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HomeMy WebLinkAbout1869L.F. U Rev. March 1955. O NT. Municipal By -Law for Temporary Advances under Local Improvement Act. 27103 Printed in Canada BY -LAW No ........ lab9........... A BY -LAW authorizing the obtaining of temporary advances to meet the cost of certain works undertaken as a local improvement pending the completion thereof. WHEREAS, with the approval in writing of the Ontario Municipal Board, the Municipal Council of the Corporation of the Town of Bowmanville has passed Construction By -law Number 1833 authorizing the construction of the works described in it as a local improvement under the provisions of the Local Improvement Act, the estimated cost of which works is $ 121, 000.00 , 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 cost of the said works pending the completion thereof. 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 Bank of Montreal temporary advances at a rate or rates not exceeding per cent per annum represented by a promissory note or promissory notes or by way of overdraft or otherwise 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 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 afore- said. 3. The Treasurer of the Corporation is hereby authorized and directed to apply first in payment of such advances with 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 works and all moneys from other sources properly applicable to the cost of the said works. Passed by the said Council this 4th day, of March 19 63. (Mayor or Reeve as the case - �� Aa Fix may be.) sr:�L Clerk. I certify that the foregoing is a true copy of a By -law passed by the Council of the Municipal Corporation of the Town of Bowmanville on the Fourth day of March 1963 and that the paper - writing hereto annexed is a true copy of Construction By -law Number 1833 passed by the said Council on the Thirteenth day of October 1962 _ AFFIX � SEAL - ........ ... ..... '. / Clerk. P.T.O. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950 Sod. 67-68 of 67 —(1) Notwithstanding the provisions of any general or special Act, a municipality shall of Where approval Chap. 262 R.S.0.1960. not, required for undertaking, (a) authorize; or etc. (b) exercise any of its powers to proceed with; or - - for, (c) provide any moneys 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 Application of or other securities of any other municipality or of any other person or corporation whatsoever, section to municipal or of payment of the whole or any part of the sinking fund, or principal of or interest on any such guarantees. 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 pality"ini- territory, and includes only a local board that may apply to the council that moneys necessary as. 67 and 66 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 Approval of section 67 until the approval of the Board has first been obtained. by -laws.