HomeMy WebLinkAboutBy-law 3450 BY-LAW No.....~.:/.:~:.v.'. ......
~[ ~-~'I~[W to authorize the borrowing of $ i, 750,000.00
Whereas the Council of the Townah±p o£ Ptckevtng
(hereinafter called the "Municipality") deems it necessa~ to bo~ow the sum
of $ 1,750,000.00 to meet, until the t~es are collected, the current
expenditur~ of the Municipality for the year;
~o~.-~,~ ~d Whereas the total amount of the estimated revenues of the Munici-
~ ~t pality as set forth m the estimates adopted for the year 1968, not including
~t. ~o ~a~ revenu~ derivable or deriv~ from the sale of assets, borrowings or issues of
~ ~t~. debentures or from a surplus, including arrears of t~es and proceeds from the sale
of assets, is $ 3 ~ 500~ 000.00
~d Whereas the total amount heretofore authorized to be borrowed
t~ ~;. this year for the purposes mentioned in subsection (1) of Section 329 of The
Municipal Act is $ ~1 , of which the Municipality has
already borrowed a total of $
~erefore the Council of the To. ship of Picketing
hereby enacts ~ follows:
1. The Head and ~eTr~sur~ are hereby authorized on behalf of the Muni~palityto
~rrow from time to time by way of promissory note from CAN~nI~
Og CO~gRC~ a sum or sums not ~ing in ~e aggregate $~V50~ 000.00
to meet until the ~ are collect~ the current ~nditur~ of ~e Muni~pality
for the year, including the amoun~ requir~ for the purp~ menOon~ in su~tion
(1) of S~fion 329 of the Municipal Act, ~d to give on ~half of ~e Muni~paliW
to the Bank a pmmisso~ note or notes s~led with the Corporate ~al and sign~ by
~e Head and Tr~surer for the moneys so borrowed, wi~ int~t, whi~ may
~id in advance or othe~ise, at a rate not ~ce~ing 7 p~ centum per ~num.
2. All sums borrowed pursuant to ~e autho~ty of this by-law, as well as all other sums
borrowed in this year and in p~vious yem from the said Bank for any or all of the
purpmes mention~ in the said S~tion 329, shall, wi~ int~t ~er~n, be a ~arge
upon the whole of ~e revenu~ of ~e Municipali~ for ~e current ye~ and for all
pre.ding years as and when such revenues are received.
& The Treasurer ~ hereby author~ed ~d direct~ to apply in payment of all sums
~rmwed ~ ~oremid, toge~er with inter~t thereon, all of ~e mone~ h~eafter
~llect~ or received either on a~ount or realiz~ in respect of ~ levi~ for the
current year ~d preceding y~ or from ~y other source which may la~ully be
appli~ for such purpose.
Passed this ~5' z dayof ,?'.t~.~ 19
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I hereby certify that the foregoing is a true copy of By-law
No. of the of
in the Province of Ontario, duly passed at a meeting of the Council of the said
Municipality duly held, and that the said By-law is in full force and effect.
Dated This ~-~ day of ,~/-~-z~)~ 19 ~.jc
As Witness the Seal of -
the /~/~ of
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