HomeMy WebLinkAboutBy-law 3989/71THE CORPORATION OF ThE TOWNSHIP OF PICKERING
By-Law Number -=?
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
3892/70.
WHEREAS the Council of the Corporation of the Township of
Pickering has enacted its By-law 3892/70, passed on the 5th day
of April, 1971, duly authorizing the issue and sale of debentures
for raising a sum not exceeding $350,000.00 for the following
purpose, namely: the construction and equipping of an indoor
swimming pool.
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 hLREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from ThE CANADIAN IMPERIAL BA14K 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 $350,000.00 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 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 8 per centum per annum, and to affix the
corporate seal of the Corporation to such promissory note or notes.
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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 day of ., 19-4-.
Witness the Corporate Seal
of the Corporation of the
Township of Pickering
eve --?
A
Clerk
-3-
WE HEREBY CERTIFY that the foregoing is a true copy of By-law
Number 470 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 Lv_z day of 1971.
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Witness the Corporate seal
of the Corporation of the
Township of Pickering
Clerk