HomeMy WebLinkAboutBy-law 1970B Y - L A W N U M B E R 1 9 7 0
A BY-LAW OF THE CORPORATION OF THE TOWIQSHI' OF PICKERING TO AUTHORIZE
TENTATIVELY THE BORROWING OF $P5,000.00 UPON DEBENTURES FOR SCHOOL PURPOSES.
WHEREAS it is expedient to borrow for the erection and equipping of a
"n_2? Schoolhouse in School Section No. 18 of the Township of Pickering, a
sum not exceeding $85,000.00 upon the credit of the Corporation to issue h ;w
Debentures therefor bearing interest at the rate of 5i% per cent per
annum .(5)payable annually, and to provide for the discount and ex-
penses incidental to negotiation and sale of such Debentures:
.? AND WHEREAS it is expedient to make the said debt repayable in annual
nsta ments during the period of z c years next after the date
of issue of such debentures, and such amounts respectively that, with the
interest in respect of the debt, and aggregate amount payable for principal
and interest in each year shall be, as near as possible, the same:
-?, ANn WHEREAS the amount of the existing Debenture debt of the Corporation
is now $3'6U,155.08, plus $66o,800.00, being the debenture debt for the
Pickering District High School Board, which is shrTed on an assessment
basis with the Improvement District of Ajax and Pickering Village, in
the proportion of: Pickering Township, $8,066,116.17: Improvement
District of Ajax, $4,513,410.00: Pickering Village, $608,387.1+3, plus
?,16,000.00 now before the Municipal Board for approval,'and no part of
the principal or interest of any such debt is in arrear.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TONNSHIP OF DICKERING
ENACTS AS FOLLOWS: -
1. For the purpose aforesaid, the Corporation shall ')orrow upon the
credit of the Corporation a sum not exceeding $85,000.00, and shall
issue Debentures therefor in sums of not less than $100.00 each.
Each debenture shall bear interest at the rate of ,f 4 ? per
-cent per annum, payable annually, and shall have coupons attached
thereto for the payment of such interest.
2. All the debentures shall bear the same date; shall be issued at one
b??l time, and within two years after the day 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 z o 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 designated in SCHEDULE "A" hereto annexed.
n 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
,r and signed by the Head of the Council, or by some other person author-
ized by By-Law to sign the same, and by 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 195 and thereafter in each year in which an
y.? instalment of principal of the said debt and interest become due, the
Corporation shall levy and raise the specific sum 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 for
public school purposes in the said School Section,
6. The said debentures may contain a clause providing for the registration
thereof pursuant to Section 336 of the Municipal Act.
w ?,
- 2 -
o7 7. Pending the sale of the said debentures, the head of the Council and
the Treasurer may raise for the purposes aforesaid by way of loan on
such debentures any sum or sums of money not exceeding in all the sum
hereby authorized to be borrowed and may hypothecate such debenture
for such loan.
8. The Corporation shall have the right, at its option, to redeem deb-
entures maturing in the year/q73 of such issue, Calth-e-P -iirwhole or
irr-part)on any date prior to maturity at the places where and in
the moneys 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
said intention to redeem by advertising once in the "Ontario Gazette"
and once in a daily newspaper of general provincial circulation, pub-
lished in the City of Toronto, and once in a local newspaper, such
notice to be advertised as aforesaid at least thirty days before the
date fixed for redemption. Notice of intention so to redeem shall
also be sent by post at least 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 address shown in the Debenture Registry
Book.
BY-LAW read a FIRST and SECOND Time this /,dt day of --`- 1953.
7
Reeve
?TL7val ilf ."l?.?•....••C lark
The Ontario Municipal Board have given their app? to this By-Law,
dated the W74 day of 1954, in the amount of EIGHTY THOUSAND
DOLLARS ($0 ,b7.), And,t'he f"-bre-going By-3aw has been re-read for
?80,000. and initialled. An amende Schedule of annual payments due duri
the term of the debenture,totalling 480,000, is attached hereto.
t BY-LAW read a THIRD Time and finally PASSED this 2 -2- day of r._a 1954•
Reeve
Clerk
04; The interest rate on the Third Reading has been chrged and initialled
to read 44% instead of 5%.
S C H E D U L E " A n
Attached to, and forming part of By-Law Number 1970
$5,000.00 - 20 year - equal instalments - 5% Debenture for
School Section Number 18
Year Principal Interest Total
1954 2000.00 41250.00 6,750.00
1955 2,500.00 49125.00 61625.00
1956 39000.00 4,000.00 7,000.00
1957 3,000.00 31850.00 6,850.00
1958 3,000.00 3,700.00 6,700.00
1959 3,500.00 3,550.00 7,050.00
1960 3,500.00 3,375.00 6,875.00
1961 3000.00 3,200.00 6,700.00
1962 4,000.00 3,025.00 72025.00
1963 4,000.00 29825.00 69825.00
1964 4,000.00 2,625.00 6,625.00
1965 4,500.00 29425.00 61925.00
1966 4,500.00 2,200.00 6,700.00
1967 5,000.00 1,975.00 6,975.00
1968 5,000.00 1,725.00 6,725.00
1969 59500.00 1,475.00 6,975.00
1970 5,500.00 11200.00 6,700.00
1971 6,000.00 925.00 69925.00
1972 6,000.00 625.00 61625.00
1973 6.500.00 325.00 6.825.00
859000.00 51,400.00 1369400.00
Debentures to be issued in $1,000.00 denominatives and odd $500.00
S C H E D U L E " A" (REVISED)
Attached to and forming part of BY-LAIN Number 1970
$80,000.00 - 20 year - equal instalments - 5% Debenture for
SCHOOL SECTION NO. 18.
Year Principal Interest TOTAL.
1954 2,500.00 4,000.00 6,500.00 p
1955 2,500.00 3,875.00 6,375.00
1956 2,500.00 3,750.00 6,250.00
1957 3,000.00 3,625.00 6,625.00
1958 3,000.00 3,475.00 6,475.00
1959 3,000.00 3,325.00 6,325.00
1960 3,000.00 3,175.00 6,175.00
1961 3,500.00 3,025.00 6,525.00
1962 3,500.00 2,750.00 6,250.00
1963 4,000.00 21675.00 6,675.00
1964 4,000.00 2,475.00 6,475.00
1965 4,000.00 2,275.00 6,275.00
1966 4,500.00 2,075.00 6,575.00
1967 4,500.00 1,85o.oo 6,350.00
1968 5,000.00 1,625.00 6,625.00
1969 5,000.00 1,375.00 6,375.00
1970 5,000.00 1,125.00 6,125.00
1971 5,500.00 850.00 6,350.00
1972 6,000.00 600.00 6,600.00
1973 6,ooo.oo 300.00 6,300.00
?80,000.00 $48,225.00 $128,225.00
Debentures to be issued in $1,000. denominatives and odd $500.00.