HomeMy WebLinkAboutBy-law 3329 THE CORPORATION OF THE TOWNSHIP OF PICKERING
By-U w NU ER 5
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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.
3194
WHEREAS the Council of the Corporation of the Township of
Pickering has enacted its By-law No. 3194, passed on the 12th
day of June, 1966, duly authorizing the issue and sale of
debentures for raising a sum not exceeding $115,000.00, for
the following purpose, namely; Construction of watermains on
Fairport Road, Dunbarton Road, and Highway 2 to a point 764 feet
east of Liverpool Road
AND WHEREAS, by Order dated the 7th day of June, 1967, the
passing of the said By-law was duly approved by the Ontario
Municipal Board.
AND WqqEREAS, the said By-law 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 $115,000.00 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
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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 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 6 ~per
centum per annum, and to affix 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 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-LAW read a first and second time this ~ day of ~_y , 1967.
WITNESS the Corporate seal of
the Corporation of the Township ReeVe
of Pickering
Cier
BY-LAW read a third t~e and PASSED this ~ day of '~/~ , 1967.
WITNESS the Corporate seal of~-.~
the Corporation of the Townsh~ R~
of Pickering
cmr
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WE HEREBY CERTIFY that the foregoing is a true copy of
By-law Number~ 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.
day of 1967
the Corporation of the Township
of P ickering