HomeMy WebLinkAbout1572A 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. 1553.
WHEREAS the Council of the Corporation of The Township of
Clarke has enacted its By-law No. 1553, passed on the 3rd day
of October, 1967, duly authorizing the issue and sale of
debentures for raising a sum not exceeding X50,695.00 for the
following purpose, namely: To erecting and equipping 3 rooms,
being 2 classrooms of 763 N.F.F.A. (Net Functional Floor Area
each and 1 general purpose room of 1600 sq. ft. N.F.F.A., as
an addit ion to School No. 13 at Kendal situated in Lot 9,
Concession 6 of the Tcx+vnship •of Clarke;
AND WHEREAS prior to the passing of the said By-law, the
approval of the Ontario Municipal Board was first obtained, a s
evidenced by Order under File G. 254667 of the said Board
dated the 22nd day of September 1967;
AND WHEREAS the said Bylaw does not require the assent of
the electors or of those qualified to vote on money bylaws;
AND WHEREAS the Corpor ation desires to borrow money as
temporary advances pending the issue and sale of the said
debentures;
NCW, 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
X121,030.00 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 t o 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
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required for the repayment of the moneys borrowed at such time or
times and at such rate of interest as may he agreed upon with the
said Bank, 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
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 By-law and
interest thereon.
Passed this 22 day of November
WITNESS the Cor porate Seal of
the Corporation of The
Township of Clarke
E A L
1967.
Reeve.
•. e~ ~_1
Clerk.
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