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HomeMy WebLinkAboutBy-law 2801 BY-LAW NUMBER A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $637,606.00 UPON DEBENTURES FOR HIGH SCHOOL PURPOSES. WHEREAS the Picketing District High School Board has requested the Council to provide the sum of $637,605.00 for the purpose of building and equipping a nineteen-room school addition in the said High School District; AND WHEREAS the Municipal Councils of the Town of Ajax and the Village of Pickeri'ng, which are the only other municipalities affected, have each approved, by resolution, the Township of Picketing issuance of such debentures for much addition, and they will assume their share of such debenture; AND WHEREAS it is necessary and expedient to borrow for the said purpose a sum not exceeding SB$7,B06.00 upon the credit of the Corporation, to issue debentures therefor bearing interest payable annually at the rate 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; THEREFORE 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 $637,606.00 and shall issue debentures therefor. 2. Each debenture shall bear interest at the rate 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 day of 19 , shall be issued at one time and shall be p~yable with interest in Twenty (20) annual instalments on the day of in each of the years 196~ ~o 1983 inclusl~, and the r%spective amounts of principal and interest payable in each of such years shall be the amounts so designated in Schedule "A" hereto annexed. ~. The debentures shall be payable as to both principal and interest in lawful money of Canada and may be made payable at the Canadian Imperial Bank of Commerce 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. at the holder's option. 5. The 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 to them may be written or engraved, lithographed~ printed or otherwise mechanically reproduced. The signature of the Head of the Council may be written or engraved, lithographed, printed or otherwise mechanically reproduced and, if such deben- tures are countersigned in writing by the deputy treasurer, the signature of the treasurer thereon may be written or engraved~ lithogmaphed, printed or otherwise mechanically reproduced. 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 a levy on all ~ateable of matepayers of the said municipalities comprising the High School District in accordance with the provisions of The SecondaPy Schools and Boards of Education Act, and accomdingly in each year of the currency of the debentures there shall be levied and maised by a special rate sufficient therefor, over and above all other rates on all the rate- able property in the Township of Pickerin~ at the same time and in the same manner as other rates the share of the Corp- oration of the Township of Picketing 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, in that behalf." 7. The said debentures may contain a clause providing for the registration thereof pursuant to section 323 of The Municipal Act. 8. Pending the sale of the said debentures the Head of the Council and the Treasurer may raise fop the purpose aforesaid by way of loan on such debentures any sum o~ sums of money no~ exceeding in all the amount hereby authorized to he borrowed and may hypothecate such debentures for such loan. READ a First and Second time this ~ day '~ / Reeve READ a Third time and Finally PASSED this da~ of , ~eeve Clerk S C H E D U L E "A" TO BY-LAW NUMBER T O W N S H I P OF P I C K E R I'N G $ 637,606.00 5 1/2% - 1 to 20 yeaz" Debenture ANNUAL YEAR PRINCIPAL INTEREST PAYMENT 196~ $ 17,606.00 $ 35)068.33 $ 52,67q.33 196~ 19,000 o O0 3~)100. O0 53,100. O0 1966 20,000.00 33,055.00 53,055.00 1967 21,000o 00 31) 955 · O0 52,955. O0 1968 23)000.00 30~800.00 53,800.00 1969 21~,000000 29)535 00 53~535.00 1970 25,000.00 28,215 00 53,215.00 1971 27)000,00 26)8~0 00 53)8~0.00 1972 28,000.00 25,355 00 53,355 00 1973 30~000.00 23,815 O0 53,815 O0 197~ 31,000.00 22~165 O0 53~165 00 1975 33,000.00 20,~60 00 53,~60 O0 1976 35)000,00 18)6~5 00 53,6~5 00 1977 37,000'.00 16)720 O0 53)720 O0 1978 39,000.00 1~,685 00 53,685.00 1979 ~1) 000.00 12 ) 5~0. O0 53) 5~0. O0 1980 q3)000.00 10)285.00 53)285.00 1881 ~5,000.00 7,920. O0 52,920.00 1982 q8,000.00 5,qqS° 00 53) ~5. O0 1983 51!000.00 2~805.00 53~805.00 $ 637,606.00 $ q30,z~08.33 $ 1,068,01q.33