HomeMy WebLinkAboutTIV 74 13 Borrowing By-law
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THE CORPORATION OF THE VITLAGE OF IVERTON
BY-LAW NO. 74-13
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A Bylaw authorizing the borrowing of m ney by way of
temporary advances pending the receipt of a grant from
Ontario Hydro and a sUbsidy from the M nistry of
Transportation and Communications
WHEREAS the Council of the Corporation of t
has enacted its By-law No. 74-12, passed on the
duly authorizing the borrowing of money not exce
hundred thousand dollars) for the following purp
reconstruction of King St. North
AND WHEREAS it is provided by the Municipal
Chapter 284, Section 293, SS. 2 that the said do
assent of the electors or of those qualified to
by-laws
AND WHEREAS the Corporation desires to borr
temporary advances pending the receipt of a gran
and a subsidy from the Ministry of Transportatio
e Village of Tiverton
3th day of August 1974
ding $100,000.00 (one
se, namely for
Act R.S.O. 1970
s not require the
ote on Money
w the money as
from Ontario Hydro
and Communications
NOW, THEREFORE, THE COUNCIL OF THE CORPORAT ON OF THE VILLAGE OF
TIVERTON HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth hereby authorize the
borrowing from the Canadian Imperial Bank of Commerce as temporary
advances pending the receipt of a grant f om Ontario Hydro and a
subsidy from the Ministry of Transportati n and Communications,
such' sums as may be required but not exce d'.ng a total of
$100,000.00 (one hundred thousand dollars) on the terms and
conditions set forth in this By-law
2. Within the limit aforesaid and as moneys re required from time
to time for the purpose above recited, th Reeve and the
Treasurer acting on behalf of the Corpora ion, are hereby
authorized to borrow moneys from the said Bank for the said
purpose pending the receipt of a grant fr m Ontario Hydro and a
subsidy from the Ministrv of Transportati nand CommOnications
and to sign and deliver to the said Bank uch promissory note
or notes as may be required for the repay'. ent of the moneys
borrowed at such time or times and at suc rate of interest as
may be agreed upon with the said Bank, bu not exceeding the
prime lending rate of the said Bank, and 0 affix the corporate
seal of the Corporation to such promissor note or notes.
PASSED THIS
13th
Aunust
DAY OF
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REEVE
'In ~
~ q CLERK
19 4
ITNESS: the Corporate
ea1 of the Corporation
f the Vi11~ge of
iverton
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