HomeMy WebLinkAboutBy-law 3328 T~E CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER ~ ~ 2 ~
A By-law authorizing the borrowing
of money by way of temporary advances
pending the issue and sale of the
debentures authorized by Resolution
Number 207/67
WHEREAS the Council of the Corporation of the Township of
Pickering has enacted its Resolution No. 207/67, passed on the
14th day of June, 1967, duly authorizing the issue and sale of
debentures for raising a sum not exceeding $940,000.00, for the
following purpose, namely; the construction of school accomodation
by the Public School Board of the Township School Area Number 2
of Pickering and the purchase of equipment therefore
AiqD WHEREAS, the said Resolution 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 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 $940,000.00 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
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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 t~e or t~es and at such rate of interest as may be
agreed upon with the said Bank, but not exceeding the rate of
per cent~ per ann~, and to affix the corporate seal of the
Corporation to such promissory note or notes.
3. ne 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-~W read a first and se~nd t~e this ~ day of ~ , 1967.
WITNESS the Corporate seal of~ ~~
the Corporation of the To. ship ~
~eev~
of Pickering. , ~
BY-~W read a third t~e and PASSED this ~ day of ~t~ , 1967.
WI~ESS the Corporate seal of
the Corporation of the Township
of Pickering.
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WE HEREBY CERTIFY that the foregoing is a true copy of
By-law NumberJ.~~9~ 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 -'~3,v~ 1967.
WITNESS the Corporate seal of
the Corporation of the Township
of Picketing.