HomeMy WebLinkAboutBy-law 3728/69 TJ~_Pp_RATION_0F T_HE__~O__W~.SHI~ OF PICKERING
BY-LAW NUMBER
A By-law authorizing the borrowing of
money by way of temporary advances
pending the issue and sale of the
debentures author~ ed by By-law Number
3727.
W~EREAS the Council of the Corporation of the Township of
PiokerlD~ has enacted its B~-law 3727, passed on November 3rd,
1969, duly authorizing the issue and sale of debentures for
raising a sum not exceeding $119,200.00 for the following purpose,
namely: the construction of sanitary sewers and watermains and
road construction on Dillingham Road as a local improvement.
AND WHEREAS the said By-law does not require the assent of
the electors or of those qualified :o vote ~n m~ney by-laws;
AND WHEREAS the Corporation desires to borrow money as
temporary advances pending ~he issue and sale of the said debentures;
NO~T~REFO~E, THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP
OF PICKERING HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from THE CANADIAN IMPERIAL BANK OF COMMERCE as
temporary advances pending the issue and sale of the debentures
above recited such sums as may be required but not exceeding a
total of $119,200.00 on the terms and subject to the conditions
set forth in this By-law.
2. Within the limit aforesaid and as moneys are required from
time to time for the ~urpose above recited, the Head and Treasurer
acting on behalf of the Corporation, are hereby authorized to
borrow moneys from the said Bank for the said purpose pending
the issue and sale of the debentures authorized aa aforesaid and
to sign and deliver to the said Bank such promissory note or notes
as may be required for the repayment of the moneys borrowed at
such time or times and at such rate of interest as may be agreed
upon with the said Bank, but not exceeding the rate of 8-1/2 per
centum per annum, and to affix the corporate seal of the Corporation
to such promissory nose or notes.
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3. The Head and Treasurer are hereby authorized to assign
and pled~e..t~aid~ebe~ure~ ~ tha 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 3~ day
of the Corporation of the
Township of Pickering <~ _ ~_. ~
C erk
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WE HEREBY CERTIFY that the foregoing is a true copy of By-law
in the Province of Ontario, duly passed at a meeting or meetings
of the Council of the said Corporation duly and regularly held,
and that the said By-law is now in full force and effect.
Dated this ~ day of ~~ , 1969.
Witness the Corporate seal
of the Corporation of the
Township of Picketing