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HomeMy WebLinkAboutBy-law 2295 THE COP~OBATION OF THE TOWNSHIP OF PICKF~ING BY-LAW NUHBE~ A By-law to provide for the issue of Debentures in the aggregate principal amount of $140,000o00 to provide moneys for the purpose of bmtlding and equipping two four-r~om additions to schools in Township School Area Number 2 of the Township of Picketing. ,~HEKEAS The Public School Board of Township School Area Number 2 of the Township of l~ckering has requested the Council of the Township of Picketing to provide moneys for the purpose of building and equipping two Public School add~tions of four rooms each in said Township School Area Number 2 by the issue of Debentures of the Township in the aggregate principal amount of $140,000.00; .AND ~EKEAS the Council of the said Township has approved the said application and it is expedient to authorize the issue of Debentures of the said Township in the aggregate principal amount of $140,000.00 bearing interest at the rates hereinafter provided, the principal being repayable in twenty annual instalments, and the respect- ive amounts o£ principal and interest being as sho~n in Schedule "A" hereto; ~d~D ~EP~AS the amount of the ~hole ratable property of the Township of Picketing according to the last revised assessment roll thereof is $13,490,919.00; .A~D~EP~S the smount of the existing debenture debt of the Corporation is $1,570,522.44, and no part of the principal or interest of such debt is in arrear; .A~D ~EBEAS by Order dated the ~ay of under fileT~.~ ~/~ [~ The Ontario Municipal Board has approved the purposes of the said borro~rlng and the passing of this Debenture By-law; T~EP~FO~E, the Council of The Corporation of the Township of Picketing enacts as follows: 1. T~AT for the purposes aforesaid money shall be borrowed on the credit of The Corporation of the Township of Picketing at large by the issue and sale of Debentures of the Township of Picketing in the aggregate principal amount of $140,000.00. 2. T~AT the said Debentures shall be dated the v ~,~/ day of ~ , 1955, and shall be payable in t~enty instalments on the - 2 - ~-~'day of ?~'~-~ in each of the years 1959 to 1978, both inclusive, and shall bear interest at the rate of 5-3/4~ per annt~n,.and all o£ such interest shall be payable annually on the~, /day of k~.z ~? 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. THAT the said Debentures shall be payable as to both principal and interest in la~ul 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. Tt~AT the said Debentures shall be sealed ~th 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 ~itten~ stamped, lithographed or engraved. 5. T~AT commencing in the year 1959 and in each year thereafter in ~hich an instalment of principal and interest becomes due f~nrt!~ the respective amounts set forth in the ~ column of Schedule "A" hereto shall be levied and collected annually by a special rate suFfioient therefor over and above all other rates upon the property of ratepayers ~who are supporters of public schools under the jurisdiction of The Public School Board of Township School Area Number 2 of the Township of Picketing, 6. TgAT the said Debentures may contain a clause providing for the registration thereof pursuant to Section 335 off The Municipal Act. 7. TgAT 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 .. ~/~?~ 1958. BY-L~w read a Third time and PASSED this ~/[ ~ day of % 195s. Reeve Clerk SCHEDULE "A" to BY-LAW NUMBER 2295 $140,000 TOWNSHIP OF PICKERIN~ (County of Ontario) 5-3/49 Debenture s To mature 1959 to 1978 Y .F.~R. PRINCIPAL INTEREST SNNUAL 1959 $ 4,000. ~ 8,050.00 $ 12,050.00 1960 4,000. 7,820,00 11,820.00 1961 4,000. 7,590.00 11,590.00 1962 5,000. 7,360.00 12,360.00 1963 5,000. 7,072.50 12,072.50 1964 5,000. 6,785.00 11,785.00 1965 5,000. 6,497.50 11,497.50 1966 6,000. 6,210.00 12,210.00 1967 6,000. 5,86500 11,865.00 1968 6,000. 5,520.00 11,520.00 1969 7,000. 5,17500 12,175.00 1970 7,000. 4,772.50 11,772.50 1971 8,000. 4,37000 12,370.00 1972 8,000. 3,910.00 11,910.00 1973 9,000. 3,450.00 12,450.00 1974 9,000. 2,932.50 11,932.50 1975 10,000. 2,415.00 12,415.00 1976 10,000. 1,840.00 11,840.00 1977. 11,000. 1,265.00 12,265.00 1978 11.000. 632.50 ~1,632~50 $ 140,000. $ 99,532.50 $ 239,532.50 E,&O. E.