HomeMy WebLinkAboutBy-law 1223/81TITE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1223/81
Being a by-law to authorize the tempo-
rary borrowing, if necessary, of up to
$1,500,000.00 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 $1,500,000.00 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 adopted for the year 1981, is
$14,000,000.00; and
WHEREAS the total of amounts heretofore borrowed for the pur-
poses mentioned in subsection (1) of section 332 of The
Municipal Act, which have not been repaid is $nil;
NOW THEREFORE, the Council of the Corporation of the Town of
Pickering HEREBY ENACTS AS FOLLOWS:
1. 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 $1,500,000.00 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 332 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 th
moneys so borrowed, with interest at such rate as may be
agreed upon from time to time with the Bank.
2. All 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 332, shall, with
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.
3. The Treasurer is hereby authorized and directed to apply
in payment of all sums borrowed as aforesaid, together
with interest, thereon, all of the moneys 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 law-
fully be applied for such purpose.
BY-LAW 1223/81 (cont'd)
BY-LAW READ a first, second and third time and finally passed
this 19th day of January, 1981.
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