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HomeMy WebLinkAboutBy-law 1919i/ -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. - 2 - '+ 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.