HomeMy WebLinkAboutBy-law 2266THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 'v -1- 6
A By-Law to provide for the issue of Debentures in the aggregate principal
amount of $65,000.00 to provide moneys for the purpose of building and
equipping a four room addition to West Rouge Public School in Township
School Area Number 2 of the Township of Pickering.
WHEREAS the Public School Board of Township School Area Number 2 of the
Township of Pickering has requested the Council of the Township of Pickering
to provide moneys for the purpose of building and equipping a four room
addition to West Rouge Public School in the said Public School Area Number 2
and the issue of Debentures of the Township in the aggregate principal
amount of $65,000.00;
AND WHEREAS the Council of the said Township has approved the said applic-
ation and it is expedient to authorize the issue of Debentures of the said
Township in the aggregate principal amount of $65,000.00 bearing interest
at the rates hereinafter provided and principal being repayable in twenty
annual instalments, and the respective amounts of principal and interest
being as shown in Schedule "A" hereto;
AND WHEREAS the amount of the whole ratable property of the Township of
Pickering according to the last revised assessment roll thereof is
$120319,411.24;
AND WHEREAS the amount of the existing debenture debt of the Corporation
is $1,920,334.92 and no part of the principal or interest of such debt
is in arrear;
AND WHEREAS by Order dated the 2 day of a-- 195 8
under File Number;'VX°0 8B3 r .3- The Ontario Munic /pal Board has approved
the purposes of the said borrowing and the passing of this Debenture By-Iaw;
the Council of the Corporation of the Township of Pickering
enacts as follows:
1. THAT for the purpose aforesaid
of the Corporation of the Township of
sale of Debentures of the Township of
amount of $65,000.00.
2. THAT the said Debentures shall
1958, and shall be payable in twenty
money shall be borrowed on the credit
Pickering at large by the issue and
Pickering in the aggregate principal
be dated the 2nd day of July
instalments on the "nd day of July
in each of the years 1959 to 1978, both inclusive, and shall bear interest
at the rate of 5-3/476 per annum, and all of such interest shall be payable
- 2 -
annually on the ?rd day of July in each year of the currency of the
Debentures. The Debentures shall have coupons attached thereto for the
payment of interest and the respective amounts of principal and interest
payable in each of such years shall be as set forth in Schedule "A" hereto
attached.
3. THAT the said Debentures shall be payable as to both principal and
interest in lawful money of Canada at The Canadian Bank of Commerce in
Claremont, Ontario, or at the principal office of the said Bank in the
City of Toronto, Ontario, at the holderts option.
4. THAT the said Debentures shall be sealed with the seal of the
Corporation and signed by the Reeve or by some other person authorized
by by-law to sign the same and by the Treasurer. The interest coupons
shall be signed by the Treasurer and his signature thereon may be
written, stamped, lithographed or engraved.
5. THAT commencing in the year 1959 and in each year thereafter in
which an instalment of principal and interest becomes due the respective
fourth
amounts set forth in the P=Ptk column of Schedule "A" hereto shall be
'levied and collected annually by a special rate sufficient therefor over
and above all other rates upon the property of ratepayers who are support-
ers of public schools under the jurisdiction of The Public School Board of
Township School Area Number 2 of the Township of Pickering.
6. THAT the said Debentures may contain a clause providing for the
registration thereof pursuant to Section 335 of The Municipal Act.
7. THAT this By-law shall come into force and take effect on the
date of the final passage thereof.
BY-LAW read a First and Second time this
BY-LAW read a Third time and PASSED this
l `t day of 195
Z day of r •; 195
Reeve
5-
SCITGDULF "A" TO BY-LAW NUM ER ?2266
$65,000
TOWNSHIP OF PICKERING
(County of Ontario)
5-3f4% Debentures
To mature 1959 to 1978
. . . . . . . . . .
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
1959 $ 2,,000. $ 3,737.50 5#737.50
1960 2#000. 31622.50 5#622.50
1961 2,000. 3,507.50 5,507.50
1962 2,000. 3#392.50 5,392.50
1963 2,000. 3,277.50 5,277.50
1964 2,000. 3,162.50 59162.50
1965 3,000. 3,047.50 6,047.50
1966 3,000. 2,875.00 51875.00
1967 3,000. 21702.50 50702.50
1968 3,000. 2,530.00 5,530.00
1969 3,000. 21357.50 5,357.50
1970 3,000. 2,185.00 5,185.00
1971 4,000. 29012.50 6,012.50
1972 4,000. 1,782.50 5#782.50
1973 41000. 11552.50 5,552.50
1974 49000. 1,322.50 51322.50
1975 4,000. 10092.50 5,092.50
1976 5,000. 862.50 51862.50
1977 5,000. 575.00 59575.00
1978 5,000. 287.50 5.287.50
65,000. $ 45,885.00 $110,885.00
E. & 0. E.
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