HomeMy WebLinkAboutBy-law 3464 CORPORAT O OF THE OF
BY-LAW NUMBER ~ ~
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.
3346.
WHEREAS the Council of the Corporation of the Township of
Picketing has enacted its By-law No. 33~61 passed on the 8th day of
January, 1968, duly authorizing the issue and sale of debentures for
raising a sum not exceeding $125,000.00 for the following purpose,
namely; the construction of an addition to the existing Police Station
in Lot 26, Range III, Broken Front Concession, Township oX bickering.
AND WHEREAS by Order dated the 2nd day of January, 1968, the
passing of the said By-law was duly approved by the Ontario Municipal
Board.
AND WHEREAS 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 TO%~SHIP
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 $125,000.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 fro~
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 esceedir
the razor7 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, SECOND and THIRD time and PASSED inopen Council
this I/ ~ day of March, 1968.
eeve
WITNESS the Corporate seal
of the Corporation of the
Township of Picketing Clerk
WE HEREBY CERTIFY that the foregoing is a true copy of By-law Number
~ ~ ~ ~ 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 'II day of March, 1968.
WITNESS the Corporate seal ·