HomeMy WebLinkAboutBy-law 3100 TOWNSHIP OF PICKERINg
BY-LAW No...~../..9..~ .....
~[ ~=laW to authorize the borrowing o[ $ i1,500,000.00
Whereas the Council of the
(hereinafter called the "Municipality") deems it necessary to borrow the sum
of $ 1,500~000,00 to meet, until the taxes are collected, the current
expenditures of the Municipality for the year;
And Whereas the total amount of the estimated revenues of the Munici-
for ~, ~-,~, pality as set forth in the estimates adopted for the year 19 66, not including
~i~m. to tb~ revenues derivable or derived from the sale of assets, borrowings or issues of
ol mt ~. debentures or from a surplus, including arrears of taxes and proceeds from the sale
of assets, is$ 2,800,000.00
And Whereas the total amount heretofore authorized to be borrowed
w~,t, t~, this year for the purposes mentioned in subsection (1) of Section 329 of The
'~=~"~ Municipal Act is $ l~il , of which the Municlpality has
already borrowed a total of $ ~ i 1
Therefore the Council of the Township of P£ckeving
hereby enacts as follows:
I. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
borrow from time to time by way of promissory note from CANADIAN IMPERIAL BANK
o~ COM~tE~C~ a sum or sums not exceeding in the aggregate $ 1,5 0 0 ~ 0 0 0,0 0
to meet until the taxes are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned ia subsection
(1) of Section 329 of the Municipal Act, and to give on behalf of the Municipality
to the Bank a promissory note or notes sealed with the Corporate Seal and signed by
the Head and Treasurer for the moneys so borrowed, with interest, which may be
paid in advance or otherwise, at a rate not exceeding $ i x per centum per annum.
2. All sums borrowed pursuant to the authority of this by-law,as well as all other sums
borrowed in this year and in previous years from the said Bank for any or all of the
purposes mentioned in the said Section 329, shall, with interest thereon, be a charge
upon the whole o! the revenues o! the Municipality [or the current year and for all
preceding years as and when such revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed as aforesaid, together with interest thereon, all of the moneys hereafter
collected or received either on account or realized in respect of taxes levied for the
current year and preceding years or from any other source which may lawfully be
applied for such purpose. ~ -~
Passed this X;,/Z,( day of .,.¢3tqzx~.C~-~//. 19 ~ ~
. .............. ............. ......
I hereby certify that the foregoing is a true copy of By-law
No. fi/~ of the Township of Picketing
in the Province of Ontario, duly passed at a meeting of the Council of the said
Municlpality duly held, and that the said By-law is in full force and effect.
Dated This ~ ¢ 4 day of '.,)a-~.~a~/ 196 ~
As Wttness the Seal of The Corpoz, ation of the Township of Pickeeing
the of