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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 ~