HomeMy WebLinkAboutBy-law 2449BY - LA W NU MBE R jk +f +f!'
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $7502000.00 UPON DEBENTURES FOR HIGH SCHOOL PURPOSES.
WHEREAS the Pickering District High School Board has requested the Council
to provide the sum of $750,000.00 for the pur ose of building and equipping
a seventeen-room schooli(with double gymnasium,in the said High School District;
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AND WHEREAS it is necessary and expedient to borrow for the said purpose
a sum not exceeding $750,000.00 upon the credit of the Corporation, to
issue debentures therefor bearing interest payable annually at the
rates per annum shown in Schedule "A" attached to this by-law and to
provide for the discount and the expenses incidental to the negotiation
y and sale of such debentures;
AND WHEREAS it is expedient to make the principal of the said debt re-
payable in annual instalments during the period of Twenty (20) years
in the respective amounts set forth in Schedule "A" hereto annexed;
THEREFORE The Council of the Corporation of the Township of Pickering
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $750,000.00 and shall
issue debentures therefor.
2. Each debenture shall bear interest at the rates shown in Schedule
"A" attached to this by-law and shall have coupons attached thereto
for the payment of such interest.
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3. The debentures shall be dated the 30th day of September, 1959,
shall be issued at one time and shall be payable with interest in
Twenty (20) annual instalments on the '30th day of September in
each of the years 1960 to 1979 inclusive, and the respective
amounts of principal and interest payable in each of such years
shall be the amounts so designated in Schedule "A" hereto annexed.
4. The debentures to be issued shall be (20) in number, one falling
due in each year of the said term, and the value of each interest
coupon on each debenture shall be in the amount of the annual
interest payable on such debenture and the said coupons, for each
debenture, shall be in the respective amounts as computed and shown
in Schedule "A" hereto annexed and forming part of this by-law.
5. The debentures shall be payable as to both principal and interest
in lawful money of Canada and may be made payable at the Canadian
Bank of Commerce Bank in the Village of Claremont, Ontario, or at
the principal office of the said bank in the City of Toronto, or
the City of Montreal.
6. The said debentures shall be sealed with the seal of the Corporation
and signed by the Head of the Council or by some other person
authorized by by-law to sign the same, and by the Treasurer. The
said interest coupons shall be signed by the Treasurer and his
signature thereon may be written, stamped, lithographed.or engraved.
7. In each year of the currency of the debentures all sums required to
pay off the debentures and to pay interest thereon shall be raised
by assessment on the ratepayers of the said municipalities comprising
the high school district in accordance with the provisions of The
Secondary Schools and Boards of Education Act, 1954,,Iand accordingly
in each year of the currency of the debentures there shall be levied
and,raised annually by a special rate sufficient therefor, over and
above all other rates, on all the rateable property in the Township
of Pickering of the principal and interest falling due in each such
year, and such share shall be determined in accordance with the terms
of The Secondary Schools and Boards of Education Act, 1954, in that
behalf.
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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.
10.; By-law Number 2435 be and the same is hereby repealed.
READ a first and second time this 1:44 day
Clerk
READ a third time and finally passed this lam' dai of 1959.
eeve
Clerk
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S C H E D U L E " A"
To By-Law No. 2435
Township of Pickering
$750,000.00 - 77. - 1 to 20 year
, Debentures
YEAR PRINCIPAL INTEREST TOTAL
1960 $ 18,300.00 $ 52,500.00 $ 70,800.00
1961 19,600.00 511219.00 70,819.00
1962 20,900.00 49,847.00 700747.00
1963 22,400.00 48084.00 70,784.00
1964 24,000.00 460816.00 700816.00
1965 25,600.00 450136.00 70,736.00
1966 27,500.00 430344.00 70.844.00
1967 29,400.00 41,419.00 70,819.00
1968 31,400.00 39,361.00 70,761.00
1969 33,600.00 37,163.00 70,763.00
1970 36,000.00 34,811.00 70,811.00
1971 38,500.00 32,291.00 70,791.00
1972 41,200.00 29,596.00 700796.00
1973 44,100.00 26,712.00 70,812.00
1974 47,200.00 23,625.00 70,825.00
1975 50,500.00 20,321.00 700821.00
1976 54,000.00 16,786.00 70,786.00
1977 57,800.00 13,006.00 70,806.00
1978 61,900.00 8,960.00 70,860.00
1979 66,100.00 4,627.00 70,727.00
$ 750,000.00 $ 665,924.00 $ 11415,924.00
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