HomeMy WebLinkAboutBy-law 1414/82THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1414/82
Being a by-law to authorize the tempor-
ary borrowing, if necessary~ of up to
$1,500,000.00 at any one time, until
taxes are collected.
WHEREAS the Council of the Corporation of the Town of Pickering
(hereinafter called the "Town") deems it necessary to borrow the
sum of $1,500,000.00 to meet, until the taxes are collected, the
current expenditures of the Town for the year; and
WHEREAS the total amount of the estimated revenues of the Town
as set forth in the estimates adopted for the year 1982, is
$16,000,000.00; and
WHEREAS the total of amounts heretofore borrowed for the purposes
mentioned in subsection (1) of section 189 of the Municipal Act,
R.S.O. 1980, c. 302, which have not been repaid is $ nil;
NOW THEREFORE the Council of the Corporation of the Town of
Pickering HEREBY ENACTS as follows:
The Mayor and the Treasurer are hereby authorized on
behalf of the Town to borrow from time to time by way
of promissory note from the Canadian Imperial Bank of
Commerce, a sum or sums not exceeding in the aggregate
$1,500,000.00 to meet until the taxes are collected,
the current expenditures of the Town for the year, in-
cluding the amounts required for the purposes mentioned
in subsection (1) of section 189 of the Municipal Act,
and to give on behalf of the Town to the Bank, a pro-
missory note or notes sealed with the Corporate Seal
and signed by the Mayor and Treasurer for the monies
so borrowed, with interest at such rate as may be
agreed upon from time to time with the Bank.
Ail sums borrowed pursuant to the authority of this
by-law, as well as all other sums borrowed in this
year and in previous years from the said Bank for any
or all of the purposes mentioned in the said section
189, shall, with interest thereon, be a charge upon
the whole of the revenues of the Town for the current
year and for all preceding years as and when such
revenues are received.
The Treasurer is hereby authorized and directed to
apply in payment of all sums borrowed as aforesaid,
together with interest, thereon, all of the monies
hereafter collected or received either on account or
realized in respect of taxes levied for the current
year and preceding years or from any other source
which may lawfully be applied for such purpose.
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BY-LAW READ a first, second and third time and finally PASSED
this 4th day of January, 1982.
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