HomeMy WebLinkAboutBy-law 101/74
THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER ( / 7lf
A By-law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of debentures
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 $82,000.00 for the purpose of purchasing
part of Lots 1 and 2, Plan 350, in the Town of Pickering
for use as a Public Library;
AND WHEREAS the Corporation desires to borrow
money as temporary advances pending the issue and sale
of the said debentures;
NOW THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TOWN OF PICKERING HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth
hereby authorize the borrowing from THE CANADIAN IMPERIAL
BANK OF COMMERCE as temporary advances pending the issue
and sale of the debentures above recited such sums as
may be required but not exceeding a total of $82,000.00
on the terms and subject to the conditions set forth in
this by-law.
2. Within the limit aforesaid and as moneys are
required from time to time for the purpose above recited,
the Mayor and Treasurer acting on behalf of the Corporation,
are hereby authorized to borrow moneys from the said Bank
for the said purpose pending the issue and sale of the
debentures and to sign and deliver to the said Bank
such promissory note or notes as may be required for the
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repayment of the moneys borrowed at such time or times
and at such rate of interest as may be agreed upon with
the said Bank, but not exceeding the rate of 128 per
annum, and to affix the corporate seal of the Corporation
to such promissory note or notes.
By-law read a First, Second and Third Time and PASSED
in open Council this i? day of August, 1974.
Mayor
Clerk