HomeMy WebLinkAboutBy-law 5426/98THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 5426/98
Being a by-law to authorize the temporary
borrowing of moneys to meet the current
expenditures of The Town of Pickering for the
year 1999.
WHEREAS the Municipal Act provides that the Council of The Town of Picketing may by by-
law authorize the Mayor and Treasurer of the Municipality to borrow from time to time by way
of promissory note such sums as the Council may deem necessary to meet, until the taxes for the
current year are received, the current expenditures of the Municipality for the year, including the
amounts required for principal and interest falling due within the year upon any debt of the
Municipality, and the sums required by law to be provided by the Council for any local board of
the Municipality; and
WHEREAS it is deemed necessary by the said Council to borrow the sum of twenty-six million
dollars ($26,000,000) to meet, until the taxes for the current year are received, the current
expenditures of the Municipality for the year 1999, including the amounts and sums aforesaid;
and
WHEREAS the said sum of twenty-six million dollars ($26,000,000) plus any similar
borrowings that have not been repaid, is less than 25 per cent of the total amount of the estimated
revenues of the Municipality as set forth in the estimates adopted by the said Council for the year
1999 exclusive of revenues derivable from the sale of assets, borrowings or issues of debentures
or from a surplus including arrears of levies and proceeds from sale of assets:
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
PICKERING HEREBY ENACTS AS FOLLOWS:
The Mayor and Treasurer of The Town of Picketing be and they are hereby authorized to
borrow from time to time by way of promissory note a sum or sums not exceeding in all
the sum of twenty-six million dollars ($26,000,000) to meet, until the levies for the year
1999 are received, the current expenditures of the Municipality for such year, including
the amounts required for principal and interest falling due within the year upon any debt
of the Municipality, and the sums required by law to be provided by the Council for
regional and school purposes and for any local board of the Municipality.
Any promissory note made under the authority of section 1 hereof shall be sealed and
signed in accordance with the provision of the Municipal Act and may be countersigned
in writing by the Deputy Treasurer of the Corporation in accordance with the provisions
of the said Act.
BY-LAW read a first, second and third time and finally passed this 21st day of December, 1998.
Bruce Taylor, Clerk