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HomeMy WebLinkAboutBy-law 1792Of the Municipal Corporation of the Township of Picketing. A By-law to authorize the borrowing of $466,000 Sixty Six Thousand Dollars) Upon debentures for equipping of the High School. (Four HundA~ed and the building and WH~NEAS the Department of Education has approvedof the whole of l~wnship of Picketing as a High School Area as of January 1st ~ WHEREAS there are only two Continuation Schools in the Township and these do not ~rovide the complete high school course amd have not sufficient space for the expected 400 (four hundred) Township Students; AND WHEBEAB the Trustees, by agreement, have purchased a school Site for the erection of a new High School, and same has been approved by the Department of Education; AND WHEREAS the Department of Education has tentatively approved the proposed plans for the erection and equipment of said High School at a cost of $466,000. (Four Hundred'and Sixty Six Thousand Dollars); AND WHEREAS it is expedient to borrow for the erection of the said High School containing 14 (fottrteen) rooms, upon the credit of the Corporation and to issue debentures therefor bearing interest at the rate of 3% (three percentum) per annum, payable annually, and to provide for the discount and the expenses incidental to negotiations and sale of suqh debentures. AND WHEREAS it is expedient to make the principal of the said debt repayable in annual instalments during the period of twenty years next after ?he date of issue of such debentures, of such amounts respectively that, with the interest in respect of the debt, the aggregate amount payable for principal and interest in each year shall be, as nearly as possible, the same; AND WHEREAS the amount of the whole rateable property of the Municipali~y~ acceding to the last revised Assessment Roll t~ereof, is $7,195,224.77 which does not include any assessment on the properties owned by Central Mortgage & Housing Corporation. AND WHEREAS the amount of the ~xisting debenture debt of the Corporation, exclusive of local improvement debts secured by special rates or assessments, is nil, and no part of the principal or interest of such debt is in arrear; THEREFORE the Council of the Corporation of the Township of Picketing enacts as follows :- 1. For the purpose aforesaid the Corporation shall borrow upon the credit of the Corporation, a sum not exceeding $466,000. ,,~ (Four Hundred and Sixty Six Thousand Dollars)~ and shall issue_ ~ ~ debentures~the~efor tn sums of not less than $50.00 (Fifty · i~ ~ Dollars), each. Each debenture shall bear interest at the , rate of ~ (three percentum) payable annually, ar~ shall have coupons ~ttached thereto for the payment of such interest. 2. All the debentures shall bear the same date, shall be issued at one time and within two years after the date on which this By-law is passed, may bear any date within such two years, and shall be made payable in annual instalments during the period of 20 (twenty) yea~s next after the date of issue thereof, and the respective amounts of principal and interest payable,in each of such years shall be the amounts so desi hated in Schedul "" g e a hereto affixed. -2- The debentures shall be payable as to both principal and interest in lawful money of Canada and may be made payable at such place or places in Canada as shall be designated thereon. The said debentures shall be sealed with the seal of the Corporation and signed by the Head of the Council or by some other person authorized by By-law to sign the same, and the Treasurer. The said interest coupons shall be signed by the Treasurer and his signature thereon may be w~itten, stamped, lithographed or engraved. Commencing in the year 195~-, and thereafter in each year in which an instalment of principal of the said debt and interest become due, the Corporation shall levy and raise the specific amount shown for the respective year in the fourth column of the said schedule. Such sum shall be levied and raised by a special rate sufficient therefor, over and above all other rates, upon all the rateable property in the M~$~icipalit~. The said debentures may contain a clause providing for the registration thereof pursuant to Section 336 of the Municipal Act. Pending the sale of the said debentures, the head of the Council and the Treastt~er may raise for the purpose aforesaid, by way of loan on such debentures, any sum or sums of money not exceeding in all the s~m hereby authorized to be borrowed, and may hypothecate such debentures for such loan. The Co~poration shall have the right, at its option, to redeem debentures maturing in the year 1970~o£ such issue, either in whole or in pa~t, on any date prior to maturlty at the places where and in the monies in which the said debentures are expressed to be payable, upon payment of the principal amount thereof, together with interest accrued to the date of redemption, and upon giving previous notice of such intention to redeem by advertising once in the "0nta~io Gazette"; once in a daily newspaper of general provincial circulation published in the City of Toronto, and once in a local newspaper,, such notices to be advertised as aforesaid at least 30 (thirty) days before the date fixed for redemption. Notice of intention so to redeem shall also be sent by post at least 30 (thirty) days prior to the date set for such redemption, to each person in whose name a debenture, so to be redeemed, is registered, at the add. ess shown in the Debenture Registry Book. read a FIRST and SECOND time this day of reada THIRD time and FINJ~T,T,y,,, , PASSED this ~~z_~~ day SCHEDULE TOWNSHIP OF B~y-Law 1792. P I C KERI NG. $466,000.00 - 3% 20-year High School Debentures. Year Principal Inter~st TOTAL 1951 17,300 13,980 31,280 1952 17,900 13,461 31,361 1953 18,400 12,924 31,324 1954 19,000 12,372 31,372 1955 19,500 11,802 31,302 195~ 20,100 11,,217 31,317 1957 20,700 10,014 31,314 1958 21,300 9,993 31,293 1959 22,000 9,354 31,354 1900 22,000 8,094 31,294 1901 23,300 8,016 31,310 19o2 24,000 7,317 31,317 1903 24,700 0,597 31,297 1904 25,500 5,8~6 31,350 1905 20,200 5,091 31,291 1906 27,000 4,305 31,305 1907 27,800 3,495 31,295 19o8 28,700 2,0~1 31,361 1909 29,500 1,800 31,3oo 1970 30,500 915 31,/4-15 $400, O00. $16o, L 64 $026,464 Bonds to be issued in $1,000. and $100. fractions thereof.