HomeMy WebLinkAbout87-70
THE CORPORATION OF THE TCMN OF NE.W::ASTLE
BY-LAW NO. 87-70
Being a by-law to enable the Corporation
of the Town of Newcastle to borrow money
for capital purposes pending the issue
and sale of debentures for the new Admin-
istrative Centre and Arena Complex.
WHEREAS the Corporation of the Town of Newcastle, (the
Corporation) to provide financing for the new Admini-
strative Centre and Arena Complex, has requested the
Regional Municipality of Durham to issue debentures to
the amount of $5,500,000.
AND WHEREAS the issue of these debentures has been
approved by the Ontario Municipal Board.
AND WHEREAS the Corporation is authorized, under Section
190 of the Municipal Act, Revised Statutes of Ontario,
O1apter 302, to borrow money pending the receipt of the
financing of the debentures.
NOW THEREFORE the Corporation of the Town of Newcastle
enacts as follows:
The Mayor and the Treasurer are hereby
authorized on behalf of the Municipality to
borrow from time to time by way of promissory
note and/or Guaranteed Notes from the Bank of
Nova Scotia, a sun or suns not exceed ing in the
aggregate of $10,000,000, at the rate of interest
prevailing at the time of each advance.
And that, on receipt of the proceeds from the
sale of debentures by the Region of Durham, or
from any other source, the loan be repaid.
By-Law read a first and second time this 13th day of April 1987.
By-Law read a third time and finally passed this 13th day of April 1987.
Mayor