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HomeMy WebLinkAboutBy-law 2110BY - LAW NUMBER '2 / f O A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICRERING TO AUTHORIZE THE BORROWING OF $6G-,0e0-.010-UPON DEBENTURES FOR SCHOOL PURPOSES. L Sy. SOS. o ot, WHEREAS it is expedient to borrow for an addition to the schoolhouse in Sc oo Section No. 3 West of the Township of Pickering a sum not exceeding $60,000. (Sixty Thousand Dollars) upon the credit of the Corporatio to issue debentures therefor bearing interest at the rate of ?u/ per cent per annum, payable annually, and to provide for the discoun an expenses incidental to negotiations and sale of such debentures; AND WHEREAS it is expedient to make the said debt repayable in annual ns a en s during the period of TWENTY (20) years next after the date of issue of such debentures, and suc 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 this Public School Section No- 3 West has an assessment of 11 -07 and the assessment of the Township of Pickering is 9,946,467.82 for school purposes. The debenture debt, together with this issue when sold, will be $1,436,366.00, allowing for adjustment with other municipalities on High School debt, and no part of the principal or interest of any such debt is in arrear; AND WHEREAS the Ontario Munict al Board have given their approval to s y- aw under date of s- S' ; THEREFORE the Council of the orporation of the Township of Pickering ENACTS AS FOLLOWS :- 1. For the purpose aforesaid, the Corporation shall borrow upoy.the credit of the Corporation a sum not exceeding'$60T QQ8? d shall issue debentures therefor in sums of not less than $100.00 each. Each debenture shall bear interest at the rate-of- er, cent per annum, payable annually, and shall-have coupons a tac e hereto for the payment of such interest. ; /v ; 4" /? - -.? w,? 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 any 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 su(h years shall be the amounts so designated in SCHEDULE "A" hereto annexed. 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 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 / S? and thereafter in each year in which an instalment of pr nc pal of the said debt and interest become due, the Corporation shall levy and raise the specific sum shown, f m 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,C4on all the' rateable property for Public School purposes in the said School Section No. 3 West at the same time and in the same manner as other rates. 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 335 of the Municipal Act. Continued: BY-LAW NUMBER 2110 Page 2. 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. BY-LAW read a first and second time this J < day of A.D.1955• j 7.. .i. . Reeve . . Clerk BY-LAW read a third time and finally PASSED (19 cam- A.D.1955• s A- ? day of Reeve Clerk . S CHFDIT I,1+1 "A" Attached to and, Foml-n? Part of Py-Law Nuriber 2110 5F,500.00 - 4°? - 1 - 1.0 year 41, - 11 - 20 year Year Principal Interest Total 1950 2,000.00 2,427.50 41127.50 ' 1.9`7 21000.00 21347.50 40327.50 196E 2,100.00 2,2G7.50 1,307.50 19,59 2,200.00 21183.50 41383.50 1960 21300.00 2,055.50 1,395.50 1961 2,'100.00 2,003.50 10()$.50 1963 20500.00 11907.50 1,407.50 1963 2,500.00 1,807.50 4,307.50 1901 2,700.00 11707.50 1,407.70 1905 21800.00 1,599.50 4:,399,..°0 1900 2,900.00 11487.50 4,3°7.7n 1987 1,nnn.n0 1,304.27 1 1961 3,100.n0 1,236.76 4,330.75 1969 3,300.00 1,10:5,00 1,4n5.nn 1970 3,400.00 904.771 11.1 3E1.75 1971. s,5no.00 820.25 4,320.25 1972 31700.00 671.50 43371.50 1973 3,900.00 514.25 4,112.25 1974 41000.00 318.50 2,31.°in 1975 1,100.00 178.50 1.37g.50 5F,5no.n0 ; 29,038.25 S7,53S.?- ncnor.i:i.nations of ;k1,000.00 and odd Hundreds.