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HomeMy WebLinkAboutBy-law 2228R Y- L A W N 13 ?T 13 5 11 ^°? f A RY-LAW OF 17111i; CORPORATTODT OF THL TOWNSHIP OF PICKP;itING TO ATTTHORT7,r; TTTPI ROR11OWTNG OF d; l35,OOt1.00 FOR PTTRLTC SCFOOT, PIrl'POSH'S. 'JTT'M,'?AS The Public School P,oard. of School Aroa \'nrber 2 of the Township of Pic'c v, r, sir, erinm ill the County of ? '65,000.00 for of Ontario has the erectior of regnestci Cornell a sehool to provide ?`'D WT?;T'?AS it is eXp-,iient to borrow for t'ic T?riltinn of a form-row of g4li_+inn to sohnol'innse it School. lroa Nrn°ber ^. of the Township of Picl:cri_r m, a q11- not rzcee i_i n ',`• 63, 000.00 upon t'ir cro li t of t'ie ^orrorati_ov ;ill! to issue irbortnr?s thcrefnr, hrarinT inter(-.st, at t`.e rates s'?owr i» the thirl colrrm of Schedule "A" attac'.Tei to this Tay-r,aw an-l to provi_,lo for thr liscorrt arl t':- espensrs inoi 1e?1ta1 to nel-otiatiml and silo of such lebentrres; AND WTTIi;ICi`:AS it is erpelient, to r'a'ce the said lol)t, repayablo it anrnal irstnlr,art,s Jilrir,; the. peri_o.l of Twonty (20) years nett after Vic, late of iSSlle of sllch !le ft cnt;`rclq, 1:'.l quoll ar'omit9 rospocti vely V) at, wi tl? tl- ir,ter(,s+ it respect of the lebt, ilie a--r(^ate arorrt payablr, for pri-ci_pal and f;itcrost 'in ead.3oar shall he, as Dearly as possible, tl,_(, sar•e; ANTI) I%T!PM-:)S the assessment of the Tocrslhip of Pic'.erin? is ?1:y,C 9, Ill .21 acenrlir- to tlir last rovisr-l. Assessment Roll; A`TO TdTTT',TIEAS the dobenture debt of the Corporation is wl-l rn part of the principal or interest, of any such lobt is in arrear; AND WITEIRP.AS by Orler -1_atel the L q ? da3' of ? 4- -2 un(ler Pile No. (CFO 76?P?sJ ) the Ontario ?Iwii.cipal R ar-l has approvel tl c purposes of the said borrol^i_n„ all(l the passir„ of this lebeuture R3'-T:al ; TH17"FORP tl.e Council of Vie Corporation of t?.o Township of Pic%eri.:1_ "`,"'CTS IS FOLTt1WS: 1. For the purpose aforesaid the Corporation. shall_ borrnl7 opo:. t%.c crelit of '..':c Corporation a siu:. lot cacccflin" Sizty=FiYe, Thousand Dollars ($113.51000.00) -w-1 shall issue le'-wi;tures Vlorofol, it. suns of nut. less '100.00 each. P,ach 1_e1)0;aure shall T,cax i:!terost at ti.e ra t_:, s'°nTn? iu 4'1^ tllirl colu.:r of Sc':^111" at±?c'.<:T '.o thi, by-lav: arl s1,-111 lmve coupons attaclie-l thereto for Cl(- of nt of sue') interest. c f _ Tie lr' aur_ s s' all be ' ltcl Che at of .11lrc_ , 1J-7, , 1811 ':c iSsncl at, one ti::e, and s'.al] '..c pay .ble 1,###it'. il'ter st it ?....t,al i::stall-ents Turin; tl.c perio,' of Twort,3- (:2(1) Fears ^cat after Vie late of issue thereof, al,l the rate of interest and t'.- r^spcct.ivc o .::ts of principal a;.l interest payable in cae'. of suc'l, -Oars s',all ')e as desil,.late l ill Sclnc lulc ".1" hereto atn.esc 1, w'.ich is 1,ereb' Teclurol to be a.,l forc_ part of this BY-Taw. R. T'lo 1eT:enturra s'._all 'ao p?lya:,le as to ',oth principal aril il.ter st ii, lawfal ron:e?; of Cara,la and ::.lv be r?a:lo payable at the Rau': of Co..n,:crcc it Clare;: ont or at t%c pri:;ci.pal office of tl:e sail ba..lc in tl:e City of Toronto. t. The sail l.ebontures s'mll be scale) with tlic Seal of the Corporation: an:l si?nel b3- t':-'Teal of tl.e Council or by so::c other perso.. aut'.lor- izal. by by-law to si?i, the sa:::o a.:l by t'.:e Treasurer. The sail interest coupoC,3 shall be si,?nel by tLc Treasurer %is sion.ature tllerco:: l..ay be written stampe1, lit'ro rappel or en ravel. Corn'.e.:cin? in the year 19'S all I in eacl: year t'iercaft er in w1iie a t \t instah,evt of principal and interest becor.es lue, t'io reapectivc sTTi-s set forth in the fifth colw;n of Sc'2elule "A" hereto shall be levied ar_l collected annually by a special rate sufficicn_t therefor over al.:l above all other rates upon the property of ratepayers who are supporters of Public Schools unl.er the jurisdiction: of The Public SclTool '3oar,l of School Area Ni.ir._ber ? in the Tomis':lip of Pielceri..o. G. The said debentures may contain a clause providing for the registration thereof pursuant to Section 335 of The Nunicipal Act. 7. Pending the sale of the said ebentures the Real of the Council and the Treasurer way raise for the purpose aforesaid by way of load or such Jobentures any sun or sums of lloney not exceeliing in all the amount hereby authorized to be borrowed and nay hypo- thecate such debentures for such loan. BY-TAW real a Pirst and Second time this /Kh Jay of CZ 11957 BY-TAW read a Thiel time and PASSED this ?- lac of / 1957. Reeve 965,000 TOWNSHIP OF PICKERI M (County of Ontario) 5-3,/4% Debentures To mature - 6 t,1958 to 1977 Non-callable YEAR 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1975 1977 E. & 0. E. PRINCIPAL 9 2,000 2,000 2,000 2,000 2,000 2,000 3,000 3,000 3,000 3,000 3,000 3,000 4,000 4,000 4,000 4,000 4,000 5,000 5,000 9 65,000 INTEREST 3,737.50,, 3,622.50. 3,507.50 3,392.50 3,277.50, 3,162.50\ 3,047.50\ 2j.875.00,, 2,702.50 21530.00\ 2$57.50 2,185.00\\ 2,012.50\\ 1,782.50 1,552.50,\ 1,322.50,\ 1,092.50 862.50 575.00 .-"""-L \ 945,885.00 ANNUAL PAYMENT 9 5,737.50 5,622.50 5,507.50 5,392.50 5,277.50 5,162.50 6,047.50 5,875.00 5,702.50 5,530.00 5,357.50 5,185.00 6,012.50 5,782.50 5,552.50 5,322.50 5,092.50 5,862.50 5,575.00 5.287.50 9110,885.00 i