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HomeMy WebLinkAboutBy-law 5163/97REPEALED BY . REPEALS . AMENDED BY . , AMENDS DISPOSITION BY-LAW NQ. 51.63/97 Being a by,law to authorize the temporary borrowing of moneys to meet the current expenditures of The Town of Pickering for the year 1998. WHEREAS pursuant to Section 187(1) of the Municipal Act, R.S.O. 1990, c.M.45, as mended, the Council of The Town of Picketing may by by-law authorize the Mayor and Treasurer of the Municipality to borrow from time to time by way of promissory note such sums as the Council may deem necessary to meet, until the taxes for the current year are received, the em'rem expenditures of the Municipality for the year, including the amounts required for principal and interest falling due within the year upon any debt of the Munieipa!ity, and the sums required by law to be provided by the Council for any local board of the Municipality, and WHEREAS it is deemed necessary by the said Council to borrow the sum of Fifteen Million Dollars ($15,000,000) January - September and Six Million Dollars ($6,000,000) thereafter to meet, until the taxes for the current year are received, the current expenditures of the Municipality for the year 1998 including the amounts and sums aforesaid; and WHEREAS the said sum of Fifteen Million Dollars ($15,000,000) plus any similar borrowings that have not b~v-n .~paid, is less titan 25 pe~ cern of the total amount of the estimated revenues oftbe Munieipaiity as set forth in the estimates adopted by the said Council for the year 1997 exclusive of revenues derivable from the sale of assets, borrowings or issues of debentures or from a surplus including arrears - of levies and proceeds from sale of assets: NOW TI-~REFORE, THE COUNCIL OF THE TO~-~I OF PICKERING HEREBY ENACTS AS FOLLGWS: 1. The Mayor and Treastam~' of The Town of Picketing be and they are hereby authorized to borrow from time to time by way of promissory note a sum or sums not exceediag in all the sum of Filteen Million Dollars ($15,000,000) January - September and Six Million Dollars ($6,000,000) thereafter to meet, until the levies for the year 1998 are received, the current exp~ditures of the Municipality for such year, including the amounts required for principal and interest falling due within the year upon any debt of the Municipality, and the sums required by law to be provided by the Council for regional and school purposes and for any local board of the Municipality. 2. Any promissory note made under the authority of section I hereof shall be scaled and signed in accordance with the pmvisinn of the Municipal Act and may be countersigned in writing by the Deputy Treasurer of the Corporation in accordance with the provisions of the said Act. BY-LAW read a first, second and third time and finally passed this 15th day of December, 1997. l~ru~ Taylor, Cl~n'k