2041-73 BorrowForLandfill - Laserfiche WebLink

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i 0 BY -LAW NUMBER 2041 A BY -LAW AUTHORIZING THE BORROWING OF TEMPORARY ADVANCES PENDING THE PASSING OF A BY -LAW FOR THE ISSUANCE AND SALE OF DEBENTURES TO RAISE THE SUMS REQUIRED FOR THE FINANCING OF THE PURCHASE OF LAND FOR A SANITARY LANDFILL SITE AND IMPROVEMENTS THERETO REQUIRED TO OPERATE THE SAID SITE FOR DISTRICT 113, LOCATED IN THE TOWNSHIP OF MAIDSTONE IN THE COUNTY OF ESSEX. WHEREAS, the Corporation of the County of Essex has been requested by the municipalities forming District 113 of the Sanitary Landfill Projects of the County of Essex to raise the sum required for the purchase of land for a Sanitary Landfill Site and Improvements thereto required to operate the said site for the District; AND WHEREAS the Council of the Corporation of the County, by resolution, has approved the said request; AND WHEREAS BY ORDER, dated Tuesday, October 3,1972, The Ontario Municipal Board, pursuant to Section 64 of the Ontario Municipal Board Act, Chapter 323, R. S. 0. 1970, approved of the application of the Corporation of the County of Essex for the raising of the sum of $286,000.00 for the purpose of financing the purchase of land for a Sanitary Landfill Site and Improvements thereto for District 113, located in the Township of Maidstone in the County of Essex, and has authorized the Corporation of the County of Essex for such purposes to pass all requisite by -laws, including by -laws providing for temporary advances for the issue and sale of debentures, provided that the term of the debentures shall not exceed twenty (20) years, and provided that the said Corporation may borrow the whole or any part of the said sum of $286,000.00 as required pending receipt of monies from the sale of the debentures, or of monies to be received from other sources; AND WHEREAS it is deemed expedient to borrow, as temporary advances pending the issue and sale of debentures, the sum of $286,000.00 for the purpose aforesaid. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: (1) The Corporation shall borrow and does hereby authorize the borrowing from the Canadian Imperial Bank of Commerce as temporary advances pending the issue and sale of debentures, as above cited such advances as may be required but not exceeding a total of $286,000.00 on the terms and subject to the conditions set forth in this by -law. (2) Within the limit aforesaid and as monies are required from time to time for the purpose above cited, the Warden and Treasurer of the County of Essex, acting on behalf of the Corporation of the County of Essex, are hereby authorized to borrow monies from the said bank for that purpose; pending the issue and sale of the debentures to be authorized as aforesaid and to sign and deliver to the said bank such pro- missory note or notes as may be required for the repayment of the monies bor- rowed at such time or times, and at such rate of interest as may be agreed upon, with the said bank, per annu, and to affix the Corporate Seal of the Corporation of the County of Essex to such promissory note or notes. (3) The Warden and Treasurer are hereby authorized to assign and pledge the said debentures when issued to the said Bank upon the issue thereof to be held by the said bank as collateral security for all monies borrowed under this by -law and interest thereon and to assign to the said bank the monies growing due from the sale of the said debentures when issued, or the proceeds of the sale of the said debentures when issued, or so much thereof as may be necessary, shall be paid to the said bank in satisfaction of themonies borrowed under this by -law and interest thereon. Finally passed this 17th day of January; - 1973. 1st reading- Jan. 17/73 2nd reading- Jan. 17/73 3rd reading- Jan. 17/73