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
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