HomeMy WebLinkAboutBy-law 3555 THE CORPORATION OF THE TOWNSHIP OF PICKERING
By-Law Number ~ ~S
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 ~3547
WHEREAS the Council of the Corporation of the Township of
Pickerin~ has enacted its By-law #3547, passed on the 7th day of
October, 1968, duly authorizSng the issue and sale of debentures for
raising a sum not exceedinE $82,000.00 for the following purpose,
namely:
1. The construction of watermains on Bayly Street fram Toy Avenue
to the easterly limit of the Hydro E~ctric Power Commission right-of-way
and on Toy Avenue from Bayly Street to a point 875 feet north of Bayly
Street at an estimated cost of $43,000.00.
2. The construction of sanitary sewers on Bayly Street from Toy
Avenue to a point approximately 85 feet east of the east limit of the
Hydro-Electric Power Commission right-of-way and on Toy Avenue from
Bayly Street to approximately 865 feet north of Bayly Street at an
estimated cost of $39,000.00.
NOW THEREFORE, the Council of the Corporation of the Township
of Picketing HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from THE CANADIAN IR~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 $82,000.00 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 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 7-1/4 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 in open Council
this ~ day of October, 1968.
Witness the Corporate seal ve ..
of the Corporation of the ~. ~
Township of Pickerin~
Clerk ~ ~
WE HEREBY CERTIFY that the foregoin~ 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 ~ day of ~ 1968.