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HomeMy WebLinkAboutBy-law 2109B.Y - L A_WN U M B_E_R, 0 / A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF 36,500.00 UPON DEBENTURES FOR SCHOOL PURPOSES. WHEREAS it is expedient to borrow for an addition to the schoolhouse in School Section No. 7 of the Township of Pickering a sum not ex- ceeding $36,500.00 upon the credit of the Corporation to ?u d b- entures therefor bearing interest at the rate of nudd cent per annum, payable annually, and to provide for the discount and expenses incidental to negotiations and sale of such debentures; AND WHEREAS it is expedient to make fhe said debt repayable in annual instalments during the period of __jLe wears 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 nearly as possible, the same; AND WHEREAS this School Section 7 has an assessment of $415,025.00 and the assessment of the Township of Pickering is $9,803,942.82 for public school purposes. The debenture debt, together with this issue when sold, will be $1,337,951.34, 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 under date of 1'.71, 1_11qS,S' 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 36,500.00 and shall issue debentures therefor in sums of not less than $ 100.90 each. y4" Each debenture shall bear interest at the rate of ?Q cent per annum, payable annually, and shall have coupons a tached 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 _re1V 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 1956 and thereafter in each year in which an instalment of prim ipal 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 7 at the same time and in the same manner as other rates. 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 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. The Corporation shall have the right, at its option, to redeem debentures maturing in the year LJL. Hof such issue, 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, published 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 30th day of November 1954 Reeve . . . . . . . . Clerk BY-LAW read a Third time and finally PASSED this day of 6 c27A ?L95f- 1 cJ Reeve S C, TT P D TT I, 1, A Attache' to and TorminL; Part of °y-Law ?'nr!bcr 2109 3G,50(1.00 1-10 year Deben*t.re Year Principal Tnterest Total 1976 301no.0o 11400.00 lj5GO.00 1257 3,?_00.00 1,336.00 40530.00 195P 3,300,00 1,20 .00 1.50F.00 1959 31400.00 11076,00 1,476.00 1960 3,500.00 ^10.00 4,'1-'_0.00 19cl 3,70n.nn F00.00 4,500.00 126^ 3,£300.00 652.00 4,452.00 12°3 4,onn.0o 500.00 4,5on.nn 1201 4,200.00 3110.00 41540.00 1965 1,300.00 172.00 4,472.00 36,5on.n0 a, 6,44.00 44,24-.00 Denominations of '" 1,000.00 ar_d odd hundreds.