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HomeMy WebLinkAboutBy-law 2872 $ Y - L A t,~ N U N B E R ~/7-~ A BY-LAW OF T}~E CORPORATION OF THE TOWNSHIP OF RICKPR!N~ TO AUTHORIZE THE SORROWING OF' $36,000.00 UPON DEBENTURES ~'OR PUBLIC SCHOOL PURPOSES. WHEREAS the Public School Board of the Township School Area Number 2 of ~ng has requested the Council to provide the sum of $36,000.00 for the purpose of adding an additional two classrooms to their West Rouse school house and equipping same; AND WHEREAS it is necessary and expedient to borrow for the said purpose a sum not exceeding $$6,060.00 upon the credit of the Corporation, to issue debentures therefor bearin8 interest payable annually at the rate of 5 3/4 per cent per annum; 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~ T~iEREFORE the Council of thc Corporation of the TownsLip cf Pickerin~ ENACTS AS FOLLOWS: 1. For the purpose aforesaid the Corporation shall borrow upon tbe credit of the Corporation a sum not exceeding $36,000.00 and shall issue debentures therefor. 2. Each debenture shall bear interest at the rate of 5 3/4 per cent per annum and shall have coupons attached thereto for the payment of such interest. 3. /'he debentures shall be dated the 1st day of [,~ev, 196~, shall be issued at one time and shall be payable with interest in T%~enty (20) annual instalments on the 1st day of ~Tay in each of the years 1768 to 1984 inclusive, and the respective amounts cE principal and interest payable i~ each of such years shell be the amounts so designated in Schedule "A" hereto annexed. 4. The ~ebentures shall be payable as to both prlncJpal an~] interest in lawful money of Canada and may be made payable at the Canadla~] Imperial 3ank of Commerce in the Village of Claremont, Ontario, or at the principal office of the said Lank [n the City of Toronto, or the City of [~ontreal, at the holder's option. 5. The debentures shall be sealed with the seal of the Corporation and signed by the }icad of the Council or hy so~e other person authorized by by-law to sign the same and by the treasurer. The sail interest coupons shall b~ si~ned by the treasurer and ?is signature te them may be written or engraved, lithographer, printed or otherwise mechanically reproduced. The signature of the Head of the Council may be written or engraved, litbographed, or[nted or otherwise mecbenically reproduced and, if such debentures are countersigned in writing by the deputy treasurer, the si~nature cf the treasurer thereon may be written or engraved, lithograD~ed, printed cr other- wise mechanically reproduced. CO~f~iENCINC in the year 1965 and in esop year thereafter cf the currency of the debentures, all sums mequired to pay off the debentures and to pay interest thereon sh~ll he levied and raised by a special rate sufficient therefor, over and above all other rates~ on all the rateab]e property of ratepayers who are assessed as supporters of publif schools in the said Township ~chool Area Number 2 of Picketing ~n the County of Ontario, in accordance with '~- the provisions of The Public SchoolsAct. - 2 - 7. The said debentures may contain a clause providing for the registration thereof pursuant to section 323 cf The I,~unlcipal Act. 8. Pending the sale of the said debentures the Head of the Council and the Treasurer may raise for ~he purpose aforesaid by way cf losn 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. READ a First and Seonnd time this ~ay ef ~196~. Clerk Read a Third time and finally PASSED this ~'] ay of ~'~,~ 1964. Clerk $ C E D U L E " A " To By-Law No, 2872 $36,000.00 - 5 3/4% - 1-20 year - Debentures Year ~rinct~)al Interest Annu~,,ty 1965 $ 1,O00.CO $ 2,070.00 $ 3,070.00 1966 1,000,00 2,012o50 3,012,50 1967 ],OOO.O0 t,955.0~ 19~b 1,000.00 1,8~7.80 2 897.50 1969 1,000.00 1,SqO.O0 2 8~9.00 A~?O I,O00oUO 1,782.50 2 782.50 !971 ~,OO0.O0 1,725.00 P 725.00 1973 2,000.00 1,552.50 8 552.$0 i~/q 2,000.00 1,q~7.50 3 ~37.50 1%7b 2~000.00 1,322.50 3 ~g7b ~,CO0.O0 ],207.50 i977 2,000.00 1,092.~0 3 097.50 lq7~ 2~000.00 977.50 ~ ~977. 50 197'3 ?,000.00 8&2.50 ~ " ~. · 1'..'.' '2,000.00 747.50 2 7~7.50 17':~ 2,000.00 6~2.50 £ ~32.5L' ±zg2 J,O00,O0 517.50 3 517.~0 1~83 3,000.00 M~5.90 ~ ., 3,CO, .~0 17~.50 3 27?.50 ~6,000~00 25,~17.50