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HomeMy WebLinkAboutBy-law 2390/87THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NUMBER 2390/87 Being a by-law to authorize the temporary borrowing of up to $1,999,400.00 at any one time. WHEREAS the Council of the Corporation of the Town of Picketing (hereinafter called the "Town") deems it necessary to borrow the sum of $1,990,400.00 to meet the capital expenditures for the construction of a storm sewer and appurtenances in the Brock East Community as authorized by By-law Number 2228/86. NOW THEREFORE the Council of the Corporation of the Town of Pickering HEREBY ENACTS as follows: The Mayor and the Treasurer are hereby authorized on behalf of the Town to borrow from time to time by way of promissory note, a sum or sums not exceeding in the aggregate $1,999,400.00 to meet the capital expenditures for the construction of a storm sewer and appurtenances in the Brock East Community and to give on behalf of the Town to the lender, a promissory note or notes sealed with the Corporate Seal and signed by the Mayor and Treasurer for the monies so borrowed, with interest at such rate as may be agreed upon from time to time with the lender. All sums borrowed pursuant to the authority of this by-law, as well as all other sums borrowed in this year and in previous years for any or all of the purposes mentioned in section 190 of the Municipal Act, R.S.O. 1980, c. 302, shall, with the interest thereon, be a charge upon the whole of the revenues of the Town for the current year and for all preceding years as and when such revenues are received. The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid, together with interest, thereon, all of the monies hereafter collected or received either on account or realized in respect of taxes levied for the current year and preceding years or from any other source which may lawfully be applied for such purpose. BY-LAW READ a first, second and third time and finally PASSED this 16th day of February, 1987. /Cl~rk