HomeMy WebLinkAboutBy-law 3566 THE CORPORATION OF THE.,TOWNSH~ OF ~ICKERING
BY-LAM NUMBER ~&$
A By-law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of the
debentures authorized by Resolution
Number 288/68.
WHEREAS the Council ef the Corporation of the Township
of Pickering has enacted its Resolution Number 288/68, passed
on the 7th day of October, 1968, duly authorizing the issue
and sale of debentures for raising a sum not exceeding
$175,000.00 for the following purpose, namely; the construc-
tion of school accommodation by the Public School Beard of
the Township School Area Number 2 of Picketing and the
purchase of equipment therefore;
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 I/~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 $175,000.00 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
author~ ed as aforesaid and to sign and deliver to the said
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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 November, 1968.
Witness the Corporate Seal ~\~eve{
of the Corporation of the /~
Township of Picketing.
Clerk
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WE HEREBY CERTIFY that the foregoing is a true copy of
By-law Number ,J~,~ 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 ~0uem~¢4 , 1968.
Witness the Corporate seal
of the Corporation of the