HomeMy WebLinkAboutBy-law 1728 BY-LAW Number 172S
Of the ~unicipality of the Township of Pickering.
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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.
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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