HomeMy WebLinkAboutBy-law 3743/69 A By-law to amend the rate of interest
charged by the Canadian Imperial Bank
of Commerce on temporary advances
pending issue and sale of the debentures
WHEREAS the Council of the Corporation of the Township
of Pickering has enacted certain by-laws to authorize the borrowing
of money by way of temporary advances pending the issue and sale
of debentures;
AND WHEREAS the interest rate at t~e~time of passing these
by-laws was recorded at 7~t/2 ~9~centum per annum;
AND WHEREAS ~- '~
uae interest rate as now increased and the
Canadian Imperial Bank of Commerce has requested an amendment to
the borrowing by-laws;
BE IT THEREFORE RESOLVED that by-laws 3542, 3~55 and
3586 be amended with respect to interest rates only, and that 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, is not
to exceed the rate of 8-1/2 per centum per annum.
By-Law read a First, Second and ~hird Time and PASSED in open