Bylaw No. 1018, 2021 Temporary Borrowing Bylaw
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The bylaw text
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TOWN OF PRINCETON
BYLAW 1018, 2021
TEMPORARY BORROWING BYLAW
WHEREAS it is provided by S. 181 of the Community Charter that the Council may, where it has adopted a loan authorization bylaw, without further assents or approvals, borrow temporarily under the conditions therein set out; AND WHEREAS the Council has adop ted Bylaw No. 1003 number, cited as Town of Princeton Loan Authorization Bylaw No. 1003, 2021 , authorizing borrowing for the purpose of brief description of purpose, in the amount of seven million dollars ($7,000,000); AND WHEREAS the sale of debentures has been temporarily deferred; NOW THEREFORE, the Council of the Town of Princeton, 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 two million dollars ($2,000,000), as the same may be required.
2. The form of obligation to be given as acknowledgement of the liability shall be a promissory
note or notes bearing the corporate seal and signed by the Mayor and the Financial Administration Officer.
3. The money so borrowed shall be used solely for the purposes set out in Town of Princeton
Loan Authorization Bylaw No. 1003, 2021
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 “Town of Princeton Temporary Borrowing Bylaw No. 1018,
2021).
READ A FIRST TIME THIS 1st day of November 2021. READ A SECOND TIME THIS 1st day of November 2021 READ A THIRD TIME THIS 1st day of November 2021 ADOPTED THIS 6th day of December 2021.
Mayor Spencer Coyne CAO Lyle Thomas Original signed by Mayor Coyne Original signed by CAO Thomas