HomeMy WebLinkAboutBy-law 3706/69 THE CORPORATION OF..~HE ~OWNSHIP OF PICKERING
BY-LAW
NUMBER
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
3694/69.
WHEREAS the Council of the Corporation of the Township of
Picketing has enacted its By-law 3694/69, passed on the llth
day of August, 1969, (two rea~din_gs only), duly authorizing the
issue and sale of debentures for raising a sum not exceeding
$275,000.00 for %he following purpose, namely: the construction
of a watermain in the Spruce Hill 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 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 $275,000.00 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
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.
Witness the Corporate Seal
of the Corporation of the
Township of Picketing C-~-~ / ~-~
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WE HEREBY CERTIFY that the foregoing is a true copy of By-law
Number ~of the Corporation of the Township of Pickering
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 ___~]_~day of ___~, 1969.
Witness the Corporate seal
of the Corporation of the
Township of Pickering