Loading...
HomeMy WebLinkAboutBy-law 2316 THE COP~POBATION OF THE TOWNSHIP OF PICKERING B~-LAW NUMBER ~ A By-law to provide for the issue of Debentures in the aggregate principal amount of ~40,000.00 to provide moneys for the purpose of building and equipping a .two room school in Township School Section Ntmlber 10 of the Township of Picketing. WH~2{EAS The Public School Board of Township School Section Number 10 of the Township of Picketing has requested the Council of the Township of Picketing to provide moneys for the purpose of building and equipping a two room Public School in said Township School Section Number 10 by the issue of Debentures of the Township in the aggregate principal amothnt of $40,000.00; AND WHEREAS 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 $40,000.00 bearing interest at the rates hereinafter provided, the principal being repayable in fifteen annual instalments, and the respect- ive amounts of principal and interest being as shown in Schedule "A" hereto; AND WHEREAS the amount of the whole rateable property of the Township of Picketing according to the last revised assessment roll thereof is $13,490,919.00; ~ND WHEP~S the amount of the existing debenttu-e debt of the Corporation is $1,923,733.53, and no part of the principal or interest of such debt is in arrear; AND ..W~.E~EAS by Order dated the ~' day of under file ~.~.~ ~$~ -~F 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 Picketing enacts as follows: 1. THAT for the purposes aforesaid money shall be borrowed on the credit of The Corporation of the Township of l~ickering at large by the issue and sale of Debentures of the Township of Picketing in the aggregate principal amount of $40,000.00. 2. ~IAT the said Debentures shall be dated the f~ day of ~m~. , 195~ and shall be payable l,~ fifteen instalments on ,the - 2 o /hay of in each ef the years ~ to l~J~3, beth inclusi~ and shall bear interest at the rate of 5-1/2~ per annum, and all of such interest shall be payable annually on the /~ day of ~~ in each year of the currency ef the Debentures. The Debentures shall have coupon~ attached thereto for the payment of interest and the respective auteunts 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 beth principal and interest in lawful money of Canada at The Canadian Bank of Commerce in Claremont, 0ntarie, er at the principal office ef the said · 4. THAT the said Debentures shall be sealed with the seal of the Corporation and signed by the Reeve or by some ether 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. TtIAT commencing in the year 1959 and in each year thereafter in which an instalment of principal and interest becomes due the respective amounts set forth in the fourth colunm of Schedule "An hereto shall be levied and collected annually by a special rate sufficient therefor ever and above all ether rates upon the property of ratepayers who are supporters of public schools under the jurisdiction of The Public School Beard of Township School Section N~unber 10 of the Township of Picketing. 6. THAT the said Debentures may contain a clause providin for the registration thereof pursuant to Section 335 ef The ~iunicipal 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 . F ~ day of (%~ 1958. BY-LAW read a Third time and PASSED this '~ day of ' /~/ 1958, / ~ ~' Clerk / SCHEDULE "A" to BY-LAW NUMBER ~%~ ~EAR PRINCIPAL INTEREST TOTAL 1959 ~ 1,800.00 $ 2,200.00 $ 4,000.00 1960 1,900.00 2,101 DO 4,001.00 1961 2,000.00 1,996.50 3,996.50 1962 2,100.00 1,88650 3,986.50 1963 2,200.00 1,771.00 3,971.00 1964 2,300.00 1,650.00 3,950.00 1965 2,500.00 1,523.50 4,023.50 1966 2,600.00 1,386 O0 3,986.00 1967 2,700.00 1,243 00 3,943.00 1968 2,900.00 1,09450 3,994.50 1969 3,000.00 935.00 3,935.00 1970 3,200.00 770.00 3,970.00 1971 3,400.00 594.00 3,994.00 1972 3,600.00 407.00 4,007.00 1973 3,800.00 209.00 4,009.00 40,000.00 19,767.00 59,767.00