HomeMy WebLinkAboutBy-law 1609/83THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1609/83
Being a by-law to authorize the tempor-
rary borrowing of up to $3~000,000.00 at
any one time.
WHEREAS the Council of the Corporation of the Town of Pickering
(hereinafter called the "Town") deems it necessary to borrow
the sum of $3,000,000.00 to meet the capital expenditures of
the Recreation Complex for the year; and
WHEREAS the total amount of the estimated revenues of the Town
as set forth in the estimates adopted for the year 1983 is
$18,000,000.00; and
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 $ nil;
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 from the Canadian Imperial Bank of
Commerce, a sum or sums not exceeding in the aggregate
$3,000,000.00 to meet the capital expenditures of the
Recreation Complex 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 Bank, 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 Bank.
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 from the said Bank 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 from any other source
which may lawfully be applied for such purpose.
BY-LAW READ a first, second and third time and finally PASSED
this 10th day of January, 1983.
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