HomeMy WebLinkAboutBy-law 2573 /
A BY-LAW OF THE CORFORATION OF THE TOWNSHIP OF PICIfERING TO AUTHORIZE
THE BORROWING OF $490, 000.00 UPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES.
WHEKF~S the Public School Board of Township School Area of Picketing
N~unber 2 has requested 'the Council to provide the s~un of $490~000.00
for the purpose of building and equipping a school of 16 classrooms,
plus two kindergarten rooms, one library classroom, one home economics
room, one industrial arts room, and a playroom, in the said Township
School Area;
~.~ WHE2S it is necessary and expedient to borrow for the said
purpose a s~un not exceeding $490,000.00 upon the credit of the Corp-
oration, to issue de~-es therefor bearing interest payable
annually at the rat~%~r~annum shown in Schedule "A" attached to
th~s by law~ ...... ~ ............................. ~ ............
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 Sched~Ge "a" hereto
annexed;
THEREFORE the Council of the Corporation of the Township of Picketing
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon
the credit of the Corporation a sum not exceeding ~490,000.00
and shall issue debentures therefor.
Each debenture shall bear interest at the rate 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 / ~-~ day of
~ shall be issued at one ti~e and shall be p~yable wi~h
~ interest in Twenty (20) annual mnstalments on the
?~ day of %,% in each of the years 1962 to 1981 inclusive,
and the reSpeezlve of
'amounts principal and interest payable in
each of such years shall be the amounts so designated in Schedule
trot! hereto annexed.
4. The debentures shall be payable as to both principal and interest
,iA. _in lawful money of Canada and may be made payable at the Canadian
~.~--~-fBank of Commerce ~ in the Village of Claremont, Ontario, or
at the principal office of the said~__bank in the City ~f Toronto,
or the City of Montrea].-,~g-~--,- -,~-a',-~-~-~-/~-~ .
5. The said debentures shall be sealed with the seal of the Corpor-
ation and signed by the Head of theCouncil or by some other person
authorized by by-]aw 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. Commencing in the year 1962 and thereafter in each year ip which
an instalment of principal, or interest shall become due on the
~ said debentures the s~un required to pay off any such instalment
bhall be raised by a rate sufficient therefor over and above all
other rates upon the property of ratepayers who are supporters
of the ~lic School Board of Township School Area of Picketing
N~uber 2, in the Township of Picketing.
- 2 -
,,, 7. The said debentures may contain a clause providing for the
~ Act. registration thereof pursuant to section 3~5~of ~he Municipal
8. Pending the sale of the said debent~res the }lead of the
Council and the Treasurer may raise for the purpose aforesaid
by way of loan on such debentures any sum or sums o£ money
not exceeding in all. the amount hereby authorized to be
borrowed and may hypothecate such loan.
READ a First and Second time this -, day of 1961
~' ~ ~eeve
/
Clerk
S C H E D U_L E "A"
To By-Law Numb_er 2573
Tovnship of l~__ckerin~
~ 490,000.00 - 6~4~o ~ 1-20 year Debentures
Ye.ar Princ~pal .w. Interest .... Total
1962 $ 13,000o00 $ 30,625.00 ~ 43,625°00
196~ 14, 000o O0 29,812.50 43,812.50
1964 15, 000. O0 28,937.50 43,937.50
1965 15, 000. O0 28,000. O0 43,000. O0
1966 17, 000. O0 27, 062.50 44, 062.50
1967 17, 000. O0 26,000. O0 43,000. O0
1968 19,000. O0 24, 937.50 43,937.50
1969 20,000. O0 23,750 o O0 43,750. O0
1970 21,000. O0 22, 500. O0 43, 500. O0
1971 22, 000. O0 21,187.50 43,187.50
1972 24, 000. O0 19,812.50 43,812.50
1973 25, 0 O0. O0 18, 312.50 43, 312.50
1974 27, 000. O0 16,750. O0 43,750. O0
1975 29,000. O0 15, 062.50 ~, 062.50
1976 30,000. O0 13,250. O0 43,250. O0
1977 32, 000. O0 11,375. O0 43,375. O0
1978 34, 000. O0 9,375. O0 43,375. O0
1979 36,000. O0 7, 250. O0 43, 250. O0
1980 39,000. O0 5, 000. O0 44, 000. O0
b981 41 ~ 000. O0 2,562.50 43,562.50
$ 490,000. O0 ~ 381,562.50 $ 871,562.50