HomeMy WebLinkAboutBy-law 205/75THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER
Being a by-law to authorize the
borrowing of money by way of
temporary advances pending the
issue and sale of debentures
WHEREAS the Council of the Corporation of the Town of Pickering
has applied to the Council of the Regional Municipality of
Durham to authorize the issue and sale of debentures for
raising a sum not exceeding $105,000.00 for the purpose of
purchasing part of Lot 20, Concession 3, in the Town of
Pickering for use as a Works/Transit Centre site;
AND WHEREAS the Corporation desires to borrow money as
temporary advances pending the issue and sale of the said
debentures;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
PICKERING HEREBY ENACTS AS FOLLOWS:
1. Pending the issue and sale of the said debentures
the Corporation of the Town of Pickering may borrow upon the
credit of the Town at large by way of temporary advances to
meet the expenditures authorized by this by-law, such sum or
sums as may be required for that purpose but not exceeding in
aggregate the sum of $105,000.00 and the Mayor and the Treasurer
of the Town are hereby authorized to sign and deliver to the
said lender such promissory note or notes as may be required
from time to time for the repayment of the moneys so borrowed
at such time and at such rate of interest as may be agreed
upon with the said lender and to affix to such promissory note
or notes the seal of the Corporation of the Town of Pickering.
N•.t?
By-law read a first^ second -titirz} time anal..-passed--iu- ope
Geaac 1 this ?1,> day of April, 1975.
TOWN OF
PICKERING
I APPROVED
AS TO FORM
c
Mayor
Clerk
- 2 -
By-law read a Third time and finally PASSED this I( t'
day of , 1975.
Mayor
-c Q.Ci _
A Adminkstmr-Clerk