HomeMy WebLinkAboutBy-law 4229/72THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER `f Z
A By-Law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of the
debentures authorized by By-Law
Number 4186/72.
WHEREAS the Council of the Corporation of the Township of
Pickering has enacted its By-law 4186/72, passed on the 1st day
of May, 1972, duly authorizing the issue and sale of debentures for
raising a sum not exceeding $130,000.00 for the following purpose,
namely: The construction of Watermains on Kingston Road, Finch
Avenue, Guild Road and Royal Road.
AND WHEREAS the said By-law does not require the assent of the
electors or of those qualified to vote on money by-laws;
AND WHEREAS the Corporation desires to borrow money as temporary
advances pending the issue and sale of the said debentures;
NOW THEREFORE, THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP
OF PICKERING HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize the
borrowing from THE CANADIAN IMPERIAL BANK OF COMMERCE as temporary
advances pending the issue and sale of the debentures above recited
such sums as may be required but not exceeding a total of $130,000.00
on the terms and subject to the conditions set forth in this By-law.
2. Within the limit aforesaid and as moneys are required from time
to time for the purpose above recited, the Head and Treasurer acting
on behalf of the Corporation, are hereby authorized to borrow moneys
from the said Bank for the said purpose pending the issue and sale of
the debentures authorized as aforesaid and to sign and deliver to the
said Bank such promissory note or notes as may be required for the
repayment of the moneys borrowed at such time or times and at such
rate of interest as may be agreed upon with the said Bank, but not
exceeding the rate of 6 per centum per annum, and to affix the
corporate seal of the Corporation to such promissory note or notes.
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3. The Head and Treasurer are hereby authorized to assign
and pledge_tbe said debentures to that said bank upon the issue
thereof to be held by the said Bank as collateral security
for all moneys borrowed under this By-law and interest thereon
and to assign to the said Bank the moneys growing due from
the sale of the said debentures and the proceeds of the sale
of the said debentures, or so much thereof as may be necessary,
shall be paid to the said Bank in satisfaction of the moneys
borrowed under this By-law and interest thereon.
By-Law read a First, Second and Third time and PASSED in open
Council this day of h? 4 /7 Z
Witness the Corporate Seal
of the Corporation of the
Township of Pickering