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HomeMy WebLinkAboutBy-law 2260THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER )- ) (P ° A By-Law to provide for the issue of Debentures in the aggregate principal amount of $615,000.00 to provide moneys for the purpose of building and equipping a three room school in Township School Area Number 1 of the Township of Pickering. WHEREAS the Public School Board of Township School Area Number 1 of the Township of Pickering has requested the Council of the Township of Pickering to provide moneys for the purpose of building and equipping a Public School in the said Public School Area Number 1 and the issue of Debentures of the Township in the aggregate principal amount of $66,000.00; AND WHEREAS the Council of the said Township has approved the said applic- ation and it is expedient to authorize the issue of Debentures of the said Township in the aggregate principal amount of $65,000.00 bearing interest at the rates hereinafter provided and principal being repayable in twenty annual instalments, and the respective amounts of principal and interest being as shown in Schedule "A" hereto; AND WHEREAS the amount of the whole ratable property of the Township of Pickering according to the last revised assessment roll thereof is $12,319,411.24; AND WHEREAS the amount of the existing debenture debt of the Corporation is $1,855,334.92 and no part of the principal or interest of such debt is in arrear; AND WHEREAS by Order dated the 2 / day of '7?1 -7- 195 P under File Number 7,'F, 9J/1'-sJ The Ontario Municipal Board has approved the purposes of the said borrowing and the passing of this Debenture By-Law; THEREFORE the Council of the Corporation of the Township of Pickering enacts as follows: 1. THAT for the purpose aforesaid money shall be borrowed on the credit of the Corporation of the Township of Pickering at large by the issue and sale of Debentures of the Township of Pickering in the aggregate principal amount of $660000.00. 2. THAT the said Debentures shall be dated the 2nd day of July J 1956, and shall be payable in twenty instalments on the and day of J 111V in each of the years 1959 to 19782 both inclusives and shall bear interest at the rate of 5-3/4°% per annum, and all of such interest 2 - shall be payable annually on the ?rd day of July in each year of the currency of the Debentures. The Debentures shall have coupons attached thereto for the payment of interest and the respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto attached. 3. THAT the said Debentures shall be payable as to both principal and interest in lawful money of Canada at The Canadian Bank of Commerce in Claremont, Ontario, or at the principal office of the said Bank in the City of Toronto, Ontario, at the holder's option. 4. THAT the said Debentures shall be sealed with the seal of the Corporation and signed by the Reeve or by some other person authorized by by-law to sign the same and by the Treasurer. The interest coupons shall be signed by the Treasurer and his signature thereon may be written, stamped, lithographed or engraved. 5. THAT commencing in the year 1959 and in each year thereafter in which an instalment of principal and interest becomes due the respective fmirth amounts set forth in the fifth column of Schedule "A" hereto shall be levied and collected annually by a special rate sufficient therefor over and above all other rates upon the property of ratepayers who are support- ers of public schools under the jurisdiction of The Public School Board of Township School Area Number 1 of the Township of Pickering. 6. THAT the said Debentures may contain a clause providing for the registration thereof pursuant to Section 335 of The Municipal Act. 7. THAT this By-law shall come into force and take effect on the date of the final passage thereof. BY-LAW read a First and Second time this ?`" day of 195 BY-LAW read a Third time and PASSED this day of 195 G' Z KI,6v ? Reeve Clerk i SCNEDULb. "A" TO BY - LAW N UMB ER 2 2 60 65,000.00 - 53;0 - 20 year Debenture, School Area No. Annual Year Principal Interest Payment 1959 2,000.00 3,737.50 5,737.50 1960 2,000.00 31622.50 5,622.50 1961 2,000.00 3,507.50 5,F07.50 1962 2,000.00 3,392.50 511392.50 1963 2,000.00 3,277.50 5,277.50 ' 1964 2,000.00 3,162.50 5,162.50 1965 3,000.00 3,047.50 61047.50 1966 3,000.00 2,875.00 51875.00 1967 30000.00 21702.50 51792.50 1968 31000.00 2,530.00 51530.00 1969 0,000.00 2,357.510 5,357.50 1970 31000.00 2,185.00 5,185.00 1971 4,000.00 21012.50 61012.50 1972 4,000.00 11782.50 51782.50 1973 4,000.00 11552.50 51552.50 1974 4,000.00 1,322.50 5,322.50 1975 41000.00 1,092.50 5,092.50 1975 51000.00 862.50 5,862.50 1977 51,000.00 5175.00 5,575.00 1978 5,000.00 -"7.50 5,287.50 65,000.00 1 45,885.00 110,885.00