HomeMy WebLinkAboutBy-law 1859/84THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1859/8--4
Being a by-law to authorize the temporary
borrowing of up to $321,000.00 at any one
time.
WHEREAS the Council of the Corporation of the Town of Pickering (here-
inafter called the "Town") deems it necessary to borrow the sum of
$321,000.00 to meet the capital expenditures of a local improvement
for the construction of a road and storm sewers on Feldspar Court as
authorized by By-law Number 1776/84.
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 $321,000.00 to meet
the captial expenditures of a local improvement for the construc-
tion of a road and storm sewers on Feldspar Court, 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.
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Ail 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
18th day of June 1984.