HomeMy WebLinkAboutBy-law 274/75THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 5Z7 i
Being a by-law to authorize the
borrowing of money by way of
temporary advances pending the
issue and sale of debentures and
receipt of a Provincial Grant
and to rescind By-law Number
207/75
WHEREAS the Council of the Corporation of the Town of Pickering
has applied to the Council of the Regional Municipality of
Durham to authorize the issue and sale of debentures for
raising a sum not exceeding $650,000.00 for the purpose of
constructing a Works/Transit Centre in part of Lot 20,
Concession 3, in the Town of Pickering;
AND WHEREAS it is estimated that a Provincial grant in the
amount of $432,450.00 will be obtained;
AND WHEREAS the Corporation desires to borrow money as
temporary advances pending the issue and sale of the said
debentures and receipt of said grant;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
PICKERING HEREBY ENACTS AS FOLLOWS:
1. Pending the issue and sale of the said debentures and
receipt of grant the Corporation of the Town of Pickering may
borrow upon the credit of the Town at large by way of temporary
advances to meet the expenditures authorized by this by-law,
such sum or sums as may be required for that purpose but not
exceeding in aggregate the sum of $1,038,200.00 and the Mayor
and the Treasurer of the Town are hereby authorized to sign and
deliver to the said lender such promissory note or notes as
may be required from time to time for the repayment of the
moneys so borrowed at such time and at such rate of interest
as may be agreed upon with the said lender and to affix to
such promissory note or notes the seal of the Corporation of the
Town of Pickering.
By-law 207/75 be and the same is hereby rescinded.
By-law read a first, second and third time and PASSED in open
Council this 0/nL day of , 1975.
Mayor
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Cler
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