HomeMy WebLinkAboutBy-law 2546 BY-LAW NUMBER
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $33,9&1.96 UPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES.
WHBREAS the Public School Board of Township School Area Number 2
~-the Township of ~ickerlng has requested the Council to
provide the sum of $33,941.96 for the purpose of building and
equipping a playroom addition to West Rouge School in the
said Township School Area;
AND WHEREAS it is necessary ~nd expedient to borrow for the said
purpose a sum not exceeding $33,9&1.96 upon the credit of the
Corporation, to issue debentures therefor bearing interest payable
annually at the rate~ 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
repayable 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
Picking ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding
$33,941.96 and shall issue debentures 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 be dated the 30th day of September,
1960, shall be issued at one time and shall be payable with
interest in Twenty (20) annual instalments on the 3Oth day of
September in each of the years 1961 to 1980 inclusive, 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.
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.
5. 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.
6. Commencing3 in the year 1961 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 rate-
payers who are supporters of public schools under the 3uris
diction of the Public School Board of Township School Area
Number 2. of the Township of Pickering.
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7. The said debentures may contain a clause providing for the
registration thereof pursuant to section 335 of The
Municipal Act.
8. Pending the sale of the said debentures the Mead of the
Council and the Treasurer may raise for the purpose
aforesaid by way of loan on such debentures any s~ 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 ~-Law N~ber 253& be and the s~e is hereby repealed.
~AD a First and Second time this d~,~y of~ 1~60
Reeve
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