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HomeMy WebLinkAboutBy-law 2483 B Y.- L..A W N U M B E Il._ ~'~/' ifa A BY-LAW OF THE COP~PORATION OF ~I~[E TOWNSHIP OF PICKEIiING TO AUTHORIZE TIIE BORROWING OF $208,300.00 UPON DEBENTURES FOIl PUBLIC SCHOOL PURPOSES. ~{E~tEAS the Public School Board of Township School Area Number 2 of the Township of Picketing has requested the Council to provide the sum of $208,300.00 for tile purpose of building and equipping an eight room school addition in the said Township School Area; AND M[EREAS it is necessary and expedient to borrow for the said purpose a s~un not exceeding $208,300.00 upon the credit of the Corporation, to issue debentures therefor bearing interest payable annually at %he rates per annum shown in Schedule "A" attached to this by-law and to provide fo~ the discount and the expenses incid- ental to the negotiation and sale of such debentures; AND ~{EREAS it is expedient to make the principal of the said debt repayable in annual instalments during the period of Twenty years in the respective amounts set forth in Schedule "A'~ hereto anne xed; ~ TI{E[~FQRE the Council of the Corporation of the Township of Picketing ENACTS AS FOLLOWS: For the purpose aforesaid the Corporation shall borrow upon the credit of the Corporation a sum not exceeding ~208,300.00 and shall issue debentures therefor. ~2. Each debenttu~e 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. 3. The debentu~s 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 shall be payable as to both principal and interest in lawful money of Canada and may be made payable at the Canadian Bank o£ Commerce Bank in the Village of Claremont, Ontario, at the principal office o£ the said bank in the City of Toronto, or the City of Montreal. . 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. £he said interest coupons shall be signed by the Treasurer and his signature thereon may be written, stamped, lithographed or engraved. 6. 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 Picketing Town- ship School Area No. 2 and accordingly in each year of the currency o£ the debentures there shall be levied and raised annually by a special rate suleficient therefor, over and above all other rates on all the rateable property in the Picketing Township School Area Number 2 of the principal and interest falling due in each such year, and such share shall be determined in accordance with the terms of the Public School Act and amendments thereto, in that behalf. The said debentures may contain a clause providing fop the registration thereof pursuant to section 335 of The Municipal Act. - 2 - . 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 debentttres for such loan. . That By-Law No. 2472 be and the same is hereby repealed. READ a First and Second time this/~day o~~/ . , 1960. // READ a Third time and PASSED this~'~ day of J~" , 1960. / Clerk S C II E D U L E " A " TO By-Law No. ~*P~B Township of Piekerin.~ ~208,300.00 - 7% - ] to 20 year Debentures Y~AI{ pI{INCIPAL INTEREST TOTAL 1960 ~ 5~082.52 ~ 14~581.00 ~ 19~663.52 1961 5 436.63 14,225.22 19 661.85 1962 5 811.57 13~844.66 19 656.23 1963 6 228.17 13~437.85 19 666.02 1964 6 665.60 13~001.88 19.667.48 1965 7 1.23.86 12~535.29 19,659.15 1966 7 623.78 12~036.62 19,660.40 1967 8 165.36 11~502.95 19~668.31 1968 8 727.77 10~931.38 19~659.15 1969 9~331.84 10~320.53 19~652.27 1970 9~998.40 9~667.20 19~665.60 1971 10~685.79 8~967.32 19~653.11 ].972 11~435.67 8~219.31 19~654.98 1973 12~248.04 7~418.81 19~666.85 1974 13~102.07 6~561.45 19~663.52 1975 14~018.59 5~644.31 19~662.90 1976 14~997.60 4~663.00 19~660.60 1.97'7 16~059.93 3,613.17 19~673.10 ].978 ~7~184.75 2~488.98 19~673.73 1979 18~372.06 1~286.04 19~658.10 ~i~ 208,300.00 ~ 184~946.87 ~ 393~246.87