HomeMy WebLinkAboutBy-law 3587 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LaW NUMBER ~7
A By-law to provide for a reserve fund.
WHEREAS by Order of The Ontario Municipal Board under
file G. 6854-68 dated the 6th day of December, 1968 approving
of proposed consolidating By-law Number 3579 of The Corporation
of the Township of Pickering and proposed By-laws Numbers 3573
to 3578, both inclusive, thereby consolidated, authorizing the
issue of Debentures in the aggregate principal amount of
$1,183,000 expressed and payable in dollars of the United States
of America, the Board made it a condition of the Order that
Council shall set aside any portion of the premium not required
to pay the cost of the works in question and charges incidental
thereto by By-law in a reserve fund to be used to pay the
premium on the annual payments.
NOW THEREFORE, the Council of The Corporation of the
Township of Pickering enacts as follows:
THAT any portion of the exchange premium realized from
the sale of Debentures of The Corporation of the Township of
Picketing in the aggregate principal amount of $1,183,000 in
lawful money of the United States of America authorized by By-law
Number 3579, consolidating By-laws Numbers 3573 to 3578, both
inclusive, that is not required to pay the cost of the works
referred to in said By-laws and charges incidental thereto
shall be set aside in a reserve fund to be used to pay the
exchange premium on the annual payments in respect of the said
Debenture s.
READ a first, second and third time and finally passed
this 9th~day of December, 1968.