HomeMy WebLinkAboutBy-law 3224 Form 100-62 Ontario
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~[ ~p:l~m tO authorize the borrowing of $ Y, 500,000.00
Whereas the Council of the
(hereinafter called the "Municipality") deems it necessary to borrow the sum
of $ 1,500,000.00 to meet, until the taxes are collected, the current
expenditures ~f the Municipality for the year;
And Whereas the total amount of the estimated revenues of the Munici-
pality as set forth in the estimates adopted for the year 1966, not including
revenues derivable or derived from the sale of assets, borrowings or issues of
debentures or from a surplus, including arrears of taxes and proceeds from the sale
of assets, is tl 3,500,000.00
And Whereas the total amount heretofore authorized to be borrowed
this year for the purposes mentioned in subsection (I) of Section 329 of The
Municipal Act is il Nil , of which the Municipality has
already borrowed a total of $
Therefore the Council of the Township of Pickering
hereby enacts as follows:
t. 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 CANADIAN IMPERIAL BANK
OV CO~a~aEaCE a sum or sums not exceeding in the aggregate $ 3., 5000,000.00
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) o! Section 329 o! the Municipal Act, and to give on behalf of the Municipality
to the Bank a promissory note or notes sealed with the Corporate Seal and signed by
the Head and Treasurer for the moneys ~o borrowed, ~tith interest, which may be
paid in advance or otherwise, at a rate not exceeding S i× per centum per annum.
2. Ail 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
purposes mentioned in the said Section 329, 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 C/Z'~' day of "jt~-t~(~ 19~7
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I hereby certify that the foregoing is a true copy of By-law
No. ~ ,~:,2& of the / ,. ~. ~ .~ ~/~ of /~ ? '
in the Province of Ontario, duly passed at a meeting of the Council of the said
MunicipalitYDateddUlYThtsheld, and/~,thatz./thedaySaidof By-la~ois/ ~'~,~-ain full f..~//orce and egect. 19
As Witness the Seal of ~'
the - ~?~ of /~