HomeMy WebLinkAboutBy-law 2470 A ~-l~w authortziu~ tho borr. owfn~ of money by way
of temporary advancers pehdin.~ '~he Issue and sale of
the debentures ~uthorized by ~-law
~:m~t~.;w~.~ th~ C~nctl of the CoPp~ation of Town~hip of
PicOting has enacted it~ F~-law f~o. ............ , pa:?.sed on '~he 19 day
of qo_~ ...... 19 ~. ~, ~uly ~u~horizlu.,~ the issue and sale of debentures
for rai~ing a ~u~ n.o~ exceeding ~ 30~ 000~, for th~ folt~tng p~pose,
Ei.~ht [loom Sebno]'A~lditi. on - School Area ~" '
~lovat. ed Water Tank - 250,000 ~a.l_. capacity
a}I9 ~;M~s~!~'.~.AS~ by Order dated the d~y' o£
1~ ....... . ~he pas~ing of the said ~-law was duly appr~d by the Ontario
~nlcipal Board.
~AID ?~;~F~R~AS, the said ~-law does not require the assent
of the elect~s or of thos~ qualified to vote on money by-laws;
~,~t,.~,~E.AS, the ~.orp~abion desires ~o b~,r~ money as
temporary advances pending the issue and sale o~ the said deben~esl
~ NOW, ~?EF~':,RM, T~E:: COU?iCIL~.,?~ ~r~.,.~.~.~ CORPO~tATIoN'.. OM
1. The Corp~ation a~:~ees~ to borrow and doth ~reby auth~ize
the borrowing ~ T;E~ CA,A.~IA~*,~ ~'~ B.~Lt~iE 0P . CO~'UC~?~C~ as temp~y . advances
~ndlng the issue and sale. of the debent~es above recited such s~s ms
~y be required but not exceedins a total, of ~.~0,00o~~: ~ .......... on the terms and
subject to the conditions set f~h in this ~-"~w -
2. Within. the llmt~ af~esaid and as moneys ar~ required from
time to time for the p~pose above recited, the Head and
acting on behalf of the Corp~ation, ~e hereby authorized to borr~
moneys from the said Bank f~ the said p~pose pendin~ the issu~ and
sale of tho debentures auth~ized as aforesaid and to sign and dellve~
':~
to the said Bank such ~omis~ory note ~ notes as may be required f~
the repayment of the moneys bo~od a~ such time or times and a~ such '~'
rate of interest as may be agre~ed upon with the said ~mnk, but no~
exceeding the rate of 5:_~ ........ per centt,~ per ann~, and to affix the
o~p~ate seal of tho g~pora~ion to much ~o~sso~ note or notes.
3. ~e Head and Treasurer ~e hereby authorized to ass iEn
and pledEe the said debentures to tho said ~nk. upon the 'issue thereof
to be held by the said ?~nk as collateral security for all moneys
borrowed under this '~-law and intercept thereon and to as~i
said Bank the ~:oneys ~owlng duo f~om the salo of ~h~ said debentu~e~$
and the ~oceeds o~ ~he ~ale of ~he s~id debent~e~, ~ so ~uch therof
as may be neoossa~, shall be paid to the said l~nk tn satisfaction
of the money~ borrowed under this _~'-~w and intere,~t thereon.
~asoed thi~ ~.:~ ~day of 19
WIT~S the Corp~ato seal of
tho C~rporatlon of T~mship of
Picketing,
......... :: .....
~-~ead oi' :~:unlc Ip~ltty
r~ ~Rg~ CT~UrI~ that th~ fore~oing i~ a 'true co~ of
By-law No, ~ of the Corporation of _.~
~ince of Ont~io, duly passed
~ounoil of the ~aid C~poeatlon dul7 and ~e~al~ly hold, and that
the ~aid ~-law is n~ tn full ~orce
Dated this _~ day of~_
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