HomeMy WebLinkAboutTIV 74 08 Borrowing By-law
,
~-;~q
y
.
..
- ¿"
THE CORPORATION OF THE VILLAGE OF TIVERTON
BY-LAW NO. 74-8
A By-Law authorizing the borrowing of
way of temporary advances pending the
of Government Grants.
WHEREAS the Council of the Corporation of the
Tiverton has enacted its By-Law No. 74-7, passed
of April 1974, duly authorizing the borrowing of mo
exceeding $12,000.00 (twelve thousand dollars), for
following purpose, namely for the construction of a
to the Village of Tiverton Community Centre.
illage of
day
AND WHEREAS it is provided by the Municipal Ac R.S.O., 1970
Chapter 284, Section 352, S5 74, that the said By-L w does not
require the assent of the electors or of those qual fied to
vote on money by-laws.
AND WHEREAS the Corporation desires to borrow oney as
temporary advances pending the receipt of Governmen Grants.
NOW, THEREFORE, THE COUNCIL OF THE CORPORATION OF THE
VILLAGE OF TIVERTON HEREBY ENACTS AS FOLLOWS:
1. The Corporation agrees to borrow and doth here y authorize
the borrowing from the CANADIAN IMPERIAL BANK OF CO ERCE as
temporary advances pending the receipt of Governmen Grants
such sums as may be required but not exceeding a to al of
$12,000.00 ( twelve thousand dollars ) on the terms and subject
to the conditions set forth in this By-Law.
2. Within the limit aforesaid and as moneys are r quired from
time to time for the purpose above recited, the Ree e and the
Treasurer, acting on behalf of the Corporation, are hereby
authorized to borrow moneys from the said Bank for he said
purpose pending the receipt of Government Grants an to
sign and deliver to the said Bank such promissory n te or notes
as may be required for the repayment of the moneys orrowed
at such time or times and at such rate of interest 5 may be
agreed upon with the said Bank, but not exceeding t e prime
lending rate of the said Bank, and to affix the orate
seal of the Corporation to such promissory note or otes.
'J-
.
.
.
- 2 -
Passed this <¡Cñ
day of Il~
WITNESS the Corporate Seal
of the Corporation of the
Village of Tiverton
1974
-'" '-............~
-
C~
---, '~ .-"- - ~¥-/
,-
-- ,~.- ...::......./
- -...:: -~ .
Reeve
::-..::
"/:
-
.- -
.,
, "
./
.
- ~---
'fnlVt.
Clerk
-'... ":';"~
'/
"
v_.
-.-
-,
-. -
-/' ..: '... "'" ..
_ ,...."'-
.- ...' '-- -
,..-- ,'~--
-..: .'~ - .'" ---
. ---------
By-Law 74-8
.J2~