Bylaw No. 1058, 2025 Fire Hall Temporary Borrowing Bylaw

TOWN OF PRINCETON

BYLAW 1058, 2025

FIRE HALL 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 adopted Bylaw No. 1052, 2024 cited as Town of Princeton Fire Hall Loan Authorization Bylaw No. 10 52, 202 4, authorizing borrowing for the purpose of construction of a second fire hall, in the amount of one million three hundred eighty-nine thousand, eighty-six dollars ($1,389,086); 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 one million, three hundred eighty -nine thousand eighty-six dollars ($1,389,086), 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. 1052, 2024.

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 Fire Hall Temporary Borrowing Bylaw No.

1058, 2025”. READ A FIRST TIME THIS 16th day of July 2025 READ A SECOND TIME THIS 16th day of July 2025 READ A THIRD TIME THIS 16th day of July 2025 ADOPTED THIS 6th day of August 2025

Mayor Spencer Coyne CAO Lyle Thomas Original signed by Mayor Coyne Original signed by CAO Thomas