BYLAW - Obtain Temporary Advances - 19821213 - 255082\ ~
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BY-LAW NUMBER 2550-82
OF THE MUNICIPAL CORPORATION~OF THE TOWN OF AURORA
A BY-LAW AUTHORIZING THE OBTAINING OF TEMPORARY ADVANCES TO MEET THE COST OF THE
AURORA HYDRO COMMISSION RECONSTRUCTION OF PART OF THE UNDERGROUND HYDRO~SYSTEM.
~--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
HYDRO RECONTRUCTION FOR THE TOWN OF AURORA UNDER THE PROVISIONS OF THE
ONTARIO POWER CORPORATION ACT AND THE ONTARIO MUNICIPAL BOARD ACT , THE ESTIMATED
COST OF WHICH IS $4-00,000.00, 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 construction pending the completion thereof, and repayment
by the Aurora Hydro Electric: Commission.
BE IT THEREFORE ENANCTED BY THE SAID COUNCIL AS FOLLOWS:
1. THE Head and Treasurer of the Corporation are hereby authrozed to obtain from
the Bank of Montreal or another Town Reserve Fund temporary advances at a rate or
rates not exceeding per~ cent per annum represented by a promissory note
oDpromissory notes or by way of overdraft or otherwise not exceeding Four
Hundred Thousand ($4-00,000.00) Dollars, to meet the oost of the said Works
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 interst
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
oost of the said Hydro Reconstruction and all moneys from other souces properly
applicable to the cost of the said Hydro Reconstruction.
READ A FIRST':~' AND SECOND TIME THIS I 3 7 rl DAY OF DECEMBER, 1982.
_ _fc_kt£li~----
MAYOR CLERK
READ A THIRD TIME AND FINALLY PASSED THIS !3 11-IDAY OF DECEMBER, 1982
MAYOR CLERK
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B 821403
Ontario Municipal Board
.. ana ..
IN TKI MATTBR OP an application by
The Corpora~ion of the Town of Aurora
for an order approvintt
(a) the under~akint by the hydro
elec~ic comniaaion of the aaid
corporation of the reeonatruotion
of the underground hydro system,
,including transfo~ra, at an
eatlmated coat of $40o,ooo.oo,
(b) the bo:n:owitlq of money by way
of t.empOr:uy advanoea not
exoeeliiq in the agpefate auob
eat:lmated coat pending the sale
of 4ebentturea, and
(o) the issonoe of the necessary
debentures by The Regional
Muioipal1ty of York, cbaqeable
to the applicant corporation
A.B. AIRBLL, Q.c.
Vice-cbabman
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-and ...
'thursday 1 the 4th day
of November, 1912
TUB BOARD ORDERS that this application be tranted and that:
the hydro electric commission of the said corporation may
~oceed with the aa:ld WldeJ:"taJd.nt and that the applicant:
corporation may borrow money for auch purposes and may paas
all requisite by•law•, and 'the Regional Muioipalit:y of
York may iaaue 4eben~a therefor not exceeding $40o,ooo.oo
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E 821403
and not to exceed the net cost of such undertakinq to the
applioant, for a tem not to exceed ten years.