HomeMy WebLinkAboutBy-law 936/79THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 936/79
Being a by-law to authorize the borrowing
of $1,500,000.
WHEREAS the Council of the Corporation of the Town of
Pickering (hereinafter called the "Town") deems it necessary
to borrow the sum of $1,500,000 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 1975,
is $11,000,000; and
WHEREAS the total of amounts heretofore borrowed for the
purposes mentioned in subsection (1) of section 332 of The
Municipal Act, which have not been repaid is $nil;
NOW THEREFORE, the Council of the Corporation of the Town
of Pickering HEREBY ENACTS AS FOLLOWS:
1. 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 aggregate
$1,500,000 to meet until the taxes are collected, the
current expenditures of the Town for the year, includ-
ing the amounts required for the purposes mentioned in
subsection (1) of section 332 of The Municipal Act, and
to give on behalf of the Town to the Bank, a promissory
note or notes sealed with the Corporate Seal and signed
by the Mayor and Treasurer for the moneys so borrowed,
with interest at such rate as may be agreed upon from
time to time with the Bank.
2. 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 from the said Bank for any or
all of the purposes mentioned in the said section 332,
shall, with 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.
3. The Treasurer is hereby authorized and directed to
apply in payment of all sums borrowed as aforesaid,
together with interest thereon, all of the moneys
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.
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BY-LAW NO. 936/79 (Cont'd)
BY-LAW read a first, second and third time and finally passed
this 8th day of January, 1979.
Mayor (Acti g) f
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X'? t
er
I hereby certify that the foregoing is a true copy of By-Law
No. 936/79 of the Town of Pickering in the Province of Ontario,
duly passed at a meeting of the Council of the said Municipal-
ity duly held, and that the said By-Law is in full force and
effect.
DATED this 9th day of January, 1979.
AS WITNESS the Seal of the Corporation
of the Town of Pickering
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