HomeMy WebLinkAboutBy-law 2243Fenn 100-31 Ontario
A.,* to authorize the borrowing Of $ 50, 000.00
BY-LAW No.....Y..-, ...- 3
Whereas the Council of the Township of Pickering
(hereinafter called the "Municipality") deems it necessary to borrow the sum
of $ 50,00C.00 to meet, until the taxes are collected,-t-kesiumrent
e>eAditaFOS of t?ie?4? {{{? fer tke??at? ti i -1. cos * q: c ?: -
S1rUCtLC n_ S-11 o0I 1 '?I ? 11i", 19, 01:.
Nore.-Reis. - And Whereas the total amount of the estimated revenues of the Munici-
to the estimates
for the omrent pality as set forth in the estimates adopted for the year 19 not including
lien not, toothose revenues derivable or derived from the sale of assets, borrowings or issues of
ona°debentures or from a surplus, including arrears of taxes and proceeds front the sale
of assets, is $ 71:31 1'1'; . 57 ;
And Whereas the total amount heretofore authorized to be borrowed
'tD.tete this this year for the purposes mentioned in subsection (1) of Section 341 of The
paregesyh it not
eipli.able') Municipal Act is S of which the Municipality, has
already borrowed a total of $ N'il
Therefore the Council of the Toimship of Pickerin-
hereby enacts as follows:
.IP OF PICK
.E!.RI.
.``C
T.O.WN.. ...SIi. ....
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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 Tur CANADIAN BANK
OF COMMLHCL' a sum or sums not exceeding in the aggregate $ ?'- , 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 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 331, 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
applied for such purpose.
Passed this day of 19 57
1
1
t\
SEAL ,i
I
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.
T E BEAD OF TI1E hNN1CIPAii2l'
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We hereby certify that the foregoi?g is
Dated This day of
As Witness the Seal of
the Township of
No. of the Township of
in the Province of Ontario, duly passed at a eetin€
Municipality duly held, and that the said By-law is ii
...................................`..... .....
a true copy of By-law
Pielcerin
of the Council of the said
1 full force and effect.
19
Pi ekerin-
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THE HEAD OF THE D1CS1C1PAL3TY
SEAL I .................................................................
CLERK