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HomeMy WebLinkAboutBy-law 2878 B Y - L A ~ ~[ U M B E R 2 8 7 8 A BY-LAW OF THE CORPOI~ATIO~ OF T~E TOW~B~JIP OF PICKZRI~C TO AUT~O~IZE THE BORROi~II~G OF $~,.~0~.00 UPOI~ DEBEI!TU}~ES FQR PU}~LIC SC}fOOL FURPOSES. ?;HE]{EAS The Public School Board of the Township School Area I]umber 2 of Pickering has requested the Council to provide the sum of $335~000.00 ~or the purpose of{purchasing a school site and building and equipping a twelve room school ~ plus one library classroom and one Leneral -purpose room; such schooI to be ~<nown as "Sir John A. }lacdonald Public School" located in Block %~?lan [~-12~ in the Townshi~ of P[ckerin,q; _~ AND ~HEREAS it is necessary and expedient to b orrow for the said purpose a sum not exceeding $325,000.00 upon the credit of the Corporation, to issue debentures therefor bearing interest payable annually at the rate of 5 3/4 per cent per annum; Ai~D W~IEREAS it is expedient to make the principal of the said det. t ~epayable 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 PickerlnS EI~ACTS AS FOLLOWS: 1. For the purpose aforesaid the Corporation s~all borrow upon the credit of the Corporation a sum not exceedin6 $335,000.00 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 ~ayment of such interest. 3. The debentures shall be dated the~First day of May, 1964j shall be issued at one time and shall be p~yable with interest in Twenty (20) annual instalments on the First da~ of a~ in each of the years 1965 to 198~-~nclus~ve, and the respeetmve 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 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 }lead 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 si£ned by the treasurer and his air, nature to them may be wmitten or ensraved~ 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 debentures are countersigned in writing by the deputy treasurer, the sifn~ture of the ~easurmr thereon may be written or engraved~ lithosraphed, printed or otI:er- wise mechanically reproduced. 6. Commencing in the year 196% and in each year thereafter of tko currency of the debentures all sums required to pay oef the debentures and to pay interest thereon shall be levied and raised by a special rate sufficient therefor, ov4r and above all other rates, on all the rateable ?roDerty of ratepayers who are assessed as sulpcrters of public schools in the sai~ Townshi~ School Area )lumber 2 of Pic}rerin~ in the County of Ontario~ in accordance with the provisions of Tko Public Schools Act. 2 · 7. The said debentures may contain a clause providing for the ~'7~, registration thereof pursuant to section 323 of The Municipal Act. ~//i 8. 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 dcLentures for such loan. READ a First and Second time this ~ day of ~ 1964. / Clerk READ a Third time and finally PASSED this /~ ay o 1964. Clerk S C H E D U L E " A " BY-LAW NUMBER 2878 T O W N S H I P O F P I C K E R I N G ANNUAL YEAR PRINCIPAL INTEREST PAYMENT 1965 $ 9 000.00 $ 19 262.50 $ 28,262 50 1966 10 000.00 18 745.00 28,745 00 1967 11 000.00 18 170.00 29,170 00 1968 11 000.00 17 537.50 28,587 50 1969 12 000.00 16 905.00 28 905 00 1970 12 000.00 16 215.00 28 215 00 1971 13 000.00 15 525.00 28 525 00 1972 14 000.00 14 777.50 28 777 50 1973 15 000.00 13 972.50 28 972 50 1974 16 000.00 13 110 00 29 110 00 1975 16 000 00 12 190 00 28,190.00 1976 17 000 00 11 270 00 28,270.00 1977 18 000 00 10 292 50 28,292.50 1978 19 000 00 9,257 50 28,257.50 1979 20 000 00 8,165 00 28~165.00 1980 22 000 00 7,015 00 29,015.00 1981 23 000 00 5,750 00 28,750.00 1982 24 000 00 4,427 50 28,427.50 1983 26 000 00 3~047 50 29,047.50 1984 27~000.0.0 1~552 50 ~8~5.52.50 $ 335,000 00 237,187 50 572,187.50