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HomeMy WebLinkAboutBy-law 3226 THE CORPORATION OF THE TO~M~tIP OF PX~d~IXN~ LAW NO. A By-law to authorize the issue of a Debenture in the principal amount of $ for public school purposes WHEREAS the school board named in Schedule "A" attached hereto has applied to the Council of The Corporation of the T~hip of to provide the sum of $ 6t5,oO0'~0 by the issue of Debentures of the Corporation for the public school purposes set out in Schedule "A" attached hereto and the Corporation has approved of said application; AND WHEREAS for the purposes aforesaid the Council now deems it expedient to borrow money by the issue and sale to The Ontario Education Capital Aid Corporation of a Debenture of this Municipality in the principal amount of $ bearing inte~=eot at the rate of ~. % per annum payable semi-annually, which is the amount of' the debt intended to be created by this By-law. NOW THEREFORE the Council of The Corporation of the of Pie~r~ enacts as follows: 1. THAT for the purposes aforesaid money shall be borrowed on the credit of 'Phs Corporation of the T~m%ehtp Of ~iekeri~ by the issue of a Debenture of the Corporation in the principal amount of $ 615,000.00 bearing interest at the rats of ~ % per annum payable semi-annually on the let day of and 1st day of De~r in each year of the currency of the Debenture, upon the principal amount from time to time remaining unpaid. 2. ' THAT the said Debenture shall be dated the 1st day of De,ember , 19 6~ and shall be payable in 20 anuual instalments of principal on the let day of in the years 1~67 to 19 86 , inclusive, and the respeotive amounts of principal and interest payable in respect of such Debenture in the years 1967 to 19 ~ , inclusive, shall be as '-set forth in ScheduleI "B" 'attached hereto. 3. THAT the said payments of principal and interest shall be payable in lawful money of Cauada by cheques sent through the post to the registered address of the registered owner of the Debenture and such cheques shall be payable at par in the City of Toronto. 4. THAT the said Debenture shall be sealed with the Seal of the Corporation and shall be sigmed, by the H~ad of the Council or by some other person authorized by By-law to sign 'the same, and by the Treasurer. 5. THAT all sums required to pay off the instalments of principal of the Debenture and to pay interest thereon as set out in the sixth column of Schedule '~" attached hereto shall be levied and raised in the years 19 ~? to 19 86 , inclusive, by a special rate sufficient'therefor, over 'and above all other rates, upon all the rateable property assessed to the rat~ayers who are supporters of public schools undwr the jurisdiction of · The Public School Board of the Township School Area Num%~' 2 of Ptekeri~g at t?.~ same time an~d in ~the same manner as other rates. 6. THAT the said Debenture be sold to The Ontario Education Capital Aid 7. THAT the' s~id Debenture 'shall contain a clause providing for the registration thereof pursuant ~to s~ction 323 of The Municipal Act. 8. THAT application shall be made to the Ontario Municipal Board for approval of this By-law and for the certification of the Debenture to be issued thereunder pursuant to sections' 58 to 60 of The Ontario Municipal Board Act. 9. THAT Schwdules. "A" and '~B" attached hereto, are hereby declared to be and to form part of this By-law. ENACTED this /~ ~ day of .~U~' , 19~ ~ Clerk ~ (Seal) .... ~: ~ ~?.. [:lt'l.: / T~E CORPORATION OF THE BY-LAW NO. SCHEDULE '~B" ~ 2 3 ~ ~ 6 pAYMENT DATE pAYMENTS ANNUAL AMOU~ NUMBER DUE PRINCIPAL INTEREST TOTAL LEVIED HEBE~,. i ~ X, 1967 ~,~.~O ~,~.~O 3 ~uae 1, 1960 X6,AIT.~O L6,A17.SO ~ ~ X, 1969 6 neee~ber l, l~ ~O,OOO.O0 13,~.O0 35,t~.00 5X,?~O.O0 7 ~vae 1, 1~70 lS,3&~.~O 13,3&$.00 10 Deee~ber l, l~71 22,000.00 11 Jtme 1, In 1A,X6~.~O 15 ~ l, l~TA 1~ Deee,t~er l, 197& 26,000.00 12,e~0.~O .~,~170.00 ~,T&O.00 19 ~a~ l, 1976 IA,AI~.~O XI,AI2.~O ~1 am 1, 1977 lo,&t~.~o :LO,~.~O 23 ~ 1, 1Y78 9,e17. ~O 9,~?.~0 2~ ~eaa~er 1, 1~7~ 3~,~00.00 9,817.~O 23 ~a~ 1, 19'/9 S,~?.50 ~,~37.~O ABCC*DEF-4