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HomeMy WebLinkAboutBy-law 3384 A By-law authorizing the borrowing of money by way of temporary advences pending the issue and sale of the debentures authorized by By-Saw No. 3191 WHEREAS the Council of the Carporafian of The Township of Pickering has enscted its By-law No. 3191 , passed on the 16th day of August 19 66, duly authorizing the issue and sale of debentures for raising a sum not exceeding $ 628,O00., for the following purpose, namely: the construction of watermains on the streets set out herein, together with a 3.0 million ~allon resavoir and booster pumping station and cont.rols, as local improvements under the provisions of The Local Improvement Act - Rosebank Rd., 1st Concession road and Easement East side of Rosebank Rd. AND WHEREAS prior to the passing of the said By-laW, the approval of the Ontario Municipal Board was first obtained, as evidenced by the Order of the said Board dated the day of 19 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 The Township o£ P.~ ckering 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 $ 62~, 000.00 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 and to assign to the sBid Bank the moneys growing due from the sale of the said debentures; and the proceeds of the sale of the said debentures, or sa much thereof as may be necessary, shall be paid to the said Bane in satisfaction of the moneys borrowed under this By-law and interest thereon. Passed this /~' c~ day of O ~ ~- ! 96/~ WITNESS the Corporate Seal of the Corporation of The Township o£ ?ickerin~ WE HEREBY CERTIFY that the foregoing is a true copy of By-law No. of the Corporation of ~3. e Tow3%ship of P'~ cker'~n,~ 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 /~; rZ day of ('~¢ '~ ,196 '~..7._ WITNESS the Corporate Seal of the Corporation Of The Township of Pic~ing