HomeMy WebLinkAbout1559A By-law to authorize the borrowing of $108,700.00.
V+THEREAS the Council of the Township of Clarke (hereinafter
called the t~Municipalityn) deems it necessary to borrow the sum of
X10$,700.00 to meet, until the following estimated receipts under
By-Law No. 1~5$, as enumerated below have been received by the said
Township of Clarke and deposited at the Canadian Imperial Bank of
Commerce, Orono,
Department of Highways X57,120.00
Receipts from. the United Counties
of Northumberland and Durham _,1„~,~ 500.00
Total estimated receipts X70 620.00
Loan from. Canadian Imperial Bank of Commerce, Orono,
for a period of five years payable as to principal
and interest in instalments during the years 1967,
196$, 1969, 1970 and 1971.
the capital expenditures of the Municipality for the year;
THEREFORE the Council of the Corporation 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 exceeding in the aggregate
~p10$,700.00 to meet until the said estimated receipts
have been received and deposited at the said Bank at
Orono the capital expenditures 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 6~
per centum per annum.
2. All sums borrowed pursuant to the authority of this bylaw
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.
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.
la.. That By•Law No. 1516 be and is hereby repealed.
PASSED this 3rd day of October 1967.
The Hea of 'the Municipality.
S -£ A L
Clerk.
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