HomeMy WebLinkAbout1822A by-law authorizing the obtaining of temporary advances to meet the cost of certain works undertaken as local improvements.
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UNICIPAL ACT -8 01' �1950
EXTRACTS FROM THE M ' R
d ii Muh`icipallty� hall :WWO.Aw"Al
67—(I) ' NotwithsTan ng the provisions of any general or special A�t�l 8
RALO., of Board
not, required foi
underl#kIngi,
(a) authorize; -or
(b) exercise any ofAts powers to proceed -with.; or ,
ro de any moneys for,
(c) p vi 41V
any undertaking, wo,rk, project, scheme, act, rhatter or thing, the, cost r .portion of e cost .
any
of which isto be,,
(d) raised in a subsequ' ent ,yeAr or years; or
-(e). provided by th ' issue of de
e bentutes,
until the,approval of the Board has first been obtained.,
(2) This section shall apply to'the guarantee by a Municipality6fthe debenturos, , b inds Application of
section to
r other securities of any other municipality or of any other person or corporation vhatsoeve, r, municipai
guarantees.
or of payment of. the whole or any part of the' sinking fund,' or pripcipal of or interest on any such
debentures, bonds or other securities, and no guarantee, thereof shall be , made or ,entered i nto,
or by-law in tha't' behalf ,be passed, by any municipality under the provisions of any general or
y a 'Im 'nt entered into pursuant thereto, or by-law- passed thereunder,
special Act, or of an gred e
until ,the approval of the Board,has first been obtained,
(3) Notwithstanding the provisions of section 1, the word, "municipality" in this section Intwetation
of"MunIci-
and in section 6& includes a public school board in an unorganized township or in unsurveyed Pay' In',
IL 6?MW 68,
territory, and includes' only a local board that may apply to the council that moneys necessary
pose m
for any pu r entioned in this section be provided by the issue of debentures of the cor-
potation of the' municipa' lity.
68.1 No ,by-law, shall be ,.pais'ed by a municipality for any of the purposes mentioned in Awovai io
by-laws..
Section .67 until the approval of the Board has first been obtained,
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SMOL won
VOL= 7
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