HomeMy WebLinkAboutBy-law 2019B Y- L A W N U M B E R 2 0 1 9
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERInG TO AUTHCaIZE
TIIi: BCRR.O'AIbiG OF a upon DEBENTURES FO. SCHOOL PU VIS.
6 ooe.o o ?> rt,
?t WHEREAS it is expedient to borrow for the erection and equippin; of
a two-roomed schoolhouse, and the erection and equipping of an addition
of two rooms, both in JPQq,]s cK No. 2 of the Township of Pickering,
a sum not exceeding upon the credit of the Corporation to
issue Debentures therefor, bearing interest at the rate of Four ?or
Cent (41) per annum, payable annually, and to provide for the discount
and expenses incidental to the negotiation and sale of such Debentures;
AND WHEREAS it is expedient to make the said debt repayable in annual
instalments during the period of twenty years next after the date of
issue of such Debentures, and 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 near as possible, the
same;
AID ;lEREAS the amount of the existing Debenture debt of the Corporation,
to,ether with such debt that has been approved by the Auni.cipal Board,
is now :y 1,241,469.61, of which 1 260,005.68 is an obli?ation of the
Improvement District of Ajax being their share of the debt incurred by
our mutual High School area; and no part of the principal or interest
of anv such debt is in arrear. The assessment of this nunicinality is
9v 8,706,F302.77;
AND WHEREAS the Cnt rio Municipal Board have given approval to this By-
Law dated thev1ay of `n w. 1954 ;
THEREFOR3 the Council of the Corporation of the Township of Pickering
ENACTS AS FOLLOWS:
1. For the purpose aforesaid, the Corporation shall SOME on the
credit, of the Corporation a sum not exceeding .? ar. " ?'
shall issue Debentures therefor in sums of not less than p 500.00
each. Each Debenture shall bear interest at the rate of Four Per
Cent (40 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 time and within two years after the day on which this. By-Law
is passed; may bear an; date within such two years, and shall be
made payable in annual instalments during the period of twenty
years next, after the date of issue thereof, and the respective
amounts of principal and interest payable in each of suc'n years
shall be the amounts so designated in SCH;;DULP "A" hereto annexed.
3. The Debentures shall, he payable as to both principal and interest
?- in lawful woney 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 Cor o ration
and signed by the Head of the Council, or by some other person
authorized by Fy-Law to sign the: same, and by the Treasurer. The vaid
interest coupons shall be signed by the Treasurer and his signature
the-Tenn may be written, stamped, lithographed or engraved.
5. Commencin;; in the year 1955 and thereafter in each year in whip" an
sum shall be levied and raised by special rate sufficient therefor,
??rovi_ding for the re?is-
6. The said Debentures may contain a clause
trati_on thereof pursuant to Section 335 of the K"KKpal ict.
instalment of principal of the said debt and into-rest become due,
the Corporation shall levy and raise the specific. s??=?? shown for the
respective year in the fourth column of the said Schedule. 3uci?,
over t?: d 7' :i??E a1' ?:?.'??er ?•a?.u;?, upon all the rateable fro;???rty for
public school purposes in the said School Scetion.
- 2 -
Pendin the sale of the said Debenture,, the
y l'?! ?? and the. Treasurer may raise for the purposes
loan on sucl Debentures any sum or sums of m
all the sum hereby authorized to be borroNed
such Debenture for shell! loan.
Head of
aforesa
inev not
and may
the Council
id by way of
exceed"r' i_r
hypothecate
The Corporation shall have the riL+ t, at. i.ts option, t.o redeem
Debentures maturing in the year 10,74 of such issue on any date
prior to maturity at the places where and in the moneys in which
the said Debentures are expressed to be payable, u,wn paymt=nt of
the principal amount thereof to-other interest accrued to the
date of redemption and upon ivin previot.ts notice of said in-
tention to redeem i;v advertisin; once in t_.e "Chtario Cazette'T
and once in a daily newspaper of general provincial circulation,
published 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. Aotice of intention so to
redeem shall also be sent by post at least ti_irt,- Slavs prier to
the date set for such redemption to each person in whose name a
Debenture so to be redeemed is re-isterad at the address shown
in the Debenture Re;;istry Nook.
BY-LAW read a First and. Second time this_rZday of 1954
BY-LAW read a Third time and PASSED this ?0-9?day of 1951
t
gave
Reeve
S C H E D U L E " A"
Attached to and forming part of By-Law Number 2019
6$,000.00 - 4% - 1-20 year DEBENTURE
S C H O O L S E C T I O N N 0. 2_
Year Principal Interest Total
1955 2000.00 2,720.00 5,020.00
1956 2,400.00 29628.00 5,028.00
1957 2000.00 22532.00 5,032.00
1958 2,600.00 2,432.00 5,032.00
1959 2,700.00 2,328.00 50028.00
1960 2,800.00 21220.00 52020.00
1961 22900.00 29108.00 5,008.00
1962 3,000.00 1,992.00 4,992.00
1963 3,100.00 1,872.00 49972.00
1964 3,200.00 1,748.00 4,948.00
1965 3,400.00 1,620.00 59020.00
1966 3,500.00 1,484.00 4,984.00
1967 3,600.00 1,344.00 4044.00
1968 39800.00 1,200.00 5,000.00
1969 39900.00 1,048.00 49948.00
1970 4,100.00 892.00 4,992.00
1971 4000.00 728.00 5,028.00
1972 4,400.00 556.00 4,956.00
1973 4,600.00 380.00 4,980.00
1974 4,900000 _ 196.00 51096.00
68,000.00 dk 32,028.00 A 100,028.00
Debentures to be issued in A10000.00 denominatives and odd ? 500.00.