HomeMy WebLinkAbout2326A by-law authorizing the obtaining of temporary advances to meet the cost of certain works undertaken as a local improvement pending the completion thereof.
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EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950
s^ ~h~-~~,°,1' 67-(1) Notwithstanding the provisions of any general or special Act, a municipality shall o Boa tlpw~ai
R'~•O't~' not, requiretl for
undertaking,
(a) authorize; or °"' ~'
(b) exercise any of its powers to proceed with; or
(c) provide any moneys for,
any undertaking, work, project, scheme, act, matter or thing, the cost or any portion of the cost
of which is to be,
(d) raised in a subsequent year or years; or
(e) provided by the issue of debentures,
until the approval of the Board has first been obtained.
(2) This section shall apply to the guarantee by a municipality of the debentures, bonds app!icatign qr
or other securities of any other municipality or of any other person or corporation whatsoever, section to
municipal
or of a ment of the whole or an g fund, or principal of or interest on any such
p y y part of the sinkin quz`zntggs.
debentures, bonds or other securities, and no guarantee thereof shall be made or entered into,
or by-law in that behalf be passed, by any .municipality under the provisions of any general or
special Act, or of any agreement entered into pursuant thereto, or by-law passed thereunder,
until the approval of the Board has first been obtained.
(3) Notwithstanding the provisions of section 1, the word "municipality" in this section interpretation
"
and in section 68 includes a public school board in an unorganized township or in unsurveyed of
munai-
paiitr•-in
territory, and includes only a local board that may apply to the council that moneys necessary 89'a'a"asa
for any purpose mentioned in this section be provided by the issue of debentures of the cor-
poration of the municipality.
68.-No by-law shall be passed by a municipality for any of the purposes mentioned in appmvaigr
section 67 until the approval of the Board has first been obtained. r,r-mwa,
--------------F®bluas•Y_30th-- _-- -Session 19_~----
~Ioved by -- --earl-Dozes - - - - - - No.~~ - --1
Seconded h -
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