HomeMy WebLinkAboutBy-law 2492 B ¥ -,.L A ~ N U M B E R 7/~['~/~
A BY-LAW OF THE CORPORATION OF THE TOWNStIIP OF PICKERING TO AUTHORIZE
THE ~0RROWING OF $208,300.00 UPON DEBENTURES FOR PUBLIC SGH00L PURPOSES.
WH~REAS the Public School Hoard of Township School Area Number 2 of
the Township of PickePing has requested the Council to provide the
sum of ~208,300.00 fop the purpose of building and equipping an
eight room school addition in the said Township School Area;
AND .WI{EREAS it is necessary and expedient to borrow for the said
purpose a sum not exceeding ~208,300.00 upon the credit of the
Corporation, %0 issue debentures therefor bearing interest payable
annually at the Pates pep anntml shown in Schedule "A" attached to
this by-law and to provide for the discount and the expenses incid-
ental to the negotiation and sale of such debentures;
AND WIiEREAS it is expedient to make the principal of the said debt
repayable in annual instalments during tile period of Twenty
years in the respective a~nounts set forth in Schedule "A" hereto
anne xed;
TIIEREFORE the Council of the Corpora%ion of the Township of Picketing
ENACTS AS FOLLOWS:
]. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding ~208,300.00 and
shall issue de~ntures therefor.
2. Each debenture shall bear interest at the rates shown in Schedule
"A" attached to this by-law and shall have coupons attached
thereto for the payment of such interest.
3. The debentures shall he dated the 30th day of September, 1959,
shall be issued at one time and shall be payable with interest
in Twenty (20) annual instalments on the 30th day of September
in each of the years 19~0 to 1979 inclusive, and tile respective
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 shall be payable as to both principal and interest
in lawful money of Canada and may be made payable at %he Canadian
Bank of Commerce Bank in the Village of ClaPemont, Ontario,
at the principal office of the said bank in the City of Toronto,
or the City of Montreal.
5. The said debent~res 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 sigued by the Treasurer and his
signature thereon may be written, stamped, lithographed or engraved.
~ Commencing in the year 1960 and thereafter in each year in which
an instalment of principal or interest shall become due on the
said debentures the sum required to pay off any such instalment
shall be raised by a rate sufficient therefor over and above all
other rates upon the property of ratepayers who are supporters
of public schools under the jurisdiction of the Public School
Board of Township School Area Number 2 of the Township of Picketing.
7. The said debentures may contain a clause providing for the
registration thereof pursuant to section 335 of Tile ~lunicipal Act.
By-Law Number - 2 -
8. 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
in all the amount hereby authorized to be borrowed and may
hypothecate such debentures for such loan.
9~ That By-Law No, 2483 be and the sanm is hereby repealed.
READ a First and Second time this~day of _~J______ 1960.
READ a Third time and PASSED this ~day of '~~. 1960.
Reeve
Clerk
$ C 1! E D U L E " A "
To By-Law No.
Township of Pickerin~
~208,300.00 - 7~ - 1 to 20 year
Debentures
YEAR PgINCI~AL %NTER~ST TOTAL
1960 :~ 5,082.52 ~ 14,581.00 ~ 19,663.52
1961 5,436.63 14,225.2~ 19,661.85
1962 5,811.57 13,844.66 19,656.23
1963 6,228.17 13,437.85 19,666.02
1964 6,665.60 13,001.88 19,667.48
1965 7,123.86 12,535.29 19,659.15
1966 7,623.78 12,036.6.~ 19,660.40
1967 8~165.36 11,502.95 19,668.31
1968 8,727.77 10,931.38 19,659.15
1969 9,331.84 10,320.43 19,652.27
1970 9,998,40 9~667.20 19~665.60
1971 10,685.79 8,967.3~ 19,653.11
1972 11,435.67 8,219.31 19,654.98
1973 12~248.04 7,418.81 19,666.$5
1974 13,102.07 6~561.45 19,663.52
1975 14,018.59 5,644.31 19~662.90
1976 14,997.60 4~663.00 19~660.60
1977 16,059.93 3,613.17 19~673.10
1978 17,184.75 2,488.98 19,673.73
1979 18,372.06 1~286.0~ 19~658.10
~ 20S,300.00 ~ 184,946.87 ~ 393,246.57