HomeMy WebLinkAboutBy-law 3268 BY-LAW NO. ~.~
A By.l,*w authorizing the borrQwlng of money by way of temporary
,,dvances pending the Issue =,nd sale of the debentures authorized
by By-Saw No. 3207
WHEREAS the Council of the Corporation of the Township of Picketing
has enacted its By-law No. 3207 , passed on the 21st day of November
lg66 , duly autborlzing the issue and sale of debenturea for raising a sum not exceeding $192,275 ·
for the following purpose, namely: construction of sanitary sewers and sanitary
sewer connections and watermains and water service connections on
the streets set out herein as local im~rovements~ under the
provisions of The Local Improvement Act.
AND WHERFAS prior to the passing o{ the said By-law, the approval of the Ontario Municipal Board
was {irat obtained, as evidenced by the Order of the said Board dated the ~th day of
November 19 66.
AND WHEREAS the said By-~aw does not require the assent of the electors or of those qua~i~ed
vote on money by-laws;
~ND WHEREAS the Corporation de~ires to borrow money as tempora~ advances pending the issue
and sale of the said debentures;
NOW, ~MEREFOR~, TH~ 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 sale of the debentures above
recited such sums as may be required but not exceeding a total of $ lC)2~ 28~.. 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 (~ per centum per annum, and
to a~x 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 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.
WITNESS the Corporate Seal of
the Corporation of~he T o w I1 ship O£ P ickering~~~p~ty ~~Head of/~-'~cnici J
Cler~
WE HEREBY C~RTIFY that the foregoing is a true copy of By-law NO. ~ ~ ~ of the Corporation
of the Township of Picketing in the Province of Ontario, duly passed at a meeting or
meetings o~ the Council of the said Cor~retion duly and regular[y held, and that the said By-law is now
in full ~orce and effect.
Dated this ~'~ day of . ~_~ ,196~.
WITNESS the Corporate Seal of
the Corporation of the Township of Picketing / /~