HomeMy WebLinkAboutBy-law 1892B Y - L A W N U M B E R ., 18.9? ......
A BY-LAW OF THE MUNICIPAL CORPORATION OF THE TOWNSHIP OF PICKERIN!) TO AUTHOR.,
IZE THE BORROWING OF TWO HUNDRED AND THIRTY THOUSAND DOLLARS ($230,000.00)
UPON DEBENTURES FOR THE BUILDING AND EQUIPPING OF AN ADDITION TO THE PRESENT
PICKERING DISTRICT HIGH SCHOOL BUILDING:
W f•WHF.REAS the present High School building; is only built to accommodate four
hundred (400) pupils and it is expected five hundred (500) pupils will need
accommodation on September 1st next;
AND WtiE'?EAS the High School Board have petitioned Council for Two Hundred and
Phrti Thousand Dollars (?230,000.00) to build six extra rooms to the High
School and same has been„ ntatively approved by the Department of Education;
AND WHEREAS the assessment of" the Pickering District High School Area in the
Township of Pickering Is $8,192,159.85, and the Improvement District of Ajax
approximately $1,5000000.00;
AND WHEREAS the total debenture debt of the Township outstanding is
$660,130-15, of which amount the Improvement District of Ajax is liable for
their share of $452,020.00 based on assessment, and no such debt is in
arrears;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICKIIERING
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon the credit
2. All the debentures shall bear the same date, shall be issued at one
l)J of the Corporation, a sum not exceeding Two Hundred and Thirty Thousand
Dollars (?230,000.00), and shall issue debentures therefor in sums of not
less that One Hundred Dollars 0100.00) each. Each debenture shall bear
interest at the rate of `j(Ye pal,*able annually, and shall have
coupons attached thereto for the payment of such interest;
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 twenty (20) years 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 des-
ignated in Schedule "a" hereto affixed.
3. 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.
4. 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
written, stamped, lithographed or engraved.
5• Commencing in the year 1953, and thereafter in each year in which an
J(. 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, unon all the rateable property in the
said High School area.
- 2 -
6. The said debentures may
A/Zgw thereof pursuant to Sec
7. Pending; the sale of the
the Treasurer may raise
suchlebentures, any sum
hereby authorized to be
such loan.
contain a clause providing for the registra
Lion 336 of the Municipal Act.
said debentures, the head of the Council an
for the purpose aforesaid, by way of loan c
or sums of money not exceeding in all the s
borrowed, and may hypothecate such debentur
S. The Corporation shall have the right, at its option, to redeem debe
tures maturing in the year 1973 of such issue, either in whole or i
part, on anv date prior to maturity at the places where And in the
monies in which the said debentures are expressed to be payable, up
payment of the principal amount thereof, together with interest ace
to the date of redemption, and upon giving previous notice of such
intention to redeem by advertising once in the "Ontario Gazette";
once in a daily newspaper of general provincial circulation publish
the Citv of Toronto, and once in a local newspaper, such notices to
advertised as aforesaid at least 30 (thirty) days before the date f
for redemption. Notice of intention so to redeem shall also be sen
by post at least thirty (30) days prior to the date set for such
redemption, to each person in whose name a debenture, so to be rede
is registered, at the address shown in the nebenture Registry Book.
BY-LAW read a FIRST and SECOND time this -2 e7 day of
1952. ?j
.....G... ....
Reeve
Clerk
This By-Law has received approval f the Muni
debenture of $230,000.00 dated Nh4 it,,,
BY-LA'N read a THIRD time and
`11' 1 52 .
FINAL& PASSED this
1 Board for above
1952.
A? day of
Reeve
k
By-Law Number / ?4,Z
S C H E D U L E " n"
230,000-00 - ?j5 - 20-year - Huh School Debenture
Year Principal Interest Total
195 7,300.00 10,350.00 17,650.00
195 7,700.00 10,021,50~ 17,721.50
1955 8,000.00 9,675.00 17,575.00
1956 8,400.00 9,315.00 17,715.00
1957 1,700.00 8,937-00 17,6 7.00
1958 9,100.00 8545.50- 17,6 5.50
1959 9,600.00 8,136.oo 17,736.00
196o 101000.00 7,704.00 17,704.00
1961 10,400.00 7,254.00 17,654.00
1962 10,900.00 6,78b.00 17,686.00
196 11,400.00 6,295.50` 17,695.50
1964 11,900.0o 5,782.50- 17,6B2.50
1965 12,400.00 ,247.00 17,647.00
1966 13,000.00 ,689.oo 17,689.oo
1967 13,6oo.oo 4,104_.00 17,704.00
1968 11,200.00 3,492.00 17,692.00
1969 14,800.00 2,853,00 17,653.00
1970 15,500.00 2,187.00 17,687.00
1971 16,200.00 1,1189.50- 17,689.50
1972 16,900.00 760.KO- 17,66o.50
230,000.00 123,621.00 353,624.00
Bonds to be issued in $1,000.00 and 4100.00 fractions thereof.