HomeMy WebLinkAbout05/07/1964 (Special Meeting)
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SPECIAL' MEETING OF THE COUNCIL
OF THE TowNsHIP OF CLARKE
May 7th, 1964, at 7.30 p.m.
Counail.Chamber.
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Present: Reeve H.E.Walkey
Deputy Reeve J.W.Stone
Councillor R.A.Foster
Councillor R.G.Chater
Councillor L.A.Ferrault
Clerk H.E.Millson.
Special meeting of Council was called by Reeve H.E.Walkey.
The following By-Law was read a First, Second and Third
time and finally passed:
BY-Law No. 1450: to authorize the borrowing
of $15,006.60.
Whereas the Council of the Township of Clarke (hereinafter
oalled the "MuniCipality") deems it necessary to borrow the
sume of $15,000.00 to meet, until the taxes are collected, the
current expenditures of the MUnicipality for the year;
And whereas the total amount of the estimated :r-evenues of the
Municipality as set forth in the estimates adGpted for the
year 1964 not-including revenues derivable ~r de?ived from the
sale of assets, borrowings or issues of debentures or-from a
surplus, including arrears of taxes and proeeeds from the sale
of assets, is $300,000.00. .
And whereas the total amount heretofore authorized to be
borrowed this year for-the purposes mentioned in'subsection
(1) of Section 341 of The Municipal Act is $75,000.00, of
which the Municipality has already borrowed a total-of
$75,000.00 . -
Therefore the Council of the Township of Clarke hereby enacts
as follows:
. '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 The Canadian
Bank of Commerce a sum or sums not exceeding in
the aggregate $90,000.00 to meet until the taxes are
collected the current expenditures of the ~lnicipality
for the year, including the amounts require~ 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.borrowedJ with
interest, which may be paid in advance or otherwise,
at a rate not exceeding 5-3/4 per centum per annum.
2. All sums-borrowed pursliant to the authority of this
by-law, as well as all other sums borrowed in.tkis.
year and in previous years from the said Bank for
any or all of the purposes mentioned in the said
Section 341, shall, with interest thereon, be a
charge upon the whole of the revenues of the MUni-
'cipality for the current year and fer all preceding
years as and when such revenues are received.
3. The Treasurer is hereby auth~rized 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
ourrent year and preceding years or from any other .
source which may laWfully be applied for such pur--
pose.
Passed this 7th day of May, 1964.
Meeting adjourned~
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Reeve
Clerk