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HomeMy WebLinkAboutBy-law 2003B Y- L A W N U M B E R 2 0 0 3 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $80,000.00 UPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES AND TO REPEAL BY-LAWS NUMBERS 1970 AND 1993• WHEREAS it is expedient to borrow for the erection and equipping of a c$ hoolhouse in School Section No. 18 of the Township of Pickering, a sum not exceeding $ 80,000.00 upon the credit of the Corporation to issue Debentures therefor bearing interest at the rate of Per cent per annum, payable annually, and to provide for the discount and expenses incidental to negotiation and sale of such Debentures; AND WHEREAS it is expedient to make the said debt repayable in annual instalments during the period of twenty years next after the date of issue of such debentures, and such amounts respectively that, with the interest in respect of the debt, and 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 is now 9 85,569.61, of which $ 249,161.$$ is a liability of other Municipalities for High School purposes, the assessment of the Municip- ality is $ $,706,802.77, and no part of the principal or interest of any such debt is in arrear; AND WHEREAS The Ontario Municipal Board have given their approval to this By-Law dated the Fourth day of February, 1954; THEREFORE the Council of the Corporation of the Township of Pickering ENACTS A. FOLLOWS: 1. For the purpose aforesaid, the Corporation shall borrow upon the credit of the Corporation a sum not exceeding $80,000.00, and shall issue Debentures therefor in sums of not less that $ 100.00 each. Each Debenture shall bear interest at the rate of 6! ?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 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 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 1955 and thereafter in each year in which an instalment 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 335 of the Municipal Act. - 2 - 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 }j 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 1974 of such issue on any date prior to maturity at the places where and in the moneys in which the said debentur, 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, published in the City of Toronto, and once in a local news- paper, 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. 9. By-Laws 1970 and 1993 are hereby repealed.. BY-LAW read a FIRST and SECOND tine this / 3 day of 1954. BY-LAW read a THIRD time and PASSED this day of a? 1954• • . `S °.°?°:- . . Reeve . . . erk S C H E D U .L E " A n Attached to and forming part of By-Law Number 2003 $ 809000.00 - 20 year - equal instalments - 44%. SCHOOL SECTION NUMBER 18 Year Principal Interest Total 1955 $ 2,500.00 $ 32400.00 $ 5,900.00 1956 21500.00 31293.75 5,793.75 1957 31000.00 31187.50 6,187.50 1958 31000.00 39060.00 6,060.00 1959 39000.00 2,932.50 5,932.50 1960 3,000.00 2,805.00 59805.00 1961 3,500.00 2,677.50 6,177.50 1962 39500.00 2,528.75 6,028.75 1963 3,500.00 2,380.00 5,880.00 1964 4,000.00 21231.25 6,231.25 1965 49000.00 21061.25 6,061.25 1966 4,000.00 19891.25 5,891.25 1967 49500.00 1,721.25 61221.25 1968 4,500.00 1,530.00 6,030.00 1969 4,500.00 1,338.75 59838.75 1970 5,000.00 1,147.50 61147.50 1971 53000.00 935.00 5,935.00 1972 59500.00 722.50 69222.50 1973 5,500.00 488.75 51988.75 1974 6,000.00 255.00 6,255.00 $ 80,000.00 $ 40,587.50 $ 120,587.50 Debentures to be issued in $1,000.00 denominatives and odd $ 500.00.