HomeMy WebLinkAboutBy-law 3255 BY-LAW NO. ~,~
A By-law authorizing the borrowing of money by way of temporary
advances pending the issue and sale of the debentures authorized
by By-law No. 2900
WHEREAS the Council of the Corporation of The Township of Picketing
has enacted its By-law No. 2900 , passed on the 19th day of, April
19~5 , duly authorizing the issue and sale of debentures for raising a sum not exceeding $ 225 ~ 000o00
for the following purpose, namely: TO corlstruct and furnish ~ ~w
Buildin~.
AND WHEREAS prior to the passing of the said By-law, the approval of the ~)~ltario Municipal Board
~zneth
was first obtained, as evidenced by the Order of the said Board dated the Seventh day of
November
1965
October 19 64.
AND WHEREAS the said By-law does not require the assent of the electors or of those qualified to
vote on money by-laws;
AND WHEREAS the Corporation desires to borrow money as temporary advances pending the issue
and sale of the said debentures;
NOW, THEREFORE, THE COUNCIL OF THE CORPORATION OF Township of Picketing
HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize the borrowing from CANADIAN IM-
PERIAL BANK OF COMMERCE as temporary advances pending the issue and saIe of the debentures above
recited such sums as may be required but not exceeding a total of $ 375~ 000o O0 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 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 6~ 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
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 end 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.
WITNESS the Corporate Seal of
the Corporation of Towt3. Sh. ip o£ Picko~'±D.~~
Head of 'Munic~pe~ity
Clerl~ " (~
WE HEREBY CERTIFY that the foregoing is a true copy of By-law No. ~ .~ ~,.-.j~i of the Corporation
)
of 'i,~; z~ ('r- / ~ c ~(~-,~/,v /; in the Province of Ontario, duly passed at a meeting or
meetings of the Council of the said Corporation duly and regularly held, and that the said By-law is now
in full force and effect.
Dated this ,~ ~ day of ; ~ ~.~,~ 196
WITNESS the Corporate Seal of