HomeMy WebLinkAboutBy-law 282/75THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 6Z<9.1_ 1 i
Being a by-law to authorize the
borrowing of money by way of
temporary advances pending the
issue and sale of debentures and
pending receipt of grants and
contributions.
WHEREAS the Council 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 $180,000.00 and anticipates the receipt
of a Provincial grant of $66,000.00 and a cash contribution
of $19,000.00, all for the purpose of constructing a
Community Centre in the Bay Ridges area of the Town of
Pickering;
AND WHEREAS the Corporation desires to borrow
money as temporary advances pending the issue and sale of
the said debentures and the obtaining of the said grant and
cash contribution;
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 the receipt of said grant and cash contribu-
tion, 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 $265,000.00
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
- 2 -
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.
2. By-law #257/75 is hereby repealed.
By-law read a first and second time this day of
1975.
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Administrator- e k
By-law read a third time and PASSED this day ofd{
1975.
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Alcministrator- le