HomeMy WebLinkAboutBy-law 253/75THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER c2S 3 7S
Being a by-law to authorize the
borrowing of money by way of
temporary advances pending the
issue and sale of debentures and
pending receipt of grants and
contributions.
WHEREAS the Council of the Corporation of the Town of Pickering
has applied to the Council of the Regional Municipality of
Durham to authorize the issue and sale of debentures for
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raising a sum not exceeding $4-$6,000.00 and anticipates the y?
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receipt of a Provincial grant of $& ,000.00 and a cash con-
tribution of $19,000.00, all for the purpose of constructing
a Community Centre in the Bay Ridges area of the Town of
Pickering;
AND WHEREAS the Corporation desires to borrow money as
temporary advances pending the issue and sale of the said
debentures and the obtaining of the said grant and cash
contribution;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
PICKERING HEREBY ENACTS AS FOLLOWS:
1. Pending the issue and sale of the said debentures and
the receipt of said grant and cash contribution, the
Corporation of the Town of Pickering may borrow upon
the credit of the Town at large by way of temporary
advances to meet the expenditures authorized by this
by-law, such sum or sums as may be required for that
purpose but not exceeding in aggregate the sum of
$-2 ,000.00 and the Mayor and the Treasurer of the Town
are hereby authorized to sign and deliver to the said
lender such promissory note or notes as may be required
from time to time for the repayment of the moneys so
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borrowed at such time and at such rate of interest as
may be agreed upon with the said lender and to affix
to such promissory note or notes the seal of the
Corporation of the Town of Pickering.
By-law read a first and second time this I6'4_ day of June, 1975.
Mayor w.tial;,11! /14
Administrator-C erk
By-law read a third time and PASSED this day of ,
1975.
Mayor .?'
'I "aJl: ^I,?
Administrator- 1 rk
TOWN OF
DICKERING
APPROVED
AS TO FORM
C DEPT.