HomeMy WebLinkAboutBy-law 4230/72THE COP.POEATIOII OF THE TOWNSHIP OF PICKERING
BY -LAP? NUB-BER ?3U Z72_
A By-Law authorizing the borrowing of
money by way of temporary advance3
pending the issue and sale of the
debentures authorized by By--Law
Number 4172/72.
MREAS the Council of the Corporation of the Township of
ickering has enacted its By--Law 4172/72, passed on the 17th day of
pril 1972, duly authorizing the issue and sale of debentures for
wising a sum not exceeding $108,200.00 for tike following purpose,
amely: The construction of a paved road and watermain off
:)ntgomery Park road into the industrial lands.
AND WHEREAS the said By-law does not require the assent of the
lectors or of those qualified to vote on money by-laws;
AND WHEREAS the Corporation desires to borrow money as temporary
dvances pending the issue and sale of the said debentures;
NOW THEREFORE, TAU CMICIL OF THE COP.PORXVION OF THE TOWNSHIP OF
ICXERING HEREBY ENACTS AS FOLL04S
The Corporation agrees to borrow and doth hereby authorize the
growing from THE CANADIAN IMPERIAL _;AIU-: OF COX::ERCL as temporary
dvances pending the issue and sale of tiie debentures above recited
sch sums as may be required but not exceeding a total of $1080200.00
1 the terms and subject to the conditions set forth in this 3y-law.
Within the limit aforesaid and as moneys are required from time
) time for the purpose above recited, tiie Head and Treasurer acting
1 behalf of the Corporation, are hereby authorized to borrow moneys
:om the said Lank for the said purpose pending the issue and sale of
to debentures authorized as aforesaid and to sign and deliver to the
kid Bank such promissory note or notes as may be required for the
tpayment of the moneys borrowed at such time or times and at such
ate of interest as may be agreed upon with the said Bank, but not
:ceeding the rate of 6 per centum per annum, and to affix the
rporate seal of the Corporation to such promissory note or notes.
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3. The Head and Treasurer are hereby authorized Lo assign
and pledge.tbe said debentures to the said bank upon the issue
thereof to be held by the said Bank as collateral security
for all moneys borrowed under this By-law and interest thereon
and to assign to the said Bank the moneys growing due from
the sale of the said debentures and the proceeds of the sale
of the said debentures, or so much thereof as may be necessary,
shall be paid to the said Bank in satisfaction of the moneys
borrowed under this By-law and interest thereon.
By-Law read a First, Second and Third time and PASSED in open
Council this ?tday of a6Tzza4I/7 v
Witness the Corporate Seal of of the Corporation of the
Township of Pickering C-
Clerk