HomeMy WebLinkAbout1781 -
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L.F. u Rev. March 1955.
ONT.
Municipal By-Law for Temporary Advances
under Local Improvement Act.
103 Printed in c4nada
BY-LAW No............ ......,..,...:.
A BY-LAW authorizing the obtaining of temporary advances to meet the cost of certain
works undertaken as a kieeh ' pending the completion thereof.
' capita. expenditure
WHEREAS, with the approval in writing of the Ontario Municipal board, the Municipal
Al Council of the Corporation of the ;
Town of B owmanvi 1.1 e, has
passed Construction By-law Number 1770 authorizing the construction of
the works described in it as a 4sestl improvement under the provisions of the Local Improvement
Act, i nm
the estimated cost of which works is $ 669000.00 j copies of which by-law and ap-
proval are annexed hereto.
AND WHEREAS it is desirable to agree with a bank for temporary advances to meet the
N cost of the said works pending the completion thereof.
rr ,
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
Montreal tempo
advances at'a rate or rates not exceeding 5 3/ per cent per
orar
Bank o o p Y
' annum represented by a promissory note or promissory notes or by way of overdraft or otherwise
s
not exceeding
dollars to meet the cost of the said works pending the completion thereof.
2. A promissory note or notes or other vouchers, sealed with the Corporate Seal and signed
'k 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
x providing for the repayment of or representing the said advances with interest thereon as afore-
said.xi
/ •3. The Treasurer of the Corporation is hereby authorized and directed to.apply first in
a ment of such advances with interest thereon as aforesaid all moneys borrowed on the credit
payment ,
-
of the Corporation to repay such advances and to defray the cost of the said works and all moneys
from other sources properly applicable to the cost of the said works. ,.
Passed by the said Council this 5th,; day of Dec . 1960
(Mayor or Reeve as the case
, .. .
•� - ' , • fi" Iw
q 'K may be.) >•e- .....:.......... ......... ...
. f
r clerk. K r
I certify that the .foregoing is a .true copy of a By-law passed by the Council of the Municipal
da
Corporation of the Town of Bowmanville on the 5th , y
'r of Dec , 19 60 and that the paper-writing hereto annexed is a true copy of Construction
,1
By-law Number 1770 passed by the said Council
i on the 5this day. of Dec. 19 60.
AFFIX
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- 1 EXTRACTS FRO'
ROM TI HE IMUNICIPAL ACT R.S.O. 1950 ' I
I l i ty S ha ! where approval I t7
11 I .— andin the provisions of any general or special Act, a municrpa of Board
Sect 67.88 of 67j (1) Notwithst g required for I
Chap.262 undertaking,
R2.0.. 19N. not,- � etc.
I- • or .
(a). authorize , _ _
1 _ . _ -
k owers to proceed with or .
I (b) exercise any of its p ._� 11 . . . .
"'
�`;. . , (c) provide 'any moneys for, .
' .
ct scheme, act, matter or thi'rtg, the cost or.any portion of tho cost
ki
1
wor , p .
_any underta n9, k ro e
b '
:
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1; f to be .
o which is
I . r
in a subsequent year or years; o
(d) raised /
�,A; - issue of debentures,
f (e) provided by the ,11
. fined,
,
until the approval of the Board has first been obtained. .
" he uarantee by a municipality, of the debentures, bonds e�ecption too °' {11 (2) This section shall apply tot g municipal
• • r munici ality or of any, other person or corporation whatsoever, guarantees. . ' ..
Qr other securities of any oth . p • '11", of the sinking fund, or principal of or interest on any such
' or of payment of the whole or any part
I other securities, and no guarantee thereof shall be made or entered into, �;
debentures, bonds or .
assed, by any municipality under the provisions of any general or
" or by-law in that behalf be p }
' red into ursuant thereto, or by-law passed thereunder, ,
,- ' .', special Act, or of any agreement ente p ' I ,1. �.
until the approval of the Board has first been obtained.
{I II•I,,.. I
, „ - word munici ality"I.•in this section interpretation "+11 a* p
, r . I 3 Notwithstanding the provisions of section 1, the of"munici-
;'
' - , O rd in an unorganized ,township or in unsurveyed pafity" in ?
/Ir,, in section 68 includes a public school boa �•6'and
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�1 and 1 to the council that moneys necessary
territory, and includes only a local board that may app y 11 I ,
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ntioned in this section be provided by the issue of debentures of the cor-
,, for any purpose me ,,,: u
�w ; . .
• r'
poration of the municipality.
munici arty for any of the purposes mentioned ink gal°f
d . .p n
.� . . . by y.
- law shall be asse - --
I , - 68.—No by- /
LL 1. 1 of the Board has
first been obtained. . 'It,•
n 67 until the approva
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