HomeMy WebLinkAboutKIN1932-1066 Temporary Advances for Local Improvements
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LI. U 18lh Dee. 1931.
CIIIr.
Munlclpal By-...w for Temporary Ad_
undor Locallmprovomont Act.
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I~ht
BY-LAW NOh......,__
~:pIr
A BY.LAWouthorlzlng tho obtaining of temporary od_ \0 moot tho coot of cortaln
workl undor1akon u a local Improvement pending the complotloll thoreat,
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WHEREAS the Municipal Council of the Corporation of the S! cmn of
. K1noud1ne hu paaed Conttructlon By-law numbe, . copy of which
Ia annexed horeto. authorizing the oonatructlon of the workl doac:rlbed In It u a local lmplOYllll&llt unde, the
provlalona of the Locallmprovomont Act. tho estimated coot of which worklla ,
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2-',000.00
AND WHEREAS It 10 daalrable \0 agree with a bank for temporary odvancaa 10 maet tho coot of the I&Id
workl pending the complelion thereof.
BE IT THEREFORE ENACTED by tho aa1d Council u followa:
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1. The Head and Treuurer of tho Corporallon are hereby outhorlZlld 10 obtain from tho Bank of Montreal
temporary .dvancea .t a rate or rates not uceodlng Su per cent per annum ..-tod by . prornJ.lry
note orpromlaaory notoI or by way of ovordralt o,othe...... not exceeding J1ftosn thonBm14 -
, . _~__ do/laII to moot the coot of the Aid workl pending tho completion thereat.
2. A promlaaol)' note or nom or other vouch.... oeaIed with tho Corponte Seal and oignod on behalf of the
Corporation by the Head and Treasurer thoreof, fo, the advancaa from time 10 time obtained under the authorit1
horeof and Intoraat thereon. may be given to the oald Bank providing for tho repayment of or ~ng tho aaJd
advancea with Intoras! thereon u afo....ld.
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3. The Trouure, of the Corporation Ia hereby authorlZlld and dlrectod to apply firlt In PQmOIlt of ouch
'advancea with Interas! thoreon u .fo....ld all rnonoye borrowed on tho credit of tho Corporation to _ ouch
advallCll and to defray tho cost of the oald workl and all moneys from othe, IOUn:oa properly appIlcablolo the coot
of tho aald workl.
PaAOd by the Aid Council thla
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day 01 ldo;1;otiber
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(Mayor or Reeve at tho euo
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I certify that tho foregoing la . true copy of . By.I.w puaod by the Council 01 the Munlclpal CorporatIon of
the l' own of
UDoard1ua on tho
day 01 SOpt.
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and th.t tho papor-writlng hereto .nnexed II . true copy of Conatruttlon lIy.l.w Number
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day of
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