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-LAW N U7; B'? R ] Q1 9
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICYERING TO AUTHORIZE THE
BORRaNING OF "80,500.00 upon Debentu:^=s for :,n'zonl purposes.
WHEREAS it is expedient to borrow for the erection and equipping of a
Schoolhouse in School Section No. 3 West of the Township of Pickerin-, a
sun got exceedin; 100.00 upon the credit of the gorporation to Issue
Debcntzr? the l o^ bearin interest at the rat of FIVE PER CENT per annum
(5%), payable annually, and to provide for the discount and expenses in-
cidental to negotiation and sale of such debentures;
AND WHEREAS it is expedient to make the said debt repayable in annual in-
sta menu during the period of twenty (20) years next'after the date of
issue of such debentures, and such amounts vespect.iveiy that, Kith the
interest in respect of the debt, the aggregate amount payable for principal
and interest in each year shall be, as near as possible, the aa:ne;
AND WHEREAS the amount of the existing Debenture debt of the Corporation
is now U T4,055-00, plus $660,800.00, being the debentur= debt for the
Pickering District High School Board, which is shared on an assessment
basis with the Improvement District of tijax, in the -m opcri,in.i of,
Pickering, 'p8,492,11,9.85; Improvement District of Ajax, 93,346,660.00,
and no part of the principal or interest of any such debt is in arrear.
THER?FORE THr COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICftERING ENACTS
AS FOLLOWS:
1. For-the purpose aforesaid, the Corporations shall borro,v u.Don the credit
of the Corporation a sum not exceeding 9$80,500.00, and shall issue
debentures therefor in sums of not less than $500.00 each. Eac;i
de'F,,itu_t e shall bear interest at the rate of FIVE (5%) PER CENT per
annum, payable annually, and shall have coupons attached thereto for
the payment of such interest.
,j'(2. All the debentures shall bear the same date; shall be issued at one
time and within two years after the day on which this By-Law is passed;
may bear any date within such two years, and shall be mado pay*able.
in annual instalments during the period of twenty years next after the
date of Issue thereof, and the respective amounts of principal and
interest payable in each of such years shall be the amounts so desi;*nated
in SCHEDULE "A" hereto annexed.
J13. The debentures shall be payable as to both principal and interest in
lawful money of Canada, and may be made payable at such place or
places in Canada as shall be desi„nated thereon.
21/4. The said 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
thereon may be written, stamped, lithographed or engraved.
Commencing in the year 1953 and thereafter in each year in which an
instalment of hriaoipal of the said debt and interest become due, the
Corporation shall levy and raise the specific sum shown for the
respective year in the fourth column of the said Schedule. Such
sum shall be levied and raised by a special rate sufficient therefor,
over and above all other rates, upon all the rateable property,,in the
said School Section.
n 6. The said debentures may contain a clause providing for the registration
thereof pursuant to Section 336 of the Municipal Act.
7. Pending the sale of the said debentures, the head of the Council and
the Treasurer may raise for the purposes aforesaid by way of loan on
such debentures any sum or sums of money not exceeding in all the sum
hereby authorized to be borrowed and may hypothecate such debenture
for such loan.
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'+ 8. The Corporation shall have the right, at its option, to redeem deb-
entures maturing in the year 1972 of such issue, either in whole or
in part on any date prior to maturity at the places where and in
the moneys in which the said debentures are expressed to be payable,
upon payment of the principal amount thereof together with interest
accrued to the date of redemption and upon giving previous notice of
said intention to redeem by advertising once in the "Ontario Gazette"
and once in a daily newspaper of general provincial circulation, pub-
lished in the City of Toronto, and once in a local newspaper, such notice
to be advertised as aforesaid at least thirty days 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 per:3on in whose name a debenture so to be redeemed is registered
at the address shown in the Debenture Registry Book.
BY-LAW read a FIRST and BECOND time this 'Y day of L2"C- - 1952
Reeve
Clerk
The Ontario Municipal Boar3 hav-e given their approval to this By-Law dated
theme ; day of 'Z" r. 1952 ap e,4- V
BY-LAW read a THIRD time and finally PASSED this DAY OF
?ze?-oe. 3" ?°o-cCoL
Reeve
195
S C H E D U L E " A"
Attached to and Forming Part of By-Law No.
$80,500.00 - 20 year - equal instalments - 5% Debenture for School Section
No. 3 west
Year Principal Interest Total
1953 2500.00 4025.00 6525.00
1954 2500.00 3900.00 64oo.oo
1955 2500.00 3775.00 6275.00
1956 3000.00 365o.oo 6650.00
1957 3000.00 3500.00 6500.00
1958 3000.00 3350.00 6350.00
1959 3500.00 3200.00 6700.00
1960 3500.00 3025.00 6525.00
1961 3500.00 2850.00 6350.00
1962 4000.00 2675.00 6675.00
1963 4000.00 2475.00 6475.00
1964 4000.00 2275.00 6275.00
1965 4500.00 2075.00 6575.00
1966 4500.00 1850.00 6350.00
1967 5000.00 1625.00 6625.00
1968 5000.00 1375.00 6375.00
1969 5000.00 1125.00 6125.00
1970 5500.00 875.00 6375.00
1971 6000.00 600.00 6600.00
1972 6000.00 300.00 6300.00
80,500.00 48,525.00 129,025.00
Debentures in $1,000.00 or odd $ 500.00.