HomeMy WebLinkAboutBy-law 3170BY-LAW NO. ',3/ 7/J
A By-law authorizing the borrowing of money by way of temporary
advances pending the issue and sale of the debentures authorized
by BtslsaKA=Resolution Number 52/66
WHEREAS the Council of the Corporation of The Township of Pickering
has enacted its s9rMiomW Resolution 52/?$assed on the 1st day of Yebruary
19 66 , duly authorizing the issue and sale of debentures for raising a sum not exceeding $368.000.04
for the following purpose, namely : Addition to Fairport Beach Puhlie, Snhnnl
AND WHEREAS prior to the passing of the said By-law, the approval of the Ontario Municipal Board
was first obtained, as evidenced by the Order of the said Board dated the
May 1966 .
Twentieth
day of
AND WHEREAS the said By-law does not require the assent of the electors or of those qualified to
vote on money by-laws;
AND WHEREAS the Corporation desires to borrow money as temporary advances pending the issue
and sale of the said debentures;
NOW, THEREFORE, THE COUNCIL OF THE CORPORATION OF The Townshio of Pickering
HEREBY ENACTS AS FOLLOWS :
The Corporation agrees to borrow and doth hereby authorize the borrowing from CANADIAN IM-
PERIAL BANK OF COMMERCE as temporary advances pending the issue and sale of the debentures above
recited such sums as may be required but not exceeding a total of $368, 000.00 on the terms
and subject to the conditions set forth in this By-law.
2. Within 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 borrowed at such time or times and at such rate of interest as may be
agreed upon with the said Bank, but not exceeding the rate of 6 per centum per annum, 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
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-law and interest thereon and to assign to the said Bank the moneys
growing due from the sale of the said debentures; and the proceeds of the sale of the said debentures, or
so much thereof 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 q t/
day of 196 ?.
WITNESS the Corporate Seal of
? a?VL4_
the Cor oration oWE HEREBY CERTIFY t t the foregoing is a true copy of By-law No. 0116 of the Corporation
of in the Province of Ontario, duly passed at a meeting or
meetings of the Council of the said Corporation duly and regularly held, and that the said By-law is now
in full force and effect.
Dated this z<? day of LL6 1962
WITNESS the Corporate Seal of
the Corporation of ??,