HomeMy WebLinkAboutBy-law 4463/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER _44.63 73
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 4327/73
WHEREAS the Council of the Corporation of the
Township of Pickering has enacted its By-law 4327/73 passed
on the 19th day of November, 1973, duly authorizing the
issue and sale of debentures for raising a sum not exceeding
$51,500,00 for the following purpose, namely: the construc-
tion of storm and sanitary sewers on Liverpool Road as a
local improvement.
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:
N(X•: 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 $51,500.00 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
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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 9 % per annum, and to affix the corporate
seal of the Corporation to such promissory note or notes.
3. The Head and Treasurer are hereby authorized to
assign and pledge the said debentures to the 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 Ij day of , 1973.
Witness the Corporate Seal
of the Corporation of the
Township of Pickering
Clerk