HomeMy WebLinkAboutBy-law 2566 BY-LAW No......~.~.~.~...
gl ltp4atu to authorize the borrowing of $ 100,000. O0
Whereas the Council of the Townsh:ip of' Ptckevtng
(hereinafter called the "Municipality") deems it necessa~ to bormw the sum
of $ 100,000.00 to meet, until the t~es are collected, the current
~pendltures of the Municipality for the year;
~d Whereas the total amount of the estimated revenu~ of the Munici-
pality as set forth in the estimates adopted for the year 1~0, not including
revenues derivable or derived from the sale of as~ts, borrowings or issues of
debentures or from a surplus, including arrears of t~es and proceeds from the sale
of ~sets, is $ l, 300,
And Whereas the total amount heretofore authodzed to be borrowed
this for the mentioned in subsection (1) of ~tion 841 of The
ye~
put,scs
Municipal Act is $ 910' 000.00 , of which the Municlpali~ has
already borrowed a total of $ 600~ 000.00;
Therefore the Council of the To,ship of Ptckeri~
hereby enacts as follows:
I. The Head and theTre~urer are herebyauthofized on behalf of the Municipality to
borrow from time to time by way of promisso~ note from TH~ C~S~N BaNg
or Co~gac~ a sum or sums no~ ex--lng in the aggregate $600~ 0O0.0~
to m~t until the t~es are collated the ~rrent ~penditur~ of the Municipality
for the year, including the amounm required for the purpos~ mentioned in subs~tion
(1) of Section 341 of the Municipal Act, and to give on behalf of ~e Municipality
to the Bank a promissory note or notes ~led with the Co~ora~ S~I and sign~ by
the Head and Treasurer for the moneys so borrowed, with interest, which may
p~d in advance or othello, at a rate not ~ceeding 5~ ~ centum ~r annum.
2. All sums borrowed pursuit ~ ~e authority of this by-law, as well as all o~er sums
borrowed in ~is year and in previous years from the said Bank for any or all of the
purposes mentioned in the said ~ction 341, shall, with inter~t ther~n, be a cha~e
upon the whole of the revenu~ of the Municipality for ~e current year and for all
preceding y~m a~ and when such revenues are received.
3. The Treasurer is hereby authorlz~ and dlrect~ to apply in payment of all sums
~rrowed as aforesaid, together with interest thegn, all of the moneys he,after
collected or received either on account or r~lized in r~pect of t~ levied for
. current year and preceding yea~ or from any other source which may lawfully be
applied for such purpos~
Passed this ~
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We hereby certify that the forgoing is a tree copy of By-law
No. ~ of the To. ship ~ of Ptckeri~
in the Province of Ont~io, duly passed at a meetin~ of the Council of the said
Municipali~ duly held, and that the said By-law ~ full force and effect.
Dat~ This ~'~ day of~~ ~~. 1961
M Wimps the ~al of
~e Township of Pickeving
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