HomeMy WebLinkAboutBy-law 3531 A By-law authorizing the borrow-
ing of money by way of temporary
adWances pending the issue and
sale of the debentures authorized
by Resolution No. 201/68
WHEREAS the Council of the Corporation of The Township of
Picketing has enacted its Resolution 201/68, passed on the
6th day of August, 1968, duly authorizing the issue a~d sale
of debentures for raising a sum not exceeding $1,882,070.00 for
the following purpose, namely for the construction and equipment
of an addition to the Dunbarton High School and alterations
to the existing building;
AND WHEREAS the approval of the Ontario Municipal Board was
obtained for the proposed capital expenditure, as evidenced
by the Order of the said Board dated the 23rd day of July,
1968:
AND WHEREAS the said By-law does not require the assent of
the electors or of those qualified to vote on money by-laws;
A~D WHER~S the Corporation desires to borrow money as tem-
porary advances pending the issue and sale of the said
debentures;
NOW, THEREFORE, THE COUNCIL OF THE CORPORATION Ol~ THE TO~N-
SHIP OF PICKERING HEREBY ENACTS AS POLLOWS t
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from CANADIAN L~PERIAL 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 $1,882,070.00 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 perching the issue an~ 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 corpor-
ate 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 debentures to
the sa~ 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 theron 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 therof as may be necessary, shall
be paid to the said Bank in satisfaction of the moneys
borrowed under this By-law and interest thereon.
Passed this 6th day of August, 1968.
-2-
WITNESS the Corporate Seal of
the Corporation of the T~wn-
ship of Picketing
/~{ead of Municipality
Clerk
WE HEREBY CERTIFY that the foregoing is a true copy of By-l~w
number ~P3! 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 L~ day of August, 1968.
WITNESS the Corporate Seal of
the Corporation of the Town-
ship of Picketing