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HomeMy WebLinkAboutBy-law 2180VE GOfiA)"TIOP. 01' 'fibs TO'rdAiSHIP Uc PICKEUNG BY-L,:w NJ. ?180 A By-lava to aut.iorise the borrowing of 56O,GJ0.CO for Public `chool purposes. W Sb.FAfl The ``ublic. School Board of '))'action ho. 6 or the Township of llck.erine ir: Lite County of Ontario has re- -;uested Couaaci1 to provide the sum of Sixty Thousand Dollars (460,000.00) for the erection of a school building; M fl' ":x'_,FAI it is expedient to borrow for tine of a three-roared schoolhouse i ,School %ut .oo VU.-her h of A,_- Tawnshir of Pic'.cering, a suit not exceedinj? Sixty "'housanrl ;)oll:ars (do60,0O0.00) upon the credit of the Corporation to issue deba.il;a-r?,3 therefor, b•,arI.n,, interest at the rates shown in the third eolusaa cI* 01chedule "A" attached to this by-law and to pro?ide for the count and the expenses incidental to negotiation and sale of such debentures; ANT ::iREAS it is expedient to make the said debt repay- able in annual Instalments during the period of Twenty (20) v-ar% next after the date of issue of such debentures, and such amounts respectively that, with the interest in respect of th, debt, Lhe ?,,llreZate a,ount payable for principal and interest in seen year :wall be, as nearly as possible, the same; -1 REAS Public School "?ection ;'to. 6 has an asser>sao;at of $384,769.65 and the assessment of the Township of Pi.ekerin- is $10,831,150.90 for school purposes. M;" JIM", S the debenture debt of the Gorporation to,Wior with tnis issue when sold and a waterworks approved By-lax is sil, 490,117.12 and no part of the principal or interest of any such, debt is in arrear; - 2 . TH1tih1r.B'OM the Council of the Corporation of the TOWNSHIP ............... Of . PTCKPRINC, .... .... ......... F. .CT A:i i'i. Ws 1. For the purpose aforesaid the Corporation shall borrow upon the credit of the Cor;j()ration a sum not exceeding ...U xLv..T3bo4wPd.,,, ...r ......................... .) and shall issue debentures therefor in sums oi' not less than $650.00. Each debenture shall bear interest at the rates shown in the third c:,lumn of 3chedulo "A" attached to this by-law and shall have coupons attached thereto for the payment of such interest. 2. The debettures shill be dated 'the .... .. 195A.8 shall be issued at one time, and shall be payabic with interest in ant ual instalments during; the psriod of ..T wenly...... (... ..) fears next after the date of iasuc thereof, ..: L ;'ate o interest asati tits respective amounts of principal slid interest payc.uic in each o." s.icn years shah be as designated in 3ciiuduie "A" hereto annexes:, aiiici i3 hereby declared to be and form. part of this by-lacy. 3. The debentures shall be payable as to both principal and interest ^ in lawful money of Canada and may be :Wade payable at the bank of C!.. t+rrrrY'a:::c... in <c .. or at the principal office of the said bank in the City of Toronto. 4. The said debentures shall be sealed with the 3sal of the Corporation and signed by the Head of the Council or by aowie other person authorised by by-law to sign the sane and by the Treasurer. The said interest coupons shall be signed by the Treasurer and his si,,r_ature therean map be written, stamped, lithographed or engraved. 5(a). That there shall be raised, in each year, in which an instalment becomes due, by special rate on all the rateable pror:erty in the municipality, a specific sum sufficient to pay the said instalmet.t whet: and as it becum.es due, but no greater rate s,:¢ul be levied in any gear, for sucil purpose, than is required to pay the Instalmt,,nt after taking into account receipts from the apecial rate, provided in clause (b) hereof. -3- 5 (b). Commencing in the year 194 and in each year thereafter in which an instalment of principal and interest becomes due, the Corporation shall levy and raise for the payment of the said principal and interest the specific sum shown for the respective year on all the rateable property in School Section No.... !........ assessed to public school supporters. 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 335 of The Municipal Act. 7. Pending the sale of the said debentures the Head of the Council and the Treasurer may raise for the purpose aforesaid by way of loan on such debentures any sum or sums of money not exceeding in all the amount hereby authorized to be borrowed and may hypothecate such debentures for such loan. READ a first and second time this 17th day of January, 1956. l Reeve y .... ?Cler READ a third time and finally passed this :r' day of 471I ?, 19 'Y? r..._ Reeve . ?...... -Clerk• • TR CORPOR.:.TTOi': CF mIr T03JNSHIP OF IL '11 Sy--law No.2180 Schedule "A" Year Principal Rate Interest Total $1.,<00.00 5,3% $3,730.25 ` 330.25( $5 , 2 1,^00.00. 3,638.25 :,:38.25 3 1,37o.00 3,540.50 51340.50 4 1,970.00 " 3,437.00 5,337.00 5 2,0)0.00 3,327.75 5,327.75 6 2,200.00 bo 3,212.75 5,412.75 7 2,300.00 3,0 80.75 5,380.75 8 2,1!(!,7 •'?i?.. 1 2,9µ,^c..75 5,342.75 9 2,000.00, 2,798.75 5,398.7 10 2,700.00 , 2,642.75 5,3!,2.75 11 2,9110.00 6 ,Z 2,480.75 5 1"- 7 12 31100.70 2,299.50 5,39;.50' 13 3,300.00 21105.75 5,405.75 14 3,5n0.00 1,'199 .50 5 399.50 , 1.5 3,770.00., 1 680. 75 , ,50.75 , 16 3,90f?.70,\ 62% 1,449.50 5 3!+0,50 , 17 4,,200•0-1-1 1 196.00 6 00 3 , . 5, 9 18 1F, 500.00, 923100 If 23•07 , 19 4,700.00 630.50 51330.50 20 5,000.00 325.00 :,325.00 60,000.00 479341.75 107,341.75