BYLAW - Obtain Temporary Advances - 19780306 - 217178r 1
> / ·~·~·/
(
I .
\ )
"~./
BY-LAW NUMBER 2171
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 A FIRE HALL IN THE TOWN OF AURORA UNDER THE PROVISIONS
OF THE MUNICIPAL ACT, SECTION 354 (1) 25.
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 a Fire Hall for the Town of Aurora under the provisions
of the Municipal Act, the estimated cost of which is $400,000.00, 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 Fire Hall 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 temporary advances at a rate or rates
not exceeding 8-1/4 per cent per annum represented by a promissory note
or promissory notes or by way of overdraft or otherwise not exceeding
Four Hundred Thousand Dollars, to meet the cost of the said Fire Hall
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.
; )-"'
-2-
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 Fire Hall
and all moneys from other sources properly applicable to the cost
of the said Fire Hall.
READ A FIRST TIME THIS _______ 6_t_h ________ ~DAY OF ____ ~M~a~r~c~h~--------'' 197_8 __
()0/
)::,/ /~
Mayor Clerk
READ A SECOND TIME THIS _________ 6~th~----~DAY OF __ ~M~a~r~c~h~--------'' 197_8 __ ·
Cle
READ A THIRD TIME AND FINALLY PASSED THIS ___ 6_t_h ____ ~DAY OF ___ M_a_r_c_h ____ ___
Mayor