HomeMy WebLinkAbout1487A By-law to authorize the borrowing of $267,530.00.
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 taws
levied for the current year and preceding years or from any
other source which may lawfully be applied for such purpose.
4. By-law No. 1483 is hereby repealed.
PASSED this 6th day of duly 1968.
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I hereby certify that the foregoing is a true Dopy of
By-law N'o. 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-Iaw is in
full force and effect.
DATED THIS day of
19
AS 91ITNLSS the Seal of
the of
WHEREAS the Council of the Township of Clarke (hereinafter
called the "Municipality") deems it neceasary to borrow the sum of
~267,530.0o to meet, until the Following estimated receipts under
By-law No. 1457, as enumerated belAw have been received by the said
Township of Clarke and deposited at the Canadian Imperial Bank of
Commerce, Oronos-
Department of Highways of Ontario Subsidy #1'0,518.00
Forgiveness under the ffiiinicipal Works
Assistance Program ~ 16,169.00
Loan under the Municipal Works Assistance
Program 48 06.00
Total I~stimated Receipts 235,193.00
Lc-en from Canadian Imperial Bank of Commerce,
Orono, for a period of five years payable in
average instalments - #6,467.40 principal end
X1,113.63 interest annually ~ 32,337`
the capital expenditures of the Municipality for the year;
THEREFORE the Coonoil 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 COMMERCE
a sum or sums not ezceeding in the aggregate X26'],530.00
to m®et until the said estimated r®c®ipts 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 borrowed, with interest,
which may be paid in advance or otherwise, at a rate not
exceeding 5~ per aentum per annum.
~. 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 Municipality for the current year
for five ensuing years and. for all preceding years as and
when such revenues are received.
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