HomeMy WebLinkAboutBy-law 2316A TOWNSHIP OF PICKERING
BY-LAW No .....................
p:laW to authorize the borrowing of $ 200,000.00
Whereas the Council of the To~rnshfp of*
(hereinafter c~led ~e "Munklpality') deems k necess~ to bo~ow ~e sum
of $200,000.00 . to meet,
~a~a~~~dee*~ capi~ql cos~ of building scnoo~
in To.shim-of P~c~ng un~fi~--d~enCures are soxa.
so~.-~., ~a wner~s the toni amount of the ~timated revenu~ of th~ Munici-
}~t~ pality as set forth m the ~timates adopted for the ye~ 1958, not including
~f.~io~ revenues derivable or derived from the sale of assets, borrowings or issues of
ot ~ ~. debentures or from a surplus, including arre~s of t~es and pr~e~s from ~e sale
of assets, las L~O00~O00.O0
~d Whereas the total amount heretofore authorized
~.~ t~a this year for the pur~ses mentioned in subsection (1) of ~ction
~1~ Municipal Act is $ 700,000.00 , of which the Municipality has
already borrowed a total of $ Nil
Therefore the Council of the T0~NSHIP of PICKERING
hereby enacts ~ follows:
1. The H~d and the Tr~urer ~e hereby autho~ on b~If of
borrow from time to time by way of promi~o~ note from T~E CA~
og Co~ac~ a sum or sums not ~eding in ~e aggregate $ 200, ~. O0
to m~t until the roes are mllect~ ~e current ~nditur~ of ~e Munld~ity
for the year, including the amoun~ requir~ for ~[ pu~os~ menfion~ in suction
(1) of Section 841 of the Municlp~ Act, ~d to ~ve on behalf of the Muni~pali~
to ~e Bank a promi~ note or not~ s~led with ~e Co.rate ~ ~d sign~ by
~e Head and Treasurer for the mone~ so borrowed, with inter.t, whi~ may
~d in advance or othe~ise, at a rate not ~ceeding 5~ ~r ~ntum ~ ~num.
2. All sums borrowed pursuant to ~e authority of this by-law, as ~ell as all o~er sums
borrowed in this year and in previous yearn from ~e said Bank for any or all of
put.scs mentlon~ in the ~id Section 341, shall, wi~ inter~t ~er~n, ~ a cha~e
upon the whole of the revenues of the Municipaliw for the current y~r and for all
preceding y~m as and when such revenues are received.
3. The Treasurer is hereby authorized and dir~ to apply in paym~t of MI sums
borrowed ~ afor~ald, toge~er with ~terest th~n, all of ~e moneys he~t~
collect~ or received either on account or r~liz~ in r~ct of
curr~t year ~d pr~eding years or from any o~er source whi~ may laMully be
appli~ for such purpose.
Passed this 12Ih day of May 19 58
~' '"'-' ............... ~k ......
We hereby certify that~ng 'isa~ true cop
By-law
~o. of the . Township o~ Picketing
1~ J~ci~:~i~C~u~ ~{ ~J~r2~~ df~ft ~s~:~_~e~ 9/ul~h;~:uff~leO~t~e ~id
Dat~ This 12gh day of May" 19 58
As Wt~ess the ~al of
the of