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