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HomeMy WebLinkAboutBy-law 1677 WHEREAS the Council of the Township of Picketing, (herein called the .~ulcipality) deems it necessary to borrow the sum of ~ ~ ; to meet, until taxes are collected, the current expenditures of the Municipality for the year. AND V~IEREAs the total amount of ~stimated revenues o f the Municipality as set forth in the estimates adopted for the year 1945, not including revenues derivable or derived from arrears of taxes, borrowings and issue~ of debentures is ~/~.~ AND WHEREAS the total amount heretofore authorized to be borrowed this year for the purposes mentioned in sub-section (1) of Section 539 of the Municipal Act is $50,000.00 of which the Municipality has not borrowed any ~rt of same. Therefore the Council of the Township of Pickering hereby ENACTS AS FOLLOWS: 1. The Head and the Treasurer are hereby authorized on Y~behalf of the ~unicipality to borrow from time $o time by way of promisory note from the Canadian Bank of Commerce a sum or sums not exceeding in the aggregate $50,0~0.00 to meet until the texas are paid in the current year, the expenditures of the Municipality for the year including the amounts required for the purposes mentioned in sub-section (1) of Section 339 of the Municipal Act, and to give on behalf of the Municipality to the Bank a promisory note or notes sealed with the Corporate Seal and signed by the Head and Treasurer for the monies so borrowed with interest, which may be paid in advance or otherwise at a rste not exceeding 4~ per centum per annum. ~. All sums borrowed pursuant to the authority of this By law, ~9 as well as all other sums borrowed in this year, and in previous ~,years from the said Bank for any or all of the purposes mentioned in the said Section 339, shall with interest thereoh, be a charge upon the whole of the revenues of the Municipality for the current year and for all preceding years as and ~hen such rewenues are received. 3. The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid, together with interest thereon, all of the monies hereafter collected or received either on account or realized in respect of taxes levied for the curren$ year and preceding years or from any other source which may lawfully be applied for such purpose. CARRIED January 14, 1946 Reeve.