HomeMy WebLinkAboutBy-law 1954/85THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1954/85
Being a by-law to authorize the temporary
borrowing, if necessary, of up to $1,500,000
at any one time, until taxes are collected.
WHEREAS the Council of the Corporation of the Town of Pickering (hereinafter called
the "Town") deems it necessary to borrow the sum of $1,500,000 to meet, until the
taxes are collected, the current expenditures of the Town for the year; and
WHEREAS the total amount of the estimated revenues of the Town as set forth in the
estimates for the year 1985 is $25,500,000;
WHEREAS the total of amounts heretofore borrowed for the purposes mentioned in
subsection (1) of section 189 of the Municipal Act, R.S.O. 1980, c. 302, which have
not been repaid is $179,000;
NOW THEREFORE the Council of the Corporation of the Town of Pickering HEREBY ENACTS as
follows:
The Mayor and the Treasurer are hereby authorized on behalf of the Town to
borrow from time to time by way of promissory note a sum or sums not exceeding
in the aggregate of $1,500,000 to meet until the taxes are collected, the
current expenditures of the Town for the year, including the amounts required
for the purposes mentioned in subsection (1) of section 189 of the Municipal
Act, and to give on behalf of the Town to the lender, a promissory note or notes
sealed with the Corporate Seal and signed by the Mayor and Treasurer for the
monies so borrowed, with interest at such rate as may be agreed upon from time
to time with the lender.
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Ail sums borrowed pursuant to the authority of this by-law, as well as all other
sums borrowed in this year and in previous years for any or all of the purposes
mentioned in the said section 189, shall, with the interest thereon, be a charge
upon the whole of the revenues of the Town for the current year and for all
preceding years as and when such revenues are received.
The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed as aforesaid, together with interest, thereon, all of the monies
hereafter collected or received either on account or realized in respect of
taxes levied for the current year and preceding years or fram any other source
which may lawfully be applied for such purpose.
BY-LAW READ a first, second and third time and finally PASSED this 21st day of
January, 1985.
Mayor (Acting)
Clerk /