HomeMy WebLinkAbout1924L.F. 11 Rev. March 1955.
O NT.
° . Municipal By -Law for Temporary Advances
under Local Improvement Act.
44818 Printed in Canada
BY -LAW No.....92 ..................
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 BOi�m7ANVILLE has
passed Construction By -law Number 1912 authorizing the construction of
the works described icDdkas �c)o> y1Rp J�teA04�i>ad ttb�]�lioa[I>i �t9cofd�Gro�
AAtic construction and equipment of a four room addition to
Lord E1 in School
the estimated cost -6f which works is $ 145,000.00 , 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 One hundred and forty-five thousand
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 19th daxc�f Oct. 1964
Z—
(Mayor or Reeve as the case . �•
AFFIX may be.)
SEAL
cl rk.
I certify that the foregoing is a true copy of a By -law passed by the Council of t e Municipal
Corporation of the Town of Bowmanville on the Nineteenth day
of Oct. 1964 and that the paper - writing hereto annexed is a true copy of Construction
1111r
By -law Number 1912 passed by the said Council
on the day of 1964 .
AFFIX
SEAL__..
/ Clerk.
P.T.O.
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950
seccna�s2 67 —(1) Notwithstanding the provisions of any general or special Act, a municipality shall
where approval
R.S.O. 1960. not r
of Board
required for
(a) authorize; or
undertaking,
Ste.
(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
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
of "mumci-
pality" in
territory, and includes only a local board that may apply to the council that moneys necessary
as. 67 and 68
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
ADProvalof
section 67 until the approval of the Board has first been obtained.
briiaws.