HomeMy WebLinkAboutBy-law 1998BY - LAW N UMBER Z/?91J7
A BY-LAW TO AUTHORIZE THE BORROWING OF 7t, for Capital
ACCOUNT.
WHEREAS the Council of the Township of Pickering deems it necessary to
borrow the sum of -10 7s;ooo,.v to advance money on proposed Debentures
which have been approved by the Ontario Municipal Board;
t" AND WHEREAS such advances are temporary only until the Debentures are
sold and delivered;
THEREFORE the Council of the Township of Pickering hereby ENACTS AS
FOLLOWS;
1. The Head and the Treasurer are hereby authorized on behalf of the
Municipality to borrow from time to time by way of Promissory Notes
from the Canadian Bank of Commerce a sum or sums not exceeding in
p, the aggregate $ 7J, coo• ol) to advance such sums for capital
account, as have been approved by the Ontario Municipal Board in
' accordance with Section 342 of the Municipal Act, and for moneys
so borrowed the Corporation will pay interest at a rate not
exceeding 46 (four and one-half per centum) per annum.
2. Moneys received from the sale of such Debentures shall be first
used to repay these advances, and should any difficulties arise
with any Debenture issue, any sums so advanced will be a liability
against the current Tax Roll.
BY-LAW read a First and Second time this -_day of 1954
BY-LAW read a Third time and PASSED this 1_day of 1954
Reeve
Clerk