HomeMy WebLinkAboutBy-law 2942A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $i-04,000.00 UPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES.
WHEREAS the Public School Board of the Township School Area Num,b~r 2
of Picketing has requested the Council to provide the sum of $t04~000.00
for the purpose of building and equipping an addition of four (4)
classrooms to the Sir John A. Nacdonald Public School located in Block
N~ Plan M-12, in the Township of Picketing;
AND WHEREAS it is necessary a~d expedi~eDt to borrow for the said
purpose a sum not exceeding $-~0+,000.00 upon the credit of the
Corporation~ to issue debentures therefor bearing interest payable
annually at the rate oi ~ ~ ~oer cent per annum;
AND WHEREAS it is expedient to make th~ 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 A"S' FOLLOWS:
1. For the purpose aforesaid the Corporation shall ,b~o~rrow upon the
credit of the Corporation a sum not exceeding ~t~,000.00 and shall
issue debentures therefor.
2. Each debenture shall bear interest at the rate of 3~ per cent
per annum and shall have coupons attached thereto for the payment
of such interest.
8. The debentures shall be dated the 1st day of May shall
be issued at one time and shall be payable with interest in Twenty (20)
annual instalments on the ls~ day of ~'Iay in each of the years 1966
to 1985 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.
~. 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 debentures are countersigned
in writing by the deputy treasurer, the signature of the treasurer
thereon may be written or engraved~ lithographed, printed or other-
wise mechanically reproduced.
B. Commencing in the year 1966 and in each year ~hereafter of the
currency of the debentures all sums required to pay off the debentures
and to pay interest thereon shall be levied and raised by a special
Pate sufficient therefor, over and above all other rates~ on all the
rateable property of ratepayers who are assessed as supporters of
public schools in the said Township School Area Number 2 of Picketing
in the County of Ontario~ in accordance with the provisions of The
Public Schools Act.
~Z~£ 7. The said debentures may contain a clause providing for ~he
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 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.
/?
READ a First and Second time this_~___day of /~, 196~
Clerk
READ a Third time and finally PASSED this ?'., d~.
of/
196~.
S C H E D U L E " A "
TOWNSHIP OF PICKERING
$102,000.O0 5 3/4% - 1-20 Yea~ DebentuPes
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
1966 $ 3,000 $ 5,865.00 $ 8,865.00
1967 3,000 5,692.50 8,692. 50
1968 3,000 5,520.00 8,520.00
1969 3,000 5,347.50 8,3~7.50
1970 ~,000 5,175.00 9,175.00
1971 ~,000 ~,9~5.00 8 9~5.00
1972 ~,000 6,715.00 8 715.00
1973 ~+,000 ~,~85o00 8 N85.00
197N N,000 N,255.00 8 255.00
1975 5,000 N,025.00 9 025.00
1976 5,000 3,737.50 8 737.50
1977 5,000 3,N50.00 8 ~50.00
1978 6,000 3,162.50 9 162.50
1979 6,000 2,817.50 8 817.50
1980 6,000 2,472.50 8 ~72.50
1981 7,000 2m127.50 9 127.50
1982 7,000 1,725.00 8 725.00
1983 7,000 1,322.50 8 322.50
198q 8,000 920.00 8 920.00
1985 8,000 q60o 00 8 ~60. 00
102,000 72,220, O0 17~,220.00