HomeMy WebLinkAboutBy-law 5600/99THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 5600/99
Being a by-law to authorize the temporary
borrowing of moneys to meet the current and
capital expenditures of The Town of Picketing for
the year 2000.
WHEREAS Section 187 of the Municipal Act provides that the Council of The Town of
Picketing may by by-law authorize the Mayor and Treasurer of the Municipality to borrow from
time to time by way of promissory note such sums as the Council may deem necessary to meet,
until the taxes for the current year are received, the current expenditures of the Municipality for
the year, including the amounts required for principal and interest falling due within the year
upon any debt of the Municipality, and the sums required by law to be provided by the Council
for any local board of the Municipality; and,
WHEREAS Section 187(2) limits the total of such borrowings to not exceeding 50 per cent of
the estimated annual revenues from January 1, 1999 to September 30, 1999 and 25 per cent
thereafter; and,
WHEREAS it is deemed necessary by the said Council to borrow the sum of eighteen million
dollars ($18,000,000) to meet, until the taxes for the current year are received, the current
expenditures of the Municipality for the year 2000, including the amounts and sums aforesaid;
and,
WHEREAS the said sum of eighteen million dollars ($18,000,000) plus any similar borrowings
that have not been repaid, is less than 50 per cent of the total amount of the estimated revenues of
the Municipality from January 1 to September 30 as set forth in the estimates adopted by the said
Council for the year 1999 exclusive of revenues derivable from the sale of assets, borrowings or
issues of debentures or from a surplus including arrears of levies and $6,600,000 is less than 25
per cent thereafter; and,
WHEREAS Section 188 of the Municipal Act provides that if a municipality has by by-law
approved an undertaking to be financed in whole or in part by incurring long-term debt, the
council may by by-law authorize temporary borrowing to meet expenditures made in connection
with the undertaking; and,
WHEREAS it is deemed necessary by the said Council to borrow the sum of seven million
dollars ($7,000,000) to meet the capital expenditures approved by Council.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
PICKERING HEREBY ENACTS AS FOLLOWS:
The Mayor and Treasurer of The Town of Picketing be and they are hereby authorized to
borrow from time to time by way of promissory notes a sum or sums not exceeding
eighteen million dollars ($18,000,000) to meet, until the levies for the year 2000 are
received, the current expenditures of the Municipality for such year, including the
amounts required for principal and interest falling due within the year upon any debt of
the Municipality for the period January 1, 2000 to September 30, 2000 inclusive and
$6,600,000 thereafter until December 31, 2000.
The Mayor and Treasurer of the Town of Pickering be and they are hereby authorized to
borrow from time to time by way of promissory notes a sum or sums not exceeding in all
the sum of seven million dollars ($7,000,000) to meet the capital expenditures as
approved by Council, of the Municipality including the amounts required for principal
and interest.
o
Any promissory notes made under the authority of this By-Law shall be sealed and signed
in accordance with the provisions of the Municipal Act and may be countersigned in
writing by the Deputy Treasurer of the Corporation in accordance with the provisions of
the said Act.
BY-LAW read a first, second and third time and finally passed this 20 day of December, 1999.
Wayne Arthurs, Mayor
. Clerk~_