BYLAW - Obtaining Temporary Advances - 19740107 - 200774BY-LAW NUMBER 2007-74
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURQRA
A BY-LAW AUTHORIZING THE OBTAINING OF TEMPORARY ADVANCES TO MEET THE
COST OF THE CONSTRUCTION OF A WORKS BUILDING GARAGE IN THE TOWN OF AURORA
UNDER THE PROVISIONS OF THE MUNICIPAL ACT SECTION 354 (1) PARA. 49 ii.
WHEREAS, withtheapproval in writing of the Ontario Municipal Board,
the Municipal Council of the Corporation of the Town of Aurora has
authorized the construction of a Works Building Garage for the Town
of Aurora under the provisions of the Municipal Act, 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 tempora~y advances
to meet the cost of the said Works Building Garage 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 9~ per cent per annum represented by
a promissory note or promissory notes or by way of overdaft or
otherwise not exceeding Two·· Hundred Thousand Dollars, to meet
the cost of the said Works Building Garage 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 witi!J. interest tgerecbh 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 ~oneys borrowed on the credit of the Corporation
to repay such advances and to defray the cost of the said Works
Building Garage and all moneys from other sources properly applicable
to the cost of the said Works Building Garage.
READ A FIRST AND SECOND TIME THIS ?-..!<DAY OF JANUARY, 1974.
~(+~-~u_~
MAYOR
READ A THIRD TIME AND FINALLY PASSED