HomeMy WebLinkAbout2161A By-Law to authorize the raising of moneys to meet the cost of constructing Courtice Road across and over the right-of-way of the Canadian Pacific Railway Company, in the Township of Darlington, at Mileage 66131, Oshawa Subdivision.
VhiEREAS, the Municipal Council of the Corporation of the Township of
Darlington passed Construction By-Law Number ,.sn ~4 ~.. authorizing the
construction of aforementioned Road Crossing, the estimated coat of which
is One hundred & fifty thousand, nine hundred Dollars 0150,900,00), a
copy of which By-Law is annexed hereto,
AND VJfH':REAS the Board of Transport Commissioners for Canada, by order
101103, as amended by order 101582, has ordered that the costs of the
aforesaid construction be borne as follows;
Eighty percent of the cost of construction or the sum of X120,700,00,
whichever is the leaser shall be paid out of the Railway Grade Crossing
fund, five percent by the Canadian Pacific Railway Company, and the
balance of the cost by the Township of Darlington.
AMID WHEREAS the Township's share of the a.°oresaid cost is included
in estimates of the current year approved for subsidy by the Ontario Depart-
ment of Highways, as part of Ay-law 2156, of the Township of Darlington.
AND W_KEREAS it is desirable to obtain temporary advances or
loans and to borrow moneys for the purpose of meeting the cost of carrying
out the said construction pending receipt of payment Prom acid Corporation
and Govermrent Bodies.
AND WH~AS the amount of the Debenture debt of the Township of
Darlington secured by special rates yr assessments is Four hundred & fifty
two thousand, one hundred & twenty Dollars (~5~.52,120.00), and no
part of the principal or interest is in steers:
BE IT THEi~EFORE ENACTED by the Said Council as follows:
1. The Head and Treasurer of the Corporation are hereby authorized
to obtain from Bank of Montreal temporary advances at a rate or
rates not exceeding 5' per cent per annum represented by a
proaissory note or promissory notes not exceeding One hundred &
fifty thousand Dollars 0150,000.00), to meet the cost of the
said construction pending receipt of the said moneys,
2. A promissory note or notes or other vouchers, sealed with the
Corporate Seal and signed on behalf of the Corporation by the
Head and Treasurer thereof, for the advances from time to time
obtained under the authority hereof and interest thereon, may be
given to the said Bank providing for the repayment of or representing
the said advances with interest thereon as aforesaid,
3, The Treasurer of the Corporation is hereby authorized and directed
to apply in payment of such advances with interest thereon as
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aforesaid all moneys borrowed on the credit of the Corporation
and represented by moneys to be received from the aforementioned
Corporation and Government 9odies.
Passed by the said Council this .......~~.~,.. day of ..... ..-..
~~?
1960. (
"Cr-ill. ~~.......
REEVE
CLFRK
Seal'