SECTION 293 (3) (h) AND THE PUBLIC LIBRARIES ACT (Sec.24).
WHEREAS, with the approval in writing of the Ontario Municipal Board,
the Municipal Council of the Corporation of the Town of Aurora has
authorized the construction of an addition to the Aurora Public
Library in the Town of Aurora under the above-noted provisions, the
estimated cost of which is $200,000.00, a copy of which approval is
annexed hereto.
AND WHEREAS it is desirable to agree with a bank for temporary
advances to meet the cost of the said addition to the Aurora
Public Library pending the completion thereof, and the receipt of
grant funds.
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 11 per cent per annum represented by
a promissory note or promissory notes or by way of overdraft or
otherwise not exceeding Two Hundred Thousand Dollars, to meet
the cost of the said addition to the Aurora Public Library
pending the completion thereof, on the request of the Aurora
Public Library Board.
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 the
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 addition to the Aurora Public Library and all moneys
from other sources properly applicable to the cost of the
said addition to the Aurora Public Library.
READ A FIRST AND SECOND TIME THIS lf,lo._ay of DECEMBER,
~--~ p ~-.~.-~w.l .. MAYOR~~ ····-~·-·· CLERK
1974.
READ A THIRD TIME AND FINALLY PASSED THIS~~~ay of DECEMBER, 1974 •
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MAYOR !./";;' r·":'-. CLERK
E 741985
Ontario Municipal Board
IN THE MATTER OF Section 64 of
The Ontario Munici~al Board Act {R.s.o. 197o, c. i 3)
-and-
IN THE MATTER OF an application
by The corporation of the Town
of Aurora for an order approving:
(a) the construction by the
Public Library Board of
an addition to the Aurora
Public Library at 56 Victoria
Street in the Town of Aurora
at an estimated cost of
$200,000.00 and
(b) the borrowing of money by
the applicant corporation
for such purpose, and
(c) the issuance of the necessary
debentures by The Regional
Municipality of l'ork, charge-
able to the applicant
corporation
BEFORE:
D. JAMIESON,
Viae-Chairman
-and -
)
)
)
)
)
)
)
TUESDAY, the 8th day
of OCTOBER, 1974
H. E. STEWART,
Member
THE BOARD ORDERS that this application be granted and the
library board of the said corporation may proceed with the
said undertaking, and that the applicant corporation may
borrow money for such purpose and may pass all requisite
by-laws, and the Regional Municipality of York may issue
debentures therefor not exceeding $150,000.00 and not to
exceed the net cost of such undertaking for a term not to
exceed twenty ·years. J~
K. C. ANDREWS
SECRETARY
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O. B. N~.~?7.¥te.
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