HomeMy WebLinkAboutBy-law 1706DY-Ltl NO.
A BF-i~¥. to authorize the borro~,ing of .~50,000.00
,W ?g~R!~]AS the Council of the To~nshzp of Picketing, {here~n
~called the 12micip~lity) deems it nece~.'sery to borrow the sum of
%~[ $50,000.00 to mae%, until taxes are collected, the current
~J expenditures of 'the i..iunicip~lity f~r the ye~r.
AND L~{,~N~]I~¥ the total amount of estimated revenues of the
Municip,~lity as s et forth in the estimates ~'dopted for the ye-r
1946, not including revenues derivable or derived f,~.om ~'rre~,rs
of taxes, borrowings and issue of debent,~res is ~;160,000.00
AND HE_-~EAS the total ~mou~t heretofore ~uthorized to be
'borrowed this year for the p rposes ,~entioned in sub-seation (1)
of :action ~39 of the . onicip-~l Act is ~[,0,000.00 of ~hich the
Municipality has not borrowed any part of same.
Therefore the Council of the '£o~nship >f Picketing hereby
SNf, CTS AS FOLLOhS:
1. The Head and the Trea~'urer are hereby ~uthori%ed on
behalf of the ..~micipality to borrow from time to time by way
of promissory note from the Canadian Benl. t of Commerce e sum or
sums not emceedlng in the s~r~regate ~50,000.0O t~meet until
the taxes are paid in the current year, the expenditures of the
~dunicipality for the year inclu.:lin~ the amounts required for the
purposes mentioned in sub-section (1~ of Lection 339 of the
M~nicipal _~ct, and to .,~ive on behalf of the ..~unicipality to the
Bank a promissoFy note or notes sealed with the Corporate Jell
and sic'ned by the Lead and Treasurer for ~he monies so borrowed
with interest, which.ma~' be paid in adw~nce or other',ise at ~
rate not e×ce ding 4{ per cent~m per ?nnum.
[~. All sums bar,or, ed pursuant to the authority of thi. s
as v. ell ss ~11 other sums horror, ed in thi. s year, and in previous
years from the said ~ank for any or ~11 of the purposes mentioned
in the sgi~ oection ~39, shall v.4th interest thereon, be a
charge u!~on the ..hole of the revenues of the ~.unicipality for
the current year and for all orecedin? years ~-~s .nd 'hen a~ch
revenues cra received.
3. The Treas~rer is hereby authorized rand directed t~, ~.pp!y
in payment of all s,.~ms b~r~owed an aforesaid, to.~ether rith
interest thereon, all of the monies here~:fter collected or
received either on account or realized ~n respect of t~xes
levied for bhe current ye~r and orece~in~ years or from
other source ~hich tony ~ ls~'fully be ao'olied for r~ch ,:r~ose.
CANRI~]D J~'nu~ry 13, 1947.
A By-laW tO authorize the borrowing of $50,000.00
WHEREAS the Council of the Township of Picketing, (herein
salted the M~nlcipslity) deems it necessary to borrow the sum of
$50,000.00 to meet, until taxes are collected, the o~zrrent
expenditures of the Munisipality f&r the year.
AND WHEREAS the total amount of estimated revenues of the
Municlp~ll~2 asset forth in the estimates adopted for the year
1946, not including revenues derivsb!e or derived f;-om ~rre~rs
of taxes, borrowings and issue of debentures~ls $160,000.00
AND WHEREAS the total amount heretofore authorized to be
borrowed this yesr for the purposes mentioned in sub-section (1)
of ~ection 335 of the Municipal Act is $~0,000.00 of ~hioh the
MunIcipality has not borrowed any pert of same.
Therefore the Council of the Township of Pickering hereby
· ENACTS AS FOI~OWS:
1. The Heed and the Treasurer ere hereby authorized on
behalf of the M~mlcipality to,borrow from time to time by w~y
of promissory note ~rom the Canadian Bank of Commerce e s~,m or
sums not emeeeding in the aggregate $~0,000.00 t~meet ~ntil
the taxes 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 32~ o~ the
Munieil~:! Act, and to give on behalf of the Munioipolit2 to
Bank s promissory note or notes sealed with the Corporete
and ~lg:~ed by the Head and Treasurer for the monies so borrowed
with interest, which may be p~id in edvanee or other~is~ ~t
r~te not exc~ding 4~ per centAm per annum.
2. All sums borrowed pursuant to the authority of this By-law
es tell as ~!1 other sums borrowed in this year, and iu previous
years from the said Bank for any or ell of the purpcsas men!!oned
in the said ~ection 3~9, shell with interest thereon, be s
charge u~on the ~hole of the revenues of the Municipality for
the 0urrcnt year end for all preceding years es and ~hen ~-,~ch
revenues are received.
3. The Treasurer is hereby authorized end directed to opply
in payment of ell sums borrowed as eforessld, together with
interest thereon, all of the monies hereafter collected or
received either on account or realized in respect of t~xec
levied for the cGrrent year end presaging yea rs or fro~ ony
other so,~ree which may ¥~ lawfully be applied for such ~rpose.
OAHP~ED
JehU. fy 13, 1947.
Reeve.
Clerk.