HomeMy WebLinkAbout68-7THE CORPORATION OF THE VILLAGE OF NEWCASTLE
BY-LAIV No. .68-7
a by-law to authorize the borrowing of
money by way of temporary advances
pending the issue of debentures.
WHEREAS section 330 of the Municipal Act, R.8,0. 1960
Ch. 249 confers the power on a Corporation to borrow money
pending the issue and sale of debentures up to the total
amount of the debentures authorized by the Plunicipal Board.
AND WHEREAS the 11unicipal Board has authorized the issue
of 630,000 ten year serial debentures for the purpose of
the construction of a building, the purchase of a truck,
and for improvements and extension to the system of distribution
of electricity and for sundry other items as set out in
resolution No. 69, passed by the Council of the Corporation of
the Village of Newcastle at its Regular Meeting on March 11,
1968. The Approval of the Municipal Board is evidenced by its
letter dated June 10, 1968.
THEREFORE the Council of the Corporation of the Village of
Newcastle enacts as follows:
1. The Corporation agrees to borrow and hereby authorize
the borrowing from the Canadian Imperial Bank of Commerce
as temporary advances pending the issue and sale of
debentures as above recited but not to exceed a total
of $30,000.
2. Within the limits aforesaid and as moneys are required
from time to time for the purposes above recited, the
Head and Treasurer, acting on behalf of the Corporation,
are hereby authorized to borrow from time to time, by
way of promissory note, from the Canadian Imperial Bank
of Commerce, a sum or sums not exceeding a total of
$30,000. at a rate of interest as may be agreed upon
but not exceeding 7�Vlo per annum, and to affix the seal of
the Corporation to such promissory note or notes.
Read a FIRST, SECOND and THIRD time and finally passed
on the 10th day of June, 1968.