HomeMy WebLinkAboutBy-law 3488 THE CORPORATION OF THE TOWNSHIP OF PICKERING
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 No.
3572.
1~HEREAS the Council of the Corporation of the Township
of Picketing has enacted its By-law No. 3472, passed on the 18th
day of March, 1968, duly authorizing the issue and sale of debentures
for raising a sum not exceeding $50,000.00, for the following
purpose, namely; purchase of 18.6637 acres of land in Lot 19, Range 3
for the purpose of establishing sites for the carrying on of
industries and industrial operations;
AND TWHEREAS, the said By-law does not require the assent
of the electors or of those qualified to vote on money by-laws;
AND NHEREAS, 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 FOLLOWB:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from THE CANADIAN 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 $50,000.00 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~% 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 and SECOND time this /~C day of /1~£,/ , 1968.
1FITNESS the Corporate seal of the
Corporation of the Township of Reeve
Picketing.
~erk
By-law read a THIRD time and PASSED in open Council th/s
day of ~ ~ 1968.
'~E HEREBY 'CERTIFY that the foregoing is a trae 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 /~/~ ~g 1968.
!
1gITNESS the Corporate Seal of the ~ .....
Corporation of the Township of ~~
Picketing.
Clerk ~1 ' ~ /~