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HomeMy WebLinkAboutBy-law 1965B Y- L A W N U M B E R 1 9 6 5 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $ Id.o a o.o o upon Debentures for School Purposes. WHEREAS it is expedient to borrow for the erection and equipping of a Schoolhouse in School Section No.'2 EsEst of the Township of Pickering a sum not exceeding $ /6. ooo•=°upon the credit of the Corporation to issue Debentures therefor bearing interest at the rate of S7o per cent per G annum (!?J , payable annually, and to provide for the discount and ex- penses incidental to negotiation and sale of such Debentures: AND WHEREAS it is expedient to make the said debt repayable in annual nsttalmente during the period of a o years next after the date G' of issue of such debentures, and such amounts respectively that, with 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 same: AND WHEREAS the amount of the existing Debenture debt of the Corporation s now 3 ,155.08, plus $660,800.00, being the debenture debt for the Pickering District High School Board, which is shared on an assessment basis with the Improvement District of Ajax and Pickering Village, in the proportion of: Pickering Township, $8,066,116.17• Improvement District of Ajax, $4,513,410.00: Pickering Village, $608,387.43:=and no part of the principal or interest of any such debt is in arrear. THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICKERING ENACTS AS FOLLOWS: 1. For the purpose aforesaid, the Corporation shall borrow upon the credit of the Corporation a sum not exceeding $l/6.0 oo.and shall ?,L• issue debentures therefor in sums of not less than $100.00 each. Each debenture shall bear interest at the rate of s per cent per annum, payable annually, and shall have coupons attached thereto for the payment of such interest. 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 made payable in annual instalments during the period of z o 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 designated in SCHEDULE "A" hereto annexed. 3. 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 designated thereon. 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 author- ized 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. 5. Commencing in the year 1954 and thereafter in each year in which an 'iristalment'of principal 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 for public school purposes in the said School Section. 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 336 of the Municipal Act. ilk`" ?c?yyp ? 1p ., ??a - 2 - 7. Pending the sale of th= said debentures, the head of the Council and L 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. 8. The Corporation shall have the right, at its option, to redeem deb- entures maturing in the year /973 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 person 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 SECOND time this yl'J'day of 1953• ....... ... ... ..... .. Reeve Clerk The Ontario Municipal BoarA have given their approval to this. By-Law, dated the day of __V 195* subject to apr{?roval of the Department o E ucation -- BY-LAW read a THIRD time and finally PASSED this t7 day o 195* ...... ... ............. Reeve _:_o *too**. toieo• • rk S C H E D U L E " A" Attached to, and Forming Part of By-Law No. 1965 316,000.00 - 20 year - equal instalments - 5% Debenture for School Section Number 2. Year Principal Interest Total 1954 500.00 800.00 1,300.00 1955 500.00 775.00 1,275.00 1956 500.00 750.00 1,250.00 1957 6oo.oo 725.00 1,325.00 1958 600.00 695.00 1,295.00 1959 6oo.oo 665.00 1,265.00 1960 6oo.oo 635.00 1,235.00 1961 700.00 6o5.oo 1,305.00 1962 700.00 570.00 1,270.00 1963 700.00 535.00 1,235.00 1964 800.00 500.00 1,300.00 1965 800.00 460.00 1,260.oo 1966 900.00 420.00 1,320.00 1967 900.00 375.00 1,275.00 1968 10000.00 330.00 1,330.00 1969 1,000.00 280.00 1,280.00 1970 1,100100 230.00 1,330.00 1971 1,100.00 175.00 1,275.00 1972 1,200.00 120.00 1,320.00 1973 1,200.00 60.00 1,260.00 16,ooo.oo 9,705.00 $ 25,705.00 Debentures in $500.00 and odd $100.00.