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HomeMy WebLinkAboutBy-law 936/79THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 936/79 Being a by-law to authorize the borrowing of $1,500,000. 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 adopted for the year 1975, is $11,000,000; and WHEREAS the total of amounts heretofore borrowed for the purposes 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 to meet until the taxes are collected, the current expenditures of the Town for the year, includ- ing 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 the 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 lawfully be applied for such purpose. T(DWN CF PIC!;?"IN CI ?3, 1,3 I...i.,..._ _. .. - 2 - BY-LAW NO. 936/79 (Cont'd) BY-LAW read a first, second and third time and finally passed this 8th day of January, 1979. Mayor (Acti g) f ?C X'? t er I hereby certify that the foregoing is a true copy of By-Law No. 936/79 of the Town of Pickering in the Province of Ontario, duly passed at a meeting of the Council of the said Municipal- ity duly held, and that the said By-Law is in full force and effect. DATED this 9th day of January, 1979. AS WITNESS the Seal of the Corporation of the Town of Pickering A