HomeMy WebLinkAbout1568A By-law authorizing the borrowing of money by way of temporary advances pending the issue and sale of the debentures authorized by By-law No. 1573.
,_„~_.
WHEREAS the Council of the Corporation of The Township of
Clarke has enacted its By-law No..,~_, passed on the ~~day
of ~ ~~ ~~ , 19~, duly authorizing the issue and sale of
debentures for raising. a sum. not exceeding ~p269,000.00, for the
following purpose, namely: To construct a new 9 room school to
be known as «Kirby Center_nial School« to be located in Lot 25,
Concession VI, Township of Clarke, being eight classrooms and
one general purpose room together with the necessary adrn~nist-
ration and maintenance areas upon which project an application
for sale of debentures has been made by the Treasurer of the
Municipality to The Ontario Education Capital Aid Corporation
dated 29th September 1967;
AND ~JHEREAS 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 Board dated the 22nd day of
September 19h7;
AND WHEREAS the said By-law does not require the assent of
the electors or of those qualified to vote on money by-laws;
AND v~THEREAS the Corporation desires to borrow money as
temporary advances pending the issue and sale of the said debentures;
NOW, THEREFORE, THE COUNCIL OF THE CORPORATION OF THE TO'inTNSHIP
OF CLARKS HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from CANADIAN IMPERIAL BANK OF CONINSERCE as temporary
advances pending the issue and sale of the debentures above recited
such sums as may be required but not exceeding a tot al of X279,507.00
on the terms and subject to the conditions set forth in this By-law.
2. TvVithin the limit aforesaid and as moneys are required from. time
to tir-~e for the purpose above recited, the Head and Treasurer,
acting on behalf of the Corporation, are hereby authorized to borrow
moneys from the said Bank for the said purpose pending the issue and
sale of the debentures authorized as aforesaid and to sign and
deliver to the said Bank such promissory note or notes as may be
......
:~
- 2 ..
required for the repayment of the moneys borrowed at such time or
times and at such rate of interest as may be agreed upon with the
said Sank, but not exceeding the rate of Six per centum per annum,
and to affix the corporate seal of the Corporation to such
promissory note or notes.
3. The Head and Treasurer are hereby authorized to assign and
pledge the said debentures to the said Bank upon the issue thereof
to be held by the said Bank as collateral security for all moneys
horrowed under this By-law and interest thereon and to assign to
the said Baxik 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 said
Bank in satisfaction of the moneys borrowed under this By-law and
interest thereon.
1a.. That By-Law No. 1560 be and is hereby repealed.
Passed this 7th day of November
uJITNESS the Corporate Seal of
the Corporation of The
Township of Clarke
S E A L
196 7.
~•
Reeve.
Clerk .
•
m a~
a~
U +~
4-i ~ 1 r-
C 4-i ~ ~
G ~ C O O~
Ci' CC N •ri
~i ~ ^.7 ~/
f...i y C ,..' ~ O
,~ O ,~' F-, C C r-. ~.
i.c~ Rr F; ~ ~. ~; U C
.--I S1 ay O ~- O r- 1 u;
U J +, N O~ N ~-i
C U •-• ~ ~ F •,-~
~ O +' G~ C_' r +~
~~ rT~
^^ll
~J W Y: +'Z ~..~
a °~ ~ N T O U) U N w U
1 O ~ ~ ~
~, fti +
-' v ~ ~ ~
CL' ~ .~=~ .~~ 6 ~ `J
,-~ o +~ ~ +- m o m
1 r_a ~ r' •r~ S: ~i
~ "_ ~
,~'. O C Q; O Q? N