HomeMy WebLinkAboutBy-law 257/75THE CORPORATION OF THE TOWN OF PICKERING
BY-LAVl NUMBER ds"l 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 raising a sum not exceeding $180,000.00
and anticipates the receipt of a Provincial grant of
$66,000.00 and a cash contribution 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
$265,000.00 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.
2. By-law 0253/75 is hereby repealed.
By-law read a first and second time this ?? day of June 1975.
Mayor -?
n strator-C e
By- law read a third time and PASSED this t,, day of
1975.
nistrator-Cler