HomeMy WebLinkAboutBy-law 2391/87THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 2391 /87
Being a by-law to authorize the temporary
borrowing of up to $735,000.00 at any one time.
WHEREAS the Council of the Corporation of the Town of Pickering
(hereinafter called the "Town") deems it necessary to borrow the sum of
$735,000.00 to meet the capital expenditures of a local improvement for
the construction of a roadway including curbs, paving, sidewalks,
boulevard sodding and tree planting from the easterly terminus of
Pickering Parkway, 756 metres to Notion Road as authorized by By-law
Number 2227/86 as amended by By-law Number 2337/86;
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 $735,000.00 to meet the
capital expenditures of a local improvement for the construction
of a roadway, including curbs, paving, sidewalks, boulevard
sodding and tree planting from the easterly terminus of Pickering
Parkway, 756 metres to Notion Road 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.