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HomeMy WebLinkAboutBy-law 2534 B Y - L A W N U M B E l{ ~ J~3 A BY-LAW OF THE COi{PORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BOHROWING OF $33,941.96 UPON BEBENTURES FOR PUBLIC SCHOOL PURPOSES. ~IEREAS the Public School Board of Township School Area Number 2 of the Township of Picketing has requested the Council to provide the sum of $33,941.96 for the puJ~pose of building and equipping a playroom addition to West Rouge School in the said Township School Area; ~.N]) ~{EREAS it is necessary and expedient to borrow for the said purpose a sum not exceeding $33,941.96 upon the credit o£ 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 and sale of such debentures; AND WHEREAS it is expedient to make the principal of the said debt repayable in annual instalments during the period of Twenty (20) years in the respective amounts set forth in Schedule "A" hereto annexed; TH~IEFORE the Council of the Corporation of the Township of Picketing ENACTS AS FOLLOWS: 1. For the purpose aforesaid the Corporation shall borrow upon the credit of the Corporation a sum not exceeding $33,941.96 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. 3. The debentures shall be dated the 30th day of September, 1960, 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 1961 to 1980 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 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. 5. 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 signatul~e thereon may be written stamped, lithographed or engraved. 6. Commencing in the year 1961 and thereafter in each year in which an instalment of principal or interest shall become due- on the said debentures the sum required to pay off any such instalment shall be raised by a rate sufficient therefor over and above all other rates upon the property of ratepayers who are supporters of public schools under the jurisdiction of the Public School Board of Township School A~ea Number 2 of the Township of Picketing. The said debentures may contain a clause providing For the registration thereof pursuant to section 335 oF The Municipal Act. l~ending the sale of the said debentures the ttead 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. :AD a First and Second time this~ day of. ~ 1960. ',AD a Third time and Finally PASS~I) this/~Day ~1960.