HomeMy WebLinkAbout1491A By-law to authorize the borrowing of $100,000.00.
V~HEREAS the Council of the Township of Clarke (hereinafter called
th® "A+Iunicipality"~ deems it necessary to borrow the sum of 100,000.00
to meet, until the following estimated receipts under By-law No. 1473,
as enumerated below have been received by the said Township of Clarke
and deposited at the Canadian Imperial Bank of Commerce,
d Orono:-
00
815
~ 6
3
y
Department of Highways of Ontario Subsi .
,
,
Forgiveness under the Municipal 9~orks Assistance
ram
o
P
00
697
5
g
r .
,
Loan under the Municipal i~orks Assistance Program 17,093.00
Total Estimated Receipts ~ 68,605.00
Loan from Canadian Imperial Bank of Commerce,
Orono, for a period of five years pa gable in
average instalments - X2,279.00 principal and
ll
11,395.00
x
y
X393.13 interest annua .
the capital expenditures of the Municipality for the year;
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 CANADIAN IMPERIAL BANK OF COI~~IERCE
a sum or sums not exceeding in the aggregate 100,000.00
to meet until the said estimated receipts have been received
and deposited at the said Bank at Orono the capital expen-
ditures of the Municipality for the year, 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 borrow®d, with interest,
which may be paid in advance or otherwise, at a rate not
exceeding 5-~ per centum per annum.
2. All sums borrowed pursuant to the authority of this by-law
shall, with interest thereon, be a charge upon the whole
of the revenues of the It?unioipality for the current year
for five ensuing years and for all preceding years as and
when such revenues are received.
3. The Treasurer is hereby authorized 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 current year and preceding years or from any
other source which may lawfully be applied for such purpose.
PASSED this 7th day of September 1965.
E- A L
.S
,~LG'2~ ~
Th cad o~ t e Municipal ty
c;lerx
I hereby certify that the foregoing is a true copy of
BY-law No. of the Township of Clarke in the Province
of Ontario, duly passed at a meeting of the Council of the
said ?Municipality duly held, and that the said By-law is in
full force and effect.
DATED THIS day of
19
AS FITNESS the Seal of
the of
S E A L
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