BYLAW - Obtaining Temporary Advances - 19750120 - 204075BY-LAW #2040 -75
OF THE MUNICIPAL COUNCIL OF THE TOWN OF AURORA
A BY-LAW AUTHORIZING THE OBTAINING OF TEMPORARY ADVANCES TO MEET THE
COST OF THE CONSTRUCTION OF AN ADMINISTRATIVE CENTRE IN THE TOWN OF
AURORA, OF WHICH THE TOWN OF AURORA PORTION WILL BE CONSTRUCTED UNDER
THE PROVISIONS OF THE MUNICIPAL ACT SECTION 336 (1), R.S.O. 1970, c. 284.
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 Administration Centre for the Town
of Aurora under the provisions of the Municipal Act, the total
estimated cost of which is $1,839,000.00, 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 Town of Aurora portion of the
Administrative Centre pending the completion thereof, and sale
of debentures.
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 the then
prevailing rate of interest represented by a promissory note or
promissory notes or by way of overdraft or otherwise not exceeding
Three Hundred Thousand Dollars, to meet the cost of the said
Administrative Centre, 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 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 Administration Centre and all moneys from
other sources properly applicable to the cost of the said
Administration Centre.
READ A FIRST AND SECOND TIME THIS 20th day of JANUARY, 1975.
READ A THIRD TIME AND FINALLY PASSED THIS f(OKday of h , 1975 •
. ~. :.~" ·'·~~. . ...... ~fJR;······· MAYOR ~ CLERK ~!."'.~r