HomeMy WebLinkAboutBy-law 4456/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 414 S-6, -73
A By-law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of the
debentures authorized by By-law
Number 4329/73.
WHEREAS the Council of the Corporation of the Township
of Pickering has enacted its By-law 4329/73 passed on the 19th
day of March, 1973, duly authorizing the issue and sale of
debentures for raising a sum not exceeding $4,000.00 for the
following purpose, namely: the construction of watermains on
Dunchurch Street from Dunbarton Road to Highway #2 as a local
improvement.
AND WHEREAS the said By-law does not require the assent
of the electors or of those qualified to vote on money by-laws.
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
TOWNSHIP 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 $4,000.00 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 Head 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 authorized as aforesaid and
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to sign and deliver to the said Bank such promissory note or
notes as may be required for the 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
9_% per annum, and to affix the corporate seal of the
Corporation to such promissory note or notes.
3. The Head and Treasurer are hereby authorized to assign
and pledge the said debentures to the said bank upon the issue
thereof to be held by the said Bank as collateral security for
all moneys borrowed under this By-law and interest thereon and
to assign to the said Bank the moneys growing due from the sale
of the said debentures and the proceeds of the sale of the said
debentures, or so much thereof as may be necessary, shall be
paid to the said Bank in satisfaction of the moneys borrowed
under this By-law and interest thereon.
By-law read a First, Second and Third Time and PASSED in open
Council this )(I day of lP&jdkL, , 1973.
Witness the Corporate Seal
of the Corporation of the
Township of Pickering
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Clerk
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WE HEREBY CERTIFY that the foregoing is a true copy of By-law
Number L?uS? of the Corporation of the Township of
Pickering in the Province of Ontario, duly passed at a meeting
or meetings of the Council of the said Corporation duly and
regularly held, and that the said By-law is now in full force
and effect.
Dated this 1'4 day of knt?lca , 1973
Witness the Corporate Seal
YR ve
of the Corporation of the
t
Township of Pickering \JyUT1/V J?/J4
Clerk '