BYLAW NO. 855 - Temporary Borrowing Bylaw

BYLAW NO. 855

A BYLAW TO AUTHORIZE TEMPORARY BORROWING PENDING THE SALE OF DEBENTURES

WHEREAS it is provided by section 181 of the Community Charter that a Council may, where it has adopted a loan authorization bylaw, without further assents or approvals, borrow temporarily from any person under the conditions therein set out;

AND WHEREAS the Council has adopted Bylaw No. 839, cited as "Public Safety Building Loan Authorization Bylaw No. 839, 2012", authorizing borrowing towards the construction of a View Royal public safety building in the amount of five million, four hundred and ninety thousand dollars ($5,490,000).

AND WHEREAS the sale of the said debentures has been temporarily deferred;

NOW THEREFORE the Municipal Council of the Town of View Royal, in open meeting assembled, enacts as follows:

1. The Council is hereby authorized and empowered to borrow an amount or amounts not exceeding the sum of five million, four hundred and ninety thousand dollars ($5,490,000).
2. The form of obligation to be given as acknowledgment of the liability shall be a promissory note or notes bearing the corporate seal and signed by the Mayor and the Clerk.
3. The money so borrowed shall be used solely for the purposes set out in said Bylaw No. 839.
4. The proceeds from the sale of the debentures or so much thereof as may be necessary shall be used to repay the money so borrowed.
5. This bylaw may be cited as "Temporary Borrowing Bylaw No. 855, 2012.

READ A FIRST TIME THIS __________ DAY OF __________

READ A SECOND TIME THIS __________ DAY OF __________

READ A THIRD TIME THIS __________ DAY OF __________

ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND THE CLERK AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL THIS __________ DAY OF __________

MAYOR

CLERK