HomeMy WebLinkAbout1969A By -law to authorize the obtaining of
temporary advances to meet the cost of
land purchase for industrial development.
WHEREAS, with the approval in Writing of the Ontario Muni-
cipal Board, the Municipal Council of the Corporation of the
Town of Bowmanville has passed By -law Number 1957 authorizing
the purchase of land required for the establishment of industry
in the Town of Bowmanville, the estimated cost of which is
$30,000., copies of which by -law and approval are annexed hereto.
AND WHEREAS it is desirable to agree with a bank for to *porary
advances to meet the cost of purchase of said land pending the
issuetand sale of debentures.
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 6 per cent per annum represented
by a promissory note or promissory notes or by way of overdraft
or otherwise not exceeding Thirty thousand-- - - - - -- 00/100 dollars
to meet the cost of sale land pending the issue and sale of de-
bentures.
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 df or represent-
ing the said advances with interest thereon as aforesaid.
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 Corp-,
oration to repay such advances and to defray the cost of the said
land and all moneys from other sources properly applicable to the
cost of the said land purchase.
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Passed by the said Council this 18th day of April, 1966.
RI
I certify that the foregoing is a true copy of a By -law No.
1969 passed by the Council of the Municipal Corporation of the
Town of Bowmanville on the 18th day of April 1966 and that
the paper - writing hereto annexed is a true copy of Construction
By -law Number 1957 passed by the said Council on the 21st day
of March 1966.
Date;
CLERK