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HomeMy WebLinkAboutBy-law 1605/82· /~E CORPORATION OF THE TOWN OF PICKERING BY-LAW NUMBER 1605/82 Being a by-law to authorize the tempor- ary borrowing, if necessary, of up to $1,500,000.00 at any one time, until taxes are collected. WHEREAS the Council of the Corporation of the Town of Picker- lng (hereinafter called the "Town") deems it necessary to borrow the sum of $1,500,000.00 to meet, until the taxes are collected, the current expenditures of the Town for the year; and WHEREAS the total amount of the estimated revenues of the Town as set forth in the estimates adopted for the year 1983, is $18,000,000.00; and WHEREAS the total of amounts heretofore borrowed for the purposes mentioned in subsection (1) of section 189 of the Municipal Act, R.S.O. 1980, c. 302, which have not been repaid is $ nil; 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 from the Canadian Imperial Bank of Commerce, a sum or sums not exceeding in the aggre- gate $1,500,000.00 to meet until the taxes are collected, the current expenditures of the Town for the year, including the amounts required for the purposes mentioned in subsection (1) of section 189 of the Municipal Act, and to give on behalf of the Town to the Bank, a promissory note or notes sealed with the Corp- orate 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 Bank. 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 from the said Bank for any or all of the purposes mentioned in the said section 189, 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. - 2 - BY-LAW READ a first, second and third time and finally PASSED this 20th day of December, 1982.