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HomeMy WebLinkAboutBy-law 2004B Y- L A W N U M B E R 2 0 0 4 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $ 80,000.00 upon Debentures for SCHOOL PURPOSES. WHEREAS it is expedient to borrow for the erection and equipping of a Schoolhouse in School Section No. 1 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 ¢a Per cent per annum ( ), 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 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, the aggregate amount payable for principal and interest in each year shall be, as near as possible, the same; AND WHEREAS this School Section has an assessment of $ 163,375.00 and the assessment of the Township is $ 8,430,802.77 for Public School purposes; the debenture debt, together with this issue when sold, will be $ 1,243,069.61 of which $381,240.00 is an obligation of other municip- alities; and no part of the principal or interest of any such debt is in arrear; • • ?{?, AND WHEREAS the Municipal Board have approved this By-Law the 3v17AY of 1954 ?1'TT=CRE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP?F PICKER ENACTS AS 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 than $ 5p0.00 each. r Each debenture shall bear interest at the rate of 4-a. 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 195,5 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 othe r rates, upon all the rateable property for public school purposes in the said School Section# at the same time and in the same manner as other rates. 6. The said debentures may thereof pursuant to Sec contain a clause providing for the registration tion 33rof the Municipal Act. 7. Pending the sale of the said debentures, the head of the Council and O / li the Treasurer may raise such debentures any sum for the purposes aforesaid by way of loan on 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, oi4kwr 1i; :i?a=e e in on any date prior to maturity at the places where and in - 2 - ($) - Continued the moneys in which the said debentures are expressed to be payable, upon payment of the prindipal 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 day of? 1954 . . . . . . . . . . . . . . . Reeve . . . : . . . . . . . . . . Clerk Tie--B?,ar' o dated a --- dap-af-- --- ---- he D"artmentL??L`#sn..?cc i y /L G? l? `? cJ D'DLOI? Reeve . . . . . . . . . . . . . . Clerk S C H E D U L E " A" Attached to and forming part of By-Law Number 2004 800000.00 - 20 year - equal instalments - 44%. SCHOOL SECTION NUMBER 1 Year Principal Interest Total 1955 2,500.00 ` 3,400.00 $ 59900.00 1956 21500.00 32293.75 5,793.75 1957 3,000.00 3,1$7.50 6,187.50 1958 3,000.00 31060.00 6,060.00 1959 3,000.00 29932.50 5,932.50 1960 39000.00 21805.00 5,$05.00 1961 3,500.00 2,677.50 61177.50 1962 3,500.00 21528.75 6,02$.75 1963 3,500.00 29380.00 51880.00 1964 4,000.00 21231.25 61231.25 1965 49000.00 2,061.25 6,061.25 1966 4,000.00 1,891.25 5,891.25 1967 4,500.00 ` 1,721.25 60221.25 1968 4,500.00 1,530.00 61030.00 1969 41500.00 1,338.75 51838.75 1970 5,000.00 12147.50 6,147.50 1971 5,000.00 935.00 5,935.00 1972 5,500.00 722.50 6,222.50 1973 5,500.00 48$.75 5,988.75 1974 6,000.00 255.00 6,255.00 80,000.00 49,587.50 120,587.50 Debentures to be issued in $1,000.00 denominatives and odd $ 500.00.