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HomeMy WebLinkAboutBy-law 2165F°uu 100-51 Ontario TOWNSHIP OF PICKERING 2 16 b;- ................................... ....... I ......................................... I .................... BY-LAW No..... 165....... Z1 ?' l# to authorize the borrowing of $ 1250000.00 and repealing By-LLLaaaa Number 2129. Whereas the Council of the (hereinafter called the "Municipality") deems it necessary to borrow the sum of $ 125,000.00 to meet, until the taxes are collected, the current expenditures of the Municipality for the year; Norf.-Acre, And Whereas the total amount of the estimated revenues of the Munici- to the estimates foe the current pality as set forth in the estimates adopted for the year 1955, not including if not, to the revenues derivable or derived from the sale of assets, borrowings or issues of last year. debentures or from it surplus, including arrears of taxes and proceeds from the sale of assets, is $ 698, 321.54 And Whereas the total amount heretofore authorized to be borrowed (Delete this this year for the purposes mentioned in subsection (1) of Section 341 of The Dare{roph if not °11119z") Municipal Act is $ Nil of which the Municipality has already borrowed a total of $ Nil Therefore the Council of the Township of Pickering hereby enacts as follows: f 1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to borrow from time to time by way of promissory note from THE CANADIAN BANE oa CoMMExcE a sum or sums not exceeding in the aggregate $ 125, 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 341 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 be paid in advance or otherwise, at a rate not exceeding 44-1 . per centum per annum. 2. Ali 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 341, 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 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 4. By-11&p 0for2Itr2quWes and hereby is repealed. Passed this dayof 19 56 THE HEAD OF THE MUNICIPALITY SEAL fe.??::Y..G .J..... h........ ........... e -'? CLERK We hereby certify that the foregoing is a true copy of By-law No. ?_165 of the Township of Pickering 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 ?t-? day of 19 6 As Witness the Seal of the Township of Pickering SEAL THE HEA OF THE MUNICIPALITY ...................... CLERK