HomeMy WebLinkAboutBy-law 4478/73THE CORPORATION OF THE TOI:NSHIP OF PICKERING
BY-LAS.' NUMBER 44--X /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 Numbers 4279/73, 4345/73 and
4371/73.
WHEREAS the Council of the Corporation of the
Township of Pickering has enacted its By-law Numbers 4279/73,
4345/73 and 4371/73 passed on the 19th day of March, 1973,
the 22nd day of May, 1973 and the 4th clay of June, 1973, duly
authorizing the issue and sale of debentures for raising a
combined sum not exceeding $334,200.00 for the following
purpose, namely: the construction and financing of a second
ice pad for the Don beer Sports Arena.
AND11HEREAS the said by-law does not require the
assent of the electors or of those qualified to vote on money
by-laws.
AND 11HEREAS the Corporation desires to borrow money
as temporary advances pending the issue and sale of the said
debentures:
NOC: THEREFORE, THE COUNCIL OF THE CORPORATION OF THE
TOUNSHIP OF PICKERING HE.,EBY ENACTS AS FOLLOJS:
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 $334,200.00 on the terms and subject
to the conditions set forth in this by-law.
2. `..'ithin 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
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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 to 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 Number 4465/73 is hereby repealed.
By-law read a First, Second and Third Time and PASSED in open
council this 17 )?k day of 1973.
I.itness the Corporate Seal
of the Corporation of the
Township of Pickering
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Clerk
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