HomeMy WebLinkAbout1740A by-law authorizing the obtaining of temporary advances to meet the costs of certain works undertaken as a local improvement pending the completion thereof
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1I 1 I • : , . EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950
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, e ot. , 67 -(1) Notwithstand Ong the provisions of : any general or special Act, a municipality shall.
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not,
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(b) exercise any of its powers to proceed with; or .. .
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(c) provide any moneys for, I
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' i. ' ' . any undertaking, work, project, scheme, act, matter or thing, the cost or any portion of the cost
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of which is to be,
: (d). raised in a subsequent ,year or years; or , . . . . ' ,
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(e) provided by the issue of debentures,
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1 until the approval of the Board has first been obtained.
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• 2) This section shall apply to the guarantee by a municipality of ther.debentures, bonds
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or other securities of any other municipality or of any other person or corporation' whatsoever,
municipal
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L or of payment of the whole or any part of the sinking fund, or principal of or interest on any such
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1 , debentures, bonds or .other securities, and no guarantee thereof shall be made or, entered into,
• ".11 .! or by -law in that behalf be� passed, by any municipality under the provisions of any general or
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.._ ' , special Act, or of any agreement entered into pursuant thereto, or by -law passed thereunder,
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' 1. I . until the approval of the Board has first. been obtained.
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. 3 Notwithstanding the provisions of section 1, the word "municipality" in this section
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and in section 68 includes a public school board in an unorganized township or in unsurveyed���
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' � for an purpose mentioned in this section be provided by the issue of debentures of the cor-
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. poration of the municipality.
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66. —Nob law shall be passed by a municipality for, any of the purposes mentioned in►►al
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by-laws. . ,
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section 671 until the approval of the Board has first been obtained. ,
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