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HomeMy WebLinkAboutBy-law 1728 BY-LAW Number 172S Of the ~unicipality of the Township of Pickering. ~../,~ ~ o. ~ ~ A By-law to authorize the borrowing of the sum of'$t~2,O00.00 upon debentures, to defray the cost of erecting the school house and obtaining such equipment as msy be required in Public School Section Number 7 of the Township of Pickering. ~ffEREAS the Public School Board of School Section Number 7, of the Township of Pickering, have made application to the Liunicipal douncil for th~ sum 6f SA~,O00.00 to defray the cost of erecting e school in the said section and obtaining such equipment ss may be required: ~.'~D w'T~WAS the ~roposel for the said loan h~s been submitted and sanctioned st s special meeting of the retepayers of the eeld section, called for that purpose: AND ~REAS the ~unicipal Council of the said Township deems it d~sirable to comply with the said application and to peas a By-law for borrowing the said sum of ~t~B,000.O0 on the credi~ of the Corpora- tion end to issue debentures therefor, ~t the current rate, which is the e~ount of the debt intended to be created by this By-law: AND V.~TEREAS the amount of the whole rateable property in the ~unicipality according to the l~st revised assessment roll is $4,246,865.05: AND ~,HEREAS the smount of the existihg debenture debt of the Corporation, exclusive of local improvements secured by special rates or assessments, ~s $ 52,093.80and no part of principal or interest is in ~r~ear: THEREFORE, the ~unlclpsl Council of the Corporation of the Township of Pickering ENACTS AS FOLLOWS: 1. That for the purposes aforesaid there shall be borrowed on the credit of the Corporation at large the sum ~f $1~,000.00 and debentures shell be issued therefor on su~s of not less than $100.00 each, bearing interest at the current rate) and having coupons attached thereto for the payment of the interest. 2. The debentures shall all be dated as of the 15th day of December, 1947, snd shall be ~syable ~n~ equal annual instalments of principal end interest on the 15th day of ~ecember in each of the years 19~8 ~o~%~lnclusive. -2- 3. The debentures, ss to both principal and interest, shall be expres~ in Canadian currency and shall be payable at the Csnadian Bank of Commerc at Claremont, Ontario. The ~eewe of the Corporation shall sign and issue the debentures, and interest coupons shall also be signed by the Treasurer of the Corpora~ rich, End the debentures shall be sealed with the seal of the Corporation The signature of the Treasurer to the coupons may be written, stamped, li~hographed or engraved. ~ ~. Duri ears, the currency of the debentures shsll be raised for the payment of the debt and interest by a special rate sufficient therefor over and above all other rates on all rateable property of public school s~pgorters in said school section Number 7 of the Town- ship of Plckering. 6. The debentures may contain any clause providing for the registrati¢ thereof authorized by any ~tatuta relating to municipal debentures in force at the time of issue thereof. 7. The Corporation sh~ll have the right, at its option, to redeem the debentures falling due in the yea~195~, on any date prior to its maturity at the places where and in the monies in which the said debentures are expressed to be payable, upon payment of the principal amount thereof together with interest accrued to the da~e of redemption and upon giving previous notice of maid intention to redeem by advertising once in the Ontario Gazette and once in e daily newspaper of general provincial circulation, published in the City of Toronto, and once in a local news- paper, such notice to be advertised as aforesaid et least thirty dsys before the date fixed for redemption. Notice of intention so to redeem shall also be sent by post at least thirty days prior to the date set for such redemption to each person in whose name a debenture so to be redeemed is registered at the address shown in the Debenture Registry Book. ~,here only a portion of the debentures of this issue is so to be redeemed, such portion shell comprise only the debentures that have the latest maturity dates, and no debenture of this issue shall be called for such redemption in priority to any such debenture that has a later maturity date. Schedule "A" 194[8 1949 1950 1951 1952 1953 1954 1955 1956 1957 Deb. No. 1 3 -4 5 - 6 7 - 8 9 - 10 11 - 12 13 - 14 15 - 16 17 - 18 19 - 20 Prineips1 $1 400.00 1 500.00 1 600.00 1 600.00 1 700.00 1 800.00 1 800.00 1 800.00 1 900.00 1 900.00 $17,000.00 Interest $ zo.oo ~68.00 423.00 375.00 327.00 276.00 222.00 168.00 114.00 57.00 $2,940.00 Totel Sl,910.00 1 968°00 2 023.00 1.975.00 2 027°00 2 076.00 2 022.00 1 968.00 2 014.00 1 957.00 $19,940.00