HomeMy WebLinkAboutBy-law 2435B Y- L A W N U M B E R
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $750,000.00 UPON DEBENTURES FOR HIGH SCHOOL PURPOSES.
WHEREAS the High School Board of Pickering District High School Area
has requested the Council to provide the sum of $750,000.00 for the
purpose of building and equipping a seventeen (17) room school with
double gymnasium in the said High School area;
AND WHEREAS it is necessary and expedient to borrow for the said purpose
a sum not exceeding $750,000.00 upon the credit of the Corporation, to
issue debentures therefor bearing interest payable annually at the
rates per annum shown in Schedule "A" attached to this by-law and to
' provide for the discount and the expenses incidental to the negotiation
and sale of such debentures;
AND WHEREAS it is expedient to make the principal of the said debt re-
payable in annual instalments during the period of Twenty (20) years
in the respective amounts set forth in Schedule "A" hereto annexed;
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
1 credit of the Corporation a sum not exceeding $750,000.00 and shall
issue debentures therefor.
2. Each debenture shall bear interest at the rates shown in Schedule
l "A" attached to this by-law and shall have coupons attached thereto
for the payment of such interest.
3. The debentures shall be dated the 50?r.Lday of 19 5'9
shall be issued at one time and shall be payable wi interest in
Twenty (20) annual instalments on the 3p_day of
in each of the years 1960 to 1979 inclusive, and the reslective
amounts of principal and interest payable in each of such years
shall be the amounts so designated in Schedule "A" hereto annexed.
4. The debentures to be issued shall be ( 7-49 ) in number, one falling
due in each year of the said term, and the value of each interest
- coupon on each debenture shall be in the amount of the annual
interest payable on such debenture and the said coupons, for each
debenture, shall be in the respective amounts as computed and shown
in Schedule "B" hereto annexed and forming part of this by-law.
Vii. The debentures shall be payable as to both principal and interest
in lawful money of Canada and may be made payable at the Canadian
Bank of Commerce Bank in the Village of Claremont, Ontario, or at
the principal office of the said bank in the City of Toronto, or
the City of Montreal.
6. 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
authorized 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.
7. Commencing in the year 1960 and thereafter, in each year in which
an instalment of principal of the said debt and the interest thereon
becomes due the Council shall levy and raise the specific sum shown
for the respective year in the said Schedule "A", Such sum shall be
?- levied and raised by a special rate therefor, over and above all
other rates, upon the property of all ratepayers in the Township
of Pickering.
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8. The said debentures may contain a clause providing for the
1 r >\ registration thereof pursuant to section 335 of The Municipal
Act.
9. Pending the sale of the said debentures the Head of the Council
and the Treasurer may raise for the purpose aforesaid by way of
loan on such debentures any sum or sums of money not exceeding
,f in all the amount hereby authorized to be borrowed and may
hypothecate such debentures for such loan.
READ a first and second time this?day of
Clerk
READ a third time and finally passed this day of 195,9