HomeMy WebLinkAboutBy-law 3586 THE CORPORATION, OF THE.,TOWNSHIP OF PICKERING
BY-LAW NU ER
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 Number
3581.
WHEREAS the Council of %he Corporation of the Township
of Picketing has enacted its By-law #3581, passed on the 3rd day
of December, 1968 (two readings only), duly authorizing the issue
and sale of debentures for raising a sum not exceeding $150,000.00
for the following purpose, namely: the construction of a Fire Hall;
AND WHEREAS %he said By-law does not require the assent
of the electors or of those qualified %o vote on money by-laws;
AND WHEREAS %he 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 Oorporation agrees to borrow and doth hereby authorize
the borrowing from THE CANADIAN IMPERIAL 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 $150,000.00
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 %he said purpose pending the issue and
sale of the debentures authori~d 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/~ per centum per annum, and to
affix the corporate seal of the Corporation to such promossory note
or notes.
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3. The Head and Treasurer are hereby authorized bo 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 3rd day of December, 1968.
of the Corporation of the
Township of Pickering
~ierk .~ ~
WE HEREBY CERTIFY that the foregoing is a true copy c~ By-law
Number ~ S~ ~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 o£ L~ ~ 196~.
~Vitness the Corporate seal
of the Corporation of the /~?
Township of Picketing ~ Clerk