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.