HomeMy WebLinkAboutBy-law 3330 THE CORPORATION OF THE TOWNSHIP OF PICBiERING
A By-law authorizing the borrowing
of money by way of temporary advances
pending the issue and sale of the
debentures authorized by Resolution
511/66
WHEREAS the Council of the Corporation of the Township of
Pickering has enacted its Resolution No. 511/66, passed on the
5th day of December, 1966, duly authorizing the issue and sale
of debentures for raising a sum not exceeding $130,000.00, 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
AND WHEREAS, by Order dated the 31st day of May, 1967, the
passing of the said Resolution was duly approved by the Ontario
Municipal Board.
AND 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 $130,000.00 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,
-2-
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 ,a~reed
upon with the said Bank, but not exceeding the rate of.~per
centum per annum, and to affix the corporate seal of the Corp-
oration 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 .~,~,~ , 1967.
Reeve /
the Corporation of the Township
third time and PASSED this~ day of //~ , 1967.
BY-LAW
read
a
WITNESS the Corporate seal of
(' Reeve
the Corporation of the Township ~ ~
of Pickering C l~, :1
' Clerk
WE HEREBY CERTIFY that the foregoing is a true copy of
By-law Number ~,~0 of the Corporation of the Township of Picketing
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 J~,~a. , 1967.
WITNESS the Corporate seal of <
~ Ree~
the Corporation of the Township