HomeMy WebLinkAboutBy-law 2108/85THE CORPORATION OF THE TOWN OF PICKERING
Temporary Borrowing Authorization By-Law
OFFICE CONSOLIDATION
BY-LAW 2]08/85
originally enacted by Council on December 16, 1985.
BY-LAW 2109/85
enacted by Council on December 16, 1985.
amends Schedule A by adding Items 1, 2, 3, 4 and 5
providing for the future addition of Items 6, 7, 8, 9 and 10.
and by
BY-LAW 2110/85
- enacted by Council on December 16, 1985
- amends Schedule A by adding Item 6.
January 3, 1986
This edition is prepared for purposes
accurate reference, recourse should be
on file in the office of the Town CIerk.
of convenience only and for
had to the original by-laws
TIlE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO, 2108/85
Being a by-law to authorize the temporary bor-
rowing of monies until taxes are collected.
WHEREAS pursuant to the provisions of section 189 of the Municipal Act, R.S.O.
1980, c.302, the Council of the Corporation of the Town of Picketing may by by-law
authorize the Mayor and Treasurer to borrow from time to time by way of promissory
note such sums as it considers necessary to meet, until taxes are collected, the
current expenditures of the Corporation for the year;
NOW THEREFORE, the Council of the Corporation of the Town o{ Pickering HEREBY
ENACTS AS FOLLOWS:
In this By-law, the term "Co]utah" means a column set out in Schedule A here-
to.
In each year set out in Column 1, the Mayor and the Treasurer are hereby
authorized on behalf of the Corporation to borrow by way of promissory note
from time to time during that year a sum or sums not exceeding in total the
amount set out in Column 2 to meet, until taxes for that year are collected, the
current expenditures of the Corporation for the year, including any amounts
required for the purposes mentioned in subsection 189 (1) of the Municipal Act,
R.S.O. 1980, c.302, and to give to the lender on behalf of the Corporation a
promissory note or notes for the sum or sums borrowed with interest at such
rate as may be agreed upon by the lender from time to time.
The estimated revenues of the Corporation as set forth in the estimates adopted
for that year, or as calculated in accordance with subsection 189(4) of the Act,
are set out in Column 3.
The total of the amounts similarly borrowed in previous years that have not
been repaid is set out in Column 4.
All sums borrowed hereunder with interest thereon shall be a charge upon the
whole of the revenues of the Corporation for the year in which they are bor-
rowed and for all preceding years as and when such revenues are received
provided that such charge does not defeat or affect and is subject to any prior
charge subsisting in favour of any other lender.
6. Schedule A hereto forms part of this By-law.
BY-LAW read a first, second and third time and finally passed this 16th day of
December, 1985.
Item Column 1
Year
Schedule A
to By-law
~10~/~
Column 2
Maximum to
be Borrowed
Column 3
Estimated
Revenues
Column 4
Borrowed and
not Repaid