HomeMy WebLinkAbout74-68
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THE CORPORATION OF THE
To~m OF NillJCASTLE
Dy-Lc.ll No. 74-68
A By-lai'l authorizing the bOrrOi'ling of money by
way of temporary advances pending the issue and
sale of the debentures authorized by By-Law
No. 74-'-'.-5
WHEREAS the Council of the Corporation of the Town of Newcastle (herein
called the "Council") has enacted its By-La1'l No. 74-45 passed on the 15th day
of April, 1974, duly authorizing the issue and sale of debentures for raising
a sum not exceeding $839,000, for the following Capital Expenditures, namely:
a Community Sports Centre on Taunton Road.
AND tVREREAS 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 Municipal Board dated the l~th day of April, 1974.
AND WHEREAS the Council desires to borroll money as temporary advances
pending the issue and sale of the said debentures;
NOW, THEREFORE, the Council hereby enacts as follows:
1. The Council agrees to borroll and doth hereby authorize the borrowing from
CANADIAN IMPERIAL BANK OF CONHERCE (herein called the "Bank") as temporary
advances pending the issue and sale of the debentures above recited such sums as
may be required to meet expendi turec incurred but not exceeding a total of
$839,000 on the terms and subject to the conditions set forth in this By-law.
2. Within the limit aforesaid and as Qoneys arc required from time to time
for the purpose above recited, the Mayor and Treasurer, acting on behalf of the
Council, are hereby authorized to borrow moneys from the Bank for the said purpose
pending the issue and sale of the debentures authorized as aforesaid and to sign
and deliver to the Bank such promissory note or notes as may be required for the
repnyment of the moneys borrovled at such time or times and at such rate cf interest
as may be agreed upon from time to time with the said bank and to affix the
corporate seal of the Council to such promissory note or notes.
3. The Mayor and Treasurer arc hereby authorized to assign and pledge the said
debentures to the Bank upon the issue thereof to be held by the Bank as collateral
security for all moneys borrowed under this By-law and interest thereon and to
assign to the 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 Bank in satisfaction of the moneys borrowed under
this By-law and interest thereon.
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Passed this 000000000 day
WITNESS the Corporate Seal of
the Town
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By-Law Noo 74-68
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, 1974,.
G.B. RiCkard~~ ~
Hayor ~
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J 0110 l-1cIlro
To"m Clerk
WE HEREBY CERTIFY that thc foregoing is a true copy of By-Law No. 74-68 of
the Council of the Corporation of the T01'ffi of NeHcastle in the Province of Ontario,
duly passed at a meeting or mcetings of the said Council duly and regularly held,
and that the said By-law is now in full force and effecto
. /6}A-
Dated this 000000000 day
WITNESS the Corporate Seal of
the said Town
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GoBo Rickard
Hayor
Jo No HcIlro
T01'ln Clerl~
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