HomeMy WebLinkAboutBy-law 3703/69 T~HE__CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NU~J~ER ? /v?/~7
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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
3687/69.
WHEREAS the Council of the Corporation of the Township
of Pickering has enacted its By-law 3687/69, passed on the 7th
day of July, 1969 (two re~din~s only), duly authorizing the issue
and sale of debentures for raising a sum not exceeding $144,020.O0
for the following purpose, namely: the construction of sanitary
sewers and watermains and road construction on Quigtey Street
and Dillingham 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;
NOW THEREFOEE, 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 I~IPERIAL BANK OF CO~ERCE 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 $14~,020.00 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 8-1/2 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 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 25th day of August, 1969.
of the Corporation of the ~ ~
Township o£ Picketing ~
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WE HEREBY CERTIFY that the foregoing is a true copy of By-law
in the Province of Ontario, duly passed at a meeting or meetings
of the Council of the said Corporation duly and regularly held,
and that the said By-law is now in full force and effect.
Dated this ~5 day of ___~, 1969.
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Witness the Corporate seal ~e~k~
of the Corporation of the
Township of Picketing