HomeMy WebLinkAboutBy-law 3551 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3 ~!
A By-law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of the
debentures authorized by Resolution
Numbers 123/68 and 191/68.
WHEREAS the Council of the Corporation of the Township
of Picketing has enacted its Resolution Number 123/68, passed on
the 6th day of May, 1968, duly authorizing the issue and sale of
debentures for raising a sum not exceeding $75,000.00 for the
following purpose, namely; the construction of school accommodation
by the Public School Board of the Township School Area Number 2
of Picketing and the purchase of equipment therefore;
AND WHEREAS upon receipt of the tenders for the addition
to the Rosebank Road School, the said tenders exceeded the original
estimate by $15,000.00;
AND WHEREAS the Council of the Corporation of the Township
of PickerinE has enacted its Resolution ~191/68 passed on the
8th day of July, 1968 duly authorizin~ the issue and sale of
debentures for raising a further sum of ~15,000.00 for a total
not exceeding $90,000.00 for the said purpose;
AND WHEREAS the said Resolutions do 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 OF PICKERING HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby
authorize the borrowing from THE CANADIAN IMPERIAL BANK OF
COMMERCE as temporary advances pendin~ the issue and sale of
the debentures above recited such sums as may be required but not
exceeding a total of $90,000.00 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 siEn 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 7-1/4% p~ 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 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.
4. By-law Number 3503 be and the same is hereby repealed.
By-law read a FIRST, SECOND and THIRD time and PASSED in open
counoil this 7 day 196 .
Witness the Corporate seal ~~
of the Corporation of the ~~/z
Township of Pickering. ~ Clerk
-3-
~ HEREBY CERTIFY that the foregoing is a true copy of By-law
Number ~! of the Corporation of the Township of Pickering
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 ~, 1968.
~~~~ e e
WITNESS the Corporate seal
of the Corporation of the ~
Township of Picketing
Clerk ~ v ~