HomeMy WebLinkAboutBy-law 1883Fotm 100-38 Ontario -??
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BY-LAW No...l91.e.3......
XlC=1?lU to authorize the borrowing of $ 75, 000.00
,t3 Whereas the Council of the
yyL (hereinafter called the "Municipality") deems it necessary to borrow the sum
of $ 75,000.00 to meet, until the taxes are collected, the current
expenditures of the Municipality for the year;
Nora.-Refer And Whereas the total amount of the estimated revenues of the Munici-
to the estimates
tar the ep,tept pality as set forth in the estimates adopted for the year 19 52, not including
if` ..t. to othose revenues derivable or derived from arrears of taxes, borrowings and issues of
of last year.
debentures, is $ 415, 000.00
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Therefore the Council of the Township of Pickarir? hereby
enacts as follows:
/? 1. The Head and the Treasurer are hereby authorized on behalf of the Municipalityto
-;q4 of 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 $ 7r, 000.00
to meet until the taxes are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned in subsection
(1) of section 339 of the Municipal Act, and to give on behalf of the Municipality
to the Bank a promissory note or notes sealed with the Corporate Seal and signed by
the Head and Treasurer for the moneys so borrowed, with interest, which may bey,,yq9
paid in advance or otherwise, at a rate not exceeding _:-l". 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 all of the
purposes mentioned in the said section 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
?t3 borrowed as aforesaid, together with interest thereon, all of the moneys hereafter
collected or received either on account or realized in respect of taxes levied for the
current year and preceding years or from any other source which may lawfully be
applied for such purpose.
Passed this day of Jamla ry 19 52
SEAL
RK
We hereby certify that the foregoing is a true copy of By-Law
No. of the Township of Ptckerir-
in the Province of Ontario, duly passed at a meeting of the Council of the said
Municipality duly held, and that the said By-Law is in full force and effect.
Dated This day of Ja nu a ry 19 52
As Witness the Seal of
the Township of
SEAL
Pickering
.. ?..17111??.d .......
THE AD OF THE MUNICIPALITY
Ve.
E H OF THE MUNICIPALITY
] $seve
CLERK