HomeMy WebLinkAbout1560A 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 Bylaw No. , passed on the day
of _ 19 , duly authorizing the issue and sale of
debentures for raising a sum not exceeding X269,1.,.95.00, for the
following purpose, namely: To construct a new 9 room school to be
known as t~Kirby Centennial School~~ to be located in Lot 25,
Concession VI, Township of Clarke, being eight classrooms and one
general purpose roam together with the necessary administration
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 WHEREAS prior to the passing of the said Bylaw, 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 1967;
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 WHEREAS 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 TOWNSHIP
OF CLARKS HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize
the borrowing from CANADIAN IMPERIAL BANK OF COMMERCE as temporary
advances pending the issue and sale of the debentures above recited
such sums as may be required but not exceeding a total of X279,507.00
on the terms and subject to the conditions set forth in this By-law.
2. Within the limit aforesaid and as moneys are required from time
to time 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
required for the repayment of the moneys borrowed at such time or
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times and at such rate of interest as may be agreed upon with the
said Bank, but not exceeding the rate of Six per cent um per annum,
and to affix the corporate seal of the Corporation to such
promissory node 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
borrowed under this By-law and interest thereon and to assign to
the said. 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 said
Bank in satisfaction of the moneys borrowed under this Bylaw and
interest thereon.
Passed this 3rd day of October 196`7.
WITNESS the Corporate Seal of
the Corporation of The
Township of Clarke
Reeve /
2'
Clerk
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