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HomeMy WebLinkAboutBy-law 3705/69 THE CORPORAT~ON.Q~THE~O_WNSHIp OF PIOKERING 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 3695/69. WHEREAS the Council of the Corporation of the Township of Pickering has enacted its By-law 3695/69, passed on thellth day of August, 1969 (two readings only), duly authorizing the issue and sale of debentures for raising a sum not exceeding $115,O00.O0 for the following purpose, namely: the construction of a water- main in the Glendale area 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 on 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 $115,000.O0 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 Corpora- tion to such promissory note or notes. - 2 - 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 of Picketing ~--- Clerk -3- 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 ___~_~ay of ___~1 , 1969. ' eeve ' '~ --' Witness the Corporate seal ~~~~ of the Corporation of the Township of Picketing C-~ ~-~-- ~