HomeMy WebLinkAbout1546A By-law to authorize the borrowing of $108,700.00.
WHEREAS the Council of the Township of Clarke (hereinafter called
the rrT,~unicipality«) deems it necessary to borrow the sum of
~10~,700.00 to meet, until the following estimated receipts under
By-Law do. 1534, as enumerated below have been received 'oy the said
Township of Clarke and deposited at the Canadian Imperial Bank of
Commerce, Grono,-
Department of Highways :57,120.00
Receipts from: the United Counties
of TJorthumberland and Durham 1,_,x,500,,,00
Total estimated receipts :;;'70,620.00
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,
1;6~, 1969, 1970, and 1971.
the capital expenditures of the P~iunicipality for the year;
THEREFORE the Council of the Corporation of the Township of
Clarke hereby enacts as follows:
1. The Head and the Treasurer arc; hereby authorized on behalf of
the Municipality to borrow from time to time by way of
pror~~issory note from. CANADIAN Ti~PERIAL BAlv':{ OF CO1~~`•~ERCE a su~~n
or sums not exceeding in the aggregate 510-?,700.00 to meet
until the said estimlated receipts have been received and
deposited at the said Bank at Grono the capital expenditures
of the .~Zunicipality for the year, and to give on be ~ alf of
the t<unicipality to the Bank a promissory note or nc,tes
sealed with the Corporate Seal and signed by the Bead and
Treasurer fcr the moneys so borrowed, with interest, ~srhich
may 'oe paid in advance or otherwise, at a rate not exceeding
6~ per centum per annam.
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 T~~unicipality 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 cr from any
other source which may lawfully be applied for such purpose.
PASSED this ~^'d day of M,9y 1967.
~~
-__ The H ad of the Municipality.
S E A" L
_._._.__ ~.~1
Clerk.
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