HomeMy WebLinkAboutBy-law 2327 B,Y - ~ A ~ N U H B E B -~-~ ~ ~
A BY-IA~ AUTHORIZING THE BOBR0~IN~ OF ~ONEY BY ~A¥ OF TE14POHAHY ADVANCES
PENDIN~ THE ISSUE AND SALE OF THE DEBI~TURES AUTHORIZED BYnY-~BY LA~ NO. ~_~
WHERFAS the Council of the Corporation of The Township of Picketing has
enacted its By-Law No. , passed on the.. l~*.h day of July.
19.5§ duly authorizing the issue and sale of debentures for raising a
0.~.B. stun not exceeding $ 200jO00.00 , for the following purpose, namely~
Date Approved
May 21, 1~5~ ~o~_.2~60 Debentures - $ 65~000.00 Area ~1 - 3 Room New $chool
&pril 22~ 1~95S No, 2295 Deb?nture~_7 140~000.00 Ar~.~. - Two 4 Room Additions
~an. 2~ 19~8 No, 2266 De, bentures - 65~000.00 A~e~.~.- One 4 Room ~ddi~ion
AND WHEREAS, by Order dated the day of . . 19 .
the passing of the said By-Law was duly approved by the Ontario Hunicipal
Board;
AND WH..EHEAS.~ the said By-Law does not require the assent o~ the electors
or of those quali~fed to vote on money by-laws;
AND WHEREA.S~ the Corporation desires to borrow money as temporary advances
pending the issue and sale of the said debentures;
NOW, THEREFOHE~ THE COUNCIL OF THE C0HPOHATION OF THE T0~/NSHIP OF PICKEHING
HEREBY ENACTS AS FOLL0~S:
1. The Corporation agrees to borrow and doth hereby authorize the
borrowing from THE CANADIAN BRNK OF C0~9/ERCE as temporary advances
pending the issue and sale of the debentures above recited such sums
as may be required bBt not exceeding a total of $ 2QO~00~.00 .
on the terms and subject to the conditions set forth in this By-Law.
2. ~ithin the limit aforesaid and as moneys are required from time to
time for the purpose above recited, the Head and Treasurer, acting
on behalf of the Corporation~ are hereby authorized to borrow moneys
from the said Bank for the said purpose pending the issue and sale
of the debentures authorized as aforesaid and to sign and deliver to
the said Bank such promissory note or notes as may be required for
the repayment of the moneys borrownd at scuh time or times and at
such rate of interest as may be agreed upon with the said Bank, but
not exceeding the rate of 5~ vet centmn per ann~ and
to affix the corporate seal of the Corporation to such promissory
note or notes.
3. The Head and Treasurer are hereby authorized to assign and pledge the
said debentures to the said Bank upon the issue thereof to be held by
the said Bank as collateral security for all moneys borrowed under
this By-I~w and interest thereon and to assign to the said Bank the ~
moneys growing due from the sale off the said debentures; and the procee~{}~
of the sale of the said debentures, or so much thereoff as may be
necessary, shall be paid to the said Bank in satisfaction of the
moneys borrowed under this By-Law and interest thereon.
Passed this 14t~ day of,.July 195_~8
WITNESS the Corporate Seal of
the Corporation oC The Township of Picketing
Head of Hunicipality
~ H~BY CE~T~Y that the ffor~go[ng is a true copy
off ~-~ No. . . off the Corporation off ~e To~sh~p off ~ckering
in the ~ovince of Ontario, duly passed at a meeting or meet~gs off
the Co~c~l of the sa~d Cor~oration duly and regularly held~ and that
the said By-~w ~s now in Cull force and effffect.
DATED this ..... day off .....
WITNESS the Corporate Seal of
the Corporation oC The Township oC Picketing
Ho~d off Municipality