HomeMy WebLinkAboutBy-law 11/74
THE CORPORATION OF THE TOV1N OF PICRERING
BY-LAW N611/74
A3 JU p=S1.4bj to authorize the borro%Ginn of r .1, 500, 000. 00
Whereas the Council of the
(hereinafter called the "Municipality") dee?ne it necessary to borrow the suns
of a 1,500,0001, 00 to meet, until the taxes are collected, the current
expenditures of the Municipality for the year;
- °ra.-Refer And. Whereas the total amount of the estimated revenues of the
to the estimates
Ye XIunicipality as set forth in the estimates adopted for the year 1974, is
for year a theeprtear
p ein
if nop to those
of last yea-, $ 5,000,000.00
(De?et<mts And Whereas the total of amounts heretofore borrowed for the purposes
par Graph a nn:
apVlienble) mentioned in subsection (1) of Section 329 of The Municipal Act which have
not been repaid is $ NIL
Therefore the Council of the Town of Pickering
hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
borrow from time to time byway of promissory note from CANADIAN IMPERIAL BANK
OF COMMERCE a sum or sums not exceeding in the aggregate $ 1 , 500 , 000 . 00
to meet until the taxes are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned in subsection
(1) of Section 329 of the Municipal Act, and to give on behalf of the Municipality
to the Bank a promissory note or notes sealed with the Corporate Seal and signed by
the Head 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 bylaw, 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 329, shall, with interest thereon, be a charge
upon the whole of the revenues of the Municipality 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.
Passed this 7 day of 19 74
V
THE'His? Oi THE MUNICIPALITY
SEAL
,. U
l ................. ,Uk?'
CLERK
I hereby certify that the foregoing is a true copy of By-law
No. of the Town of Pickering
in the Province of Ontario, duly passed at a meeting of the Council of the said
lblunicipality duly held, and that the said By-lacy is in full force and effect.
Dated This -1 '?k day of v"' Iz-19 '._
As Witness the Seal of
the Town of Pickering
SEAL
CLERF: