HomeMy WebLinkAboutBy-law 2378�Y-LAW NU. ��
A�y-law authorizin$ the borrowinF of money by xa7
of te�orary advances pendin� the iasue and sale of
the debenturea authorized by Dq-law No. 2�"�2 & 2373
MHEREAS the Council of the Corporation of Township of Pickering
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has enacted its By-1awiNo, � S 3 Y � pasaed on the L dIIy of -�-� �9�f'
19 �, duly authoriain� the iasue and sale of debentures Sor raisine a eu� not
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excaedin� $9�.000.00 � for the Following purpose, naaely:
�2332s Debenture �55,000.00 S.S. -�11 3 Room School .'n :
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�2373 Deoenture �1�0,000.00 S.S. �10 2 Room School �,.
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AND h&IEHEAS� by Order dated the 18 �y of Nov• 195� ��332 ��.�'
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19_, the pasain� of the said By-law was duly approved by the OntArio Municipal 5`�- t
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AND WHERPAS� the said `�"`'
By-laN does not require the asaent of the ,�. �
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electors or of those qualified to vote on money by-lawa; �'�;
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AND NHI£s�.EAS, the Corporation desires to borrox money as tenporary advancea '%y•'-;
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pending the inaue and eale of the said debentures; a,'='•y
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NUW� THETtg'0!3]'s� THE COUNCIL OF THE CURPORATION OF "THE TOWNSHIP OF PICA��
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HEREBY ENdCTS AS FULLOWS: � x.�. �^"
L�� 1. The Corporation agreea to borrow and doth hereby authorize the borrowin� f,,„.:,
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fro� THE CANADIAN ➢ANK OF CO2�1tCE as tenporary advancea pendin� the i.seue nnd ,�`"
sale of the debenturos above recited such auxs as way be required but not exceedine
a totnl of � 95.000.00 on the teras and aubject to the conditione set
/�£orth in this Dy-law.
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��2. Within the linit aforesaid and as moneys are required froa time to tiwe
for the purpoae above rec3ted, the Head s�nd TreASUrer, acting on behalf of tha
Corporation, are hereby authorized to borrox aone�s fro� the aaid Dank for the aaid
purpoae pending the isaue and sale of the debentures authorized as aforesaid and to
aigi and deliver to the said Hank auch promieaory note or notes as uay be required
for the repaynent of the moneys borroxed at auch time or times and at such rate of
interest as s�v be aarxd upon xith the said Bank, but not exceedine the rate of
�o o�r cantua per annua, and to nffix the corporate senl of ths
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CArporation to such proaisaory note or notea.
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3. The Haad and Treasurer are hereby authorized to aseign and pledae the said
debenturea to the said Yank upon the isaue thereoP to bc� held by the a�dd Bank as
collatr.rql security for all moneys borrowed under this Hy-law and interest theron
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and to assien to the said Dank the moneys erowing due Yrom the sale of the said
debentures; and the proceeds of the sale of the sai.d debentures, or so guch therof
as aay be necessarq, ahall be paid to the said Bank in sntfsfaction of the moneya
borrowed under this By-law and inLerest thereon.
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Passed thia � day of ___:�.�.___19_'�. -�
WITNESS the Corporate Sial � •
the CorporAtion of ���
WE HEREBY CERTIFY that thr. foreeoinQ
of the Corporation of in
Head
ty
true copy of By-law No.
Province of Ontario, duly
passed at a neetinE or u etinga of the CoUncil of the said Corporation duly and
rePularly held� nnd that the said Hy-law is nox in Pull force and eSfect.
Dated this
WITD1E:iS the Corpou.te Seal of
the Corporation of
day of 19_.
Aead of Municipxlity
Clerk
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