HomeMy WebLinkAboutBy-law 3467 THE CORPORATION OF THE TOWNSHIP OF PICKERING
A By-law au~horizin~
of mo~ey by way of tempo~a~ ad~ces
pending the issue ~d sale of the
debent~es authorized by By-law No.
3~$.
WHEREAS the Cauncil of the Corporation of the Township of
Picketing has enacted its By-law ~o. 3&~, passed on the llth day of
March, 1968, duly authorizing the issue and sale of debentures for
raising a sum not exceeding $29,000.00 for the following purpose,
namely; construction of watermains and sewers on the west side of
Brock Road between a point 9&5 feet south of the south street line ef
Base Line Road and Base Line Road.
AND W'~EREAS by Order dated March 6, 1968, the passing of
the said By-law was duly approved by the Ontario Municipal Beard.
AND W"dEREAS 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 PICXERING HEREBY E~ACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from THE CANADIAN BA~K OF COMMERCE as temporary advances
pending the issue and sale of the debentures above recited such suma as
may be required but not exceeding a total of $29,000.00 on the terms
and subject to the conditions set forth in this By-law.
2. Within the limit aforesaid and as moneys are required from
time to time for the purpose above recited, the Head and Treasurer,
acting on behalf of the Corporation, are hereby authorized to borrow
moneys from the said Bank for the saidpurpose pending the issue and
sale of the debentures authorized as aforesaid and to sign and deliver
to the said Bank such promissory note or notes as may be required for
the repayment of the moneys borrowed at such time or times and at such
rate of interest as may be agreed upon with the said Bank, but not
exceeding the rate of 7 per centum per annum, and to affix the corporate
seal of the Corporation to such promissory note or notes.
3- The Head and Treasurer are hereby authorized to assign and
pledge the said debentures to the said Bank upon the issue thereof
to be held by the said Bank as collateral security For all moneys
borrowed under this By-law and interest thereon and to assign to
the said Bank the moneys growing due from the sale of the said
debentures and the proceeds of the sale of the said debentures, or so
much thereof as may be necessary, shall be paid to the said Bank in
satisfaction of the moneys borrowed under this By-law and interest
thereon.
READ a FIRST, SECOND and THIRD time and PASSED in open Council
this ~,~day of March, 1968.
~-~ ,~ ·
~Reeve
WITNESS THE CORPORATE SEAL
TOWNSHIP OF PICKERING Clerk ~ '
WE HEREBY CERTIFY that the foregoing is a true copy of By-law
Number ~ of the Corporation of the Township of Picketing
in the Province of Ontario, duly passed at a meeting or meetings
of the Council of the said Corporation duly and regularly held,
and that the said By-law is now in full force and effect.
Dated this ./$z~ day of ~arch, 1968.
OF THE CORPORATIOM OF THE ~eev~~