HomeMy WebLinkAbout69-24L.F. it Rev. Aug. 1962
ONT.
Municipal By -Law for Temporary Advances
under Local Improvement Act.
51 Printed in Canada
BY -LAW No ........ 69.- 2............
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 68 -42 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 $ 40, 600 , 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 8-',% per cent per
annum represented by a promissory note or promissory notes or otherwise not exceeding
forty thousand, six hundred
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.
� 7 /
.. X-(
Passed by the said Council this � °-� day;gf � -�-�,' �� �'19
(Mayor or Reeve as the case _ .... ,... .� ....� .......
AFFIX may be.) (;
SEAL
......... ......... .............Clerk.....
certify that the foregoing is a true copy of a By -law passed by the Council of the Municipal
Corporation of the of on the day
of 19 and that the paper- writing hereto annexed is a true copy of Construction
By -law Number passed by the said Council
on the day of 19
AFFIX
SEAL
............ ............................... ..................... ....
Clerk.
EXTRACTS FROM THE ONTARIO MUNICIPAL BOARD ACT R.S.O. 1960
Sect 64 -65 of 64 —(1) Notwithstanding the provisions of any general or special Act, a municipality shall Where approval
Chap. 274 of Board
R.S.O. 1960. not, required for
undertaking, etc.
(a) authorize; or
(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) Subsection 1 does not apply, Application
of section.
(a) to the exercise of powers to proceed with any of the undertakings, works, projects,
schemes, acts, matters or things referred to in subsection 2 of section 286 of The
Municipal Act except where the whole or any part of the cost thereof is to be provided
for by the issue of debentures by any municipality; or
(b) to the appointment of an engineer, land surveyor or commissioner under The Municipal
Drainage Act.
(3) The passing of a by -law by a council to authorize or to exercise any of its powers to By -law
passed not
p roceed with or to provide any money for any undertakin g, work, project, scheme, act, matter
to be in
vtion
e
or thing referred to in.subsection 1 shall not be deemed to be in contravention of subsection 1 if ofsubs'
such by -law contains a provision to the effect that the by -law shall not take effect until the
approval of the Board under subsection 1 has been obtained.
(4) This section applies to the guarantee by a municipality of the debentures, bonds or Application of
to
other securities o any other municipality or of any other person or corporation whatsoever, or munici
f pal
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.
(5) Notwithstanding the provisions of section 1, the word "municipality" in this section Interpretation.
and in section 65 includes a public school board in an unorganised township or in unsurveyed
territory, and includes only a local board that may apply to the council that moneys necessary
for any purpose mentioned in this section be provided by the issue of debentures of the corporation
of the municipality.
65. —No by -law shall be passed by a municipality for any of the purposes mentioned in Approval of
section 64 until the approval of the Board has first been obtained. by -laws.