HomeMy WebLinkAboutBy-law 2184100-a1 Octuno
........... xQW.WIk. M.. F.10 .)iZNG ......................................
BY-LAW No..a/.......
j8p labs to authorize the borrowing of $ 125,000.00
Whereas the Council of the Township of Pickering
(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;
Nor..-Ref. And Whereas the total amount of the estimated revenues of the Munici-
I.,thec rr nt pality as set forth in the estimates adopted for the year 1955, not including
year it adopted;
if not, to those revenues derivable or derived from the sale of assets, borrowings or issues of
oar reae debentures or from a surplus, including arrears of taxes and proceeds from the sale
of assets, is $ 69$,321.54
And Whereas the total amount heretofore authorized to be borrowed
(Deete this this year for the purposes mentioned in subsection (1) of Section 341 of The
parapnp
h IZnot
app6ca,,) 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:
1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
G 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 $ 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 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 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.Lawa .dklffhB6rpR$Ad hereby is repealed.
Passed this 19th day of a7mtae November 19 56
T E DEAD OR THE MUNICIPALITY
SEAL
........... ........ '.....................................................
CLERK
We hereby certify that the foregoi V' is a true copy of By-law
As Witness the Seal of
the Township of
Pickering
THE HEAD Of TIIE \ZUKICIYALITL'
SEAL
CLE kk
No. 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 / q L.G day of 1956
L