HomeMy WebLinkAboutBy-law 2115Forty ll10.e1 Ontario
TOWNSHIP OF PICKEHING
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BY-LAW No .....:.11.........
A ?p=j& to authorize the borrowing of $ 89, 345. 00
Whereas the Council of the Township of Pickering
(hereinafter called the "Municipality") deems it necessary to borrow the sum
of $ 89, 345.00 to meet, ulrtil-tIe-tees sr?eel?eeled ??teearrent
e edit rec -tkw uai e i a ital is of installin
er ' n ouge es inte er??ut+?spare s?4 g
Nor,,.-xefet And Whereas the total amount of the estimated revenues of the Munici-
to 0mesdgatee
for the came" pality as set forth in the estimates adopted for the year 19 55 not including
fe not. adopted;
revenues derivable or derived from the sale of assets, borrowings or issues of
of last year. debentures or from a surplus, including arrears of taxes and proceeds from the sale
of assets, is $ 550, 000.00
And Whereas the total amount heretofore authorized to be borrowed
(Delete this this year for the purposes mentioned in subsection (1) of Section 341 of The
pate 6le ) f not 'pb Municipal Act is $ 88345.00 of which the Municipality has
already borrowed a total of $ Nil.
Therefore the Council of the Township of Pickering
hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
borrow from time to time by way of promissory note from THE CANADIAN BANE
OF COMMERCE a sum or sums not exceeding in the aggregate $ 89, 345.00
to meet until the taxes are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned in subsection
(1) of Section 341 of the Municipal Act, and to give on behalf of the Municipality
Gi to the Bank a promissory note or notes sealed with the Corporate Seal and signed by
the Head and Treasurer for the moneys so borrowed, with interest, which may be
paid in advance or otherwise, at a rate not exceeding 4 1? per centum per annum.
2. All sums borrowed pursuant to the authority of this by-law, as well as all other sums
borrowed in this year and in previous years from the said Bank for any or all of the
C purposes mentioned in the said Section 341, shall, with interest thereon, be a charge
upon the whole of the revenues of the Municipality for the current year and for all
preceding years as and when such revenues are received.
/ 3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed as aforesaid, together with interest thereon, all of the moneys hereafter
collected or received either on account or realized in respect of taxes levied for the
/ current year and preceding years or from any other source which may lawfully be
applied for such purpose.
Passed this 5 day of October 1955
?...?d ...............
TI H D OF THE UNWIYALITY
SEAL
....... .
7777 .
We hereby certify that the foregoing a true copy of By-law
No. of the Township of Pickering
in the Province of Ontario, duly passed at a meet' g of the Council of the said
Municipality duly held, and that the said By-law is in full force and effect.
Dated This ;2,3-Z( day of October
As Witness the Seal of The Township of Pickering
the County of Ontario
I SEAL t
19 55
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