HomeMy WebLinkAboutBy-law 3894/90 THE C. ORPORAT__I_ON__OF T__HE TOWNSHIP OF PICKERING
BY-LAW NUMBER
A By-law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of the
debentures authorized by By-law Number
3860/70.
WHEREAS the Council of the Corporation of the Township of
Pickering has enacted its By-law 3860 (two readings only) on the
8th day of September, 1970, duly authorizing the issue and sale
of debentures for raising a sum not exceeding $30,400.00 for the
following purpose, namely: the construction of a watermain,
sanitary sewer, water connections and sanitary sewer connections on
Sunrise Avenue as a local improvement;
AND WHEREAS the said By-law does 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 CO~RCE as
temporary advances pending the issue and sale of the debentures
above recited such sums as may be required but not exceeding a total
of $30,~00.00 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 sign and deliver
to t~ 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 8 per centum per annum, and to affix the
corporate seal of the Corporation to such promissory note or notes.
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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.
By-law read a First, Second and Third T~me and PASSED in open
Council this __ I~~ day of ~ , 19 ~.~ ·
of the Corporation of the
Township of Pickering
Clerk
WE HEi~EBY CERTIFY that the foregoing is a true copy of By-law
Number ~3~//° of the Corporation of the Township of Picketing 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.
Witness the Corporate Seal ~eeve
of the Corporation of the ~ /~ ~
Township of Pickering
Clerk