HomeMy WebLinkAboutBy-law 2434 A BY-LAW OF THE CORPORATION OF THE TOWNSh~IP OF PICKERING TO AUTHORIZE
THE BORROWING OF ~sOCCoOg, IrPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES.
Pickerln~ ~owns~lip School Area Nl~nber ,~ Board
I,~TI EIq. EA S The
~Ni~X~fX~~X~X~ has requested the Co.oil to p~vide the
s~ off $~ for the p~pose of b~lding and eq~ppinf an
eilht ~oom school adlition in the said To~s~p School Area;
A~D ~ it is necessary a~e.d~t to borrow fo~ the said
purpose a s~ not exeeedint $~g upon the credit of the Corpor-
ation, to issue debentures therefor bea~ng interest payable ann~lly
at the rates per ann~ sho~ tn Schedule ~A" attached to this by-la~ ~d
to provide for the distort and the expenses incidental to the n~iotiation /
and sale of such debentu~s;
AND ~MS It is expedient to make the principal of the said debt repayable
in ann~l instalments d~ln~ the period of T~enty (20) years in the ~speoti~
amours set forth in Schedule "A' he.to annexed;
TH~0RE The Co.oil of the Corporation of the To~s~p of
ENACTS AS
1. For t~e puDose aforesaid the Co~oration shall bo~ov upon the
c~e~t of the Corporation a s~ not exceeding $~.and shall
issue debentu~s therefor.
2. Each debent~e shall bear interest at the rates sho~ in Schedule
attached to this by-la~ and shall have coupons attached thereto for
the pa~ent of such interest.
3. The debent~es shall be dated the .~Oth day of September. . 19 59
shall be issued at one time and shall be payable ~th interest in
T~enty (20) annul instalments on the .9Otk day of.~ptember
in each of the years 1960 to 1979 inclusive, and the respective
~o~ts of p~incipal and interest payable in each of su~ years shall
be the ~o~ts so designated in Schedule ~Aa he,to ~nexed.
~4. The debentures to be issued shall be ( 20 ) in n~ber, one falling
~ue in each year of the said te~, ~d the value of each interest
coupon on each de~nture shall be in the amo~t of the ~nual interest
such debentu~ an~ the said for each
payable
on
debenture,
shall be in the respective ~o~ts as computed and sho~ in Schedule
"~" hereto annexed and forming part of this by-law.
5. The de~ntures shall be payable as to both principal ~d interest in
la~ul money of Canada and may be made payable at the Canadian B~k
of Corette Bank in the Village of Claremon%, Ontario or at the
principal office of the said hank in the City of Toronto~ or the
City of Montreal.
6. The said debentures shall be sealed ~th the seal of the Corporation
and si~ed by the Head of the Co~cil or by some other person
authorized by by-law to si~ the s~e, and by the Treas~er. The
said interest coupons shall ~ si~ed by the Treas~r and his sig-
nature the~on may be written, stamped, lithograohed or o-~avea~ ..
all ni~,~r r~4~ n,~ all the pataahlo p~p~Ptv in trh~ Pick~rJnc
· . .
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8. The said debentures may contain a clause providing for the
registration thereof pursuant to section 335 of The Municipal
Act.
9. Pending the sale of the said debentures the Head of the Council
and the Treasurer may raise for the purpose aforesaid by way of
loan on such debentures any sum or sums of money not exceeding
in all the amount hereby authorized to be borrowed and may
hypothecate such debentures for such loan.
HEAD a first and second time this~day
Reev~
o Clerk
READ a third time and finally passed this /~lv~/ da f~~~ 1959