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HomeMy WebLinkAboutBy-law 2120B Y- L A W N U M B E R 2 1 210 A BY-LAW OF THE TOWNSHIP OF PICKERING AUTHORIZING THE BORROWING OF MONEY BY WAY OF TEMPORARY ADVANCES PENDING THE ISSUE AND SALE OF THE DEBENTURES AUTHORIZED BY BY-LAW NUMBER 2097. WHiCREAS the Council of the Corporation of The Township of Pickering has enacted its By-Law Number 2097, passed on the 27th day of June, 1955, duly authorizing the construction of watermains in the sum of $ 89,345.00 for the following purpose, namely: Construction of watermains in that portion of the Township of Pickering which lies west of the Rouge River south of Highway Number 401; AND WHEREAS by Order dated the 16th day of May, 1955, the passing of the said By-Law was duly approved by the Ontario Municipal Board; AND WHEREAS the assent of the electors or of those qualified to vote on money By-Laws has been dispensed with, as such assent was given by more than 67% of such electors by petition; AND WHEREAS the Corporation desires to borrow money as temporary advances pending the issue and sale of the said debentures; NOW. TgOWORE, The Council of the Corporation of The Township of Pickering hereby ENACTS AS FOLLOW: 1. The Corporation agrees to borrow and doth hereby authorize the borrowing from THE CANADIAN 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 $89,345.00 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 I? 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 410A per centum 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. 4. By-Law Number 2115 be and the same is hereby repealed. BY-LAW read a First and Second time this /.tt day of 7Z 1955 BY-LAW read a Third time and PASSED this 3 ? ?day of?r. n.?..-.-. lam- 1955 WITNESS the Corporate Seal of the Corporation of the Township of Pickering. -?L7 17 Reeve Clerk