HomeMy WebLinkAboutBy-law 1763BY-LAW Number 1763
A By-law to authorize the borrowing of a certain sum to
provide the expenditures of the Municipality for the year 1949.
W~REAS the 0ounci~ of the Township of Pickerlng (herein
called the Municipality) deems it necessary to borrow a certain
sum of money to meet, until taxes are collected, the current
expenditures of t~ Municipality for the year:
AND '~HEREAS the total amount of estimated revenues of the
Municipality as set forth in the estimates adopted for the year
1948, not including revenues derivable or derived from arrears of
taxes, borrowings end issue of debentures is $~.~,~.~.~ ~ .... ~ ~- .... ---~
AND ~IEREAS the total amount heretofore authorized to be
borrowed this year for the purposes mentioned in sub-section (1)
of Section 339 of the Municipal Act is $50,000.00 of which the
Municipality h'es not borrowed any p~rt of same:
Therefore the Council of the 'l'otnship of Pickering hereby
ENACTS AS FOLLOWS:
1. The Head and the Treasurer ere hereby authorized on behalf
of the ~unicipelity to borrow from time to time by way of promissory
note from the Canadian bank of Commerce a sum or sums not exceeding
in the aggregate $~0,000o00 to meet, until the taxes ere 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 ~ection 339 of the Municipal Act, and to give on
behalf of the ~,unicipallty to the Bank a promissory note or notes
sealed with the Corporate Seal end sighed by the Head and Treasurer
for the monies so borrowed with interest, whlch may be paid in
advanca or otherwise at a rate not exceeding 5 per centum per annum.
2. All sums borrowed pursuant to the authority of this By-law,
as well as all other sums borrowed in this year, and in previous
years from the said Bank for any or ell of the purposes mentioned
in the said oection 339, 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 monies hereafter collected or receiv-
ed either on account or realized in respect of texas levied for
the current year end preceding years, or from any other source
which may l~wfully be applied for such purpose.
Carried this
Clerk.