1981-1419 Medonte
TOWNSHIP OF MEDONTE
MUNICIPAL BORROWING
BY- LAW
1419
CAPITAL EXRENDITURE BY-LAW
Municipal Corporation of the Township of Medonte
By- Law No. 1419
WHEREAS by By-Law ,number 1418 the Council of the Corporation authorized
the borrowing of $203,395.53 by the issue and sale of debentures to provide for
the cost of Horseshoe Valley's local improvement for the construction of
watermains and pumping station.
.
AND WHEREAS the consent or approval of the Ontario Municipal Board has been
obtained by order No. E807000 dated the 9th day of October, 1980,
revised as of date of the th day of 1981.
AND WHEREAS a temporary loan is required for the cost of the work until such
time as debentures are issued and sold and the proceeds are received.
AND WHEREAS no debentures in respect of the said work have been sold,
pledged or otherwise disposed of.
NOW THEREFORE, the Council of the Municipal Corporation of the Township of
Medonte enacts as follows:
1st That the Reeve and the Treasurer of the Corporation be and they are hereby
authorized and empowered to borrow on behalf of the Corporation from time to
time as may be required from the Toronto-Dominion Bank such sums as may be
necessary but not exceeding in all the sum of 203 thousand, and.395
------- 53/100 Dollars for the purposes aforesaid.
2nd That the Reeve and the Treasurer aforesaid be and they are hereby authorized
to payor allow the said Bank interest on the said sum so borrowed at the
Toronto Dominion Bank's prime interest rate which rate shall be as notified
by the Bank to the Treasurer from time to time.
3rd That the Reeve and the Treasurer be and they are hereby authorized on behalf
of the Corporation to sign and execute under its corporate seal, promissory
note or notes for any sum or sums so borrowed and any renewaJs thereof as may
be required and in like manner to execute an hypothecation of the said
debentures and deliver the said note or notes, the said hypothecation and
the said debentures to the said bank.
4th That the proceeds of every such loan shall be applied for the purposes afore-
said but the Toronto-Dominion Bank shall not be bound to see to the appl
of any loan.
5th. That this by-law shall come into force and have effect immediately from and
after the passing thereof.
Passed this 8th day of September, 1981.
I hereby certify that the foregoing is
. true copy of by-law no.
.
Dated at Moonstone
this 8th day of
1981.
As Witness the Seal
of the Corporation