HomeMy WebLinkAboutBy-law 3211 BY-L^W NO.
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 No,
WHEREAS the Council of the Corporation of The Township of Picketing
esolu~zon ~ 2o/o~}
has enacted its ~,~cx",~ , passed on the 18th day o.f , July
]9 6~), duly authorizing the issue end sale of debentures for raising a sum not exceeding $ ~2~ z 000 .Q0
for the following purpose, namely: Co~c%io~ Of a school of ei~h% classrooms
and ~eneral purpose room to be kno~ as the ~'~illiam G, Davis Public
School [$15:000,00 for school site - ~&lO~O00.O0 school construction)
Resolut ion
AND WHEREAS prior to the passing of the said ~da~', the approval of the Ontario Municipal Board
was first obtained, as evidenced by the Order of the said Board dated the ~}th day of
September 19, ~6.
AND WHEREAS the said Bydaw 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 Picketing
HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize the borrowing from CANADIAN
PERIAL 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 $ Lk25 ~ QO0 · 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 L-"'~ per centum per annum, and
to a~x the corporate seal of the Corporation to such promissory note or notes,
3, The Head and Treasurer are hereby authorized to assign and pledge the said debentures to 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.
WITNESS the Corporate Seal of
the Corporation of The '~o~vnship of Picketing
/ /
H?d of Mu~J~palit'y/
Clerk[ I
Reso~Lua±on ~f326/66
W~ HEREBY CERTIFY that the foregoing is a ~rue copy of~ of the Cor~ration
of T~e ~o~b~p oE P~c~e~[~ 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 e~ect.
WITNESS the Corporate Seal of
the Corporation of the Township of ?ickering
I~ad of MunicipaJlty