HomeMy WebLinkAboutBy-law 2660 BY-LAW NUMBER
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $160,000.00 UPON DEBENTURES FOR PUBLIC SCHOOL
PURPOSES.
WHEREAS the Public School Board of Township School Area of
~Yf-~ng Number 2 has requested the Council to provide the sum
of $160,000.00 for the purpose of building and equipping a
school addition of eight (8) classrooms in the said Township
School Area;
AND WHEREAS it is necessary and expedient to borrow for the said
purpose a sum not exceeding $160,000.00 upon the credit of the
Corporation~ to issue debentures...theref°r bearing interest
payable annually at the rate of?~per cent per annum
shown
in
Schedule "A" attached to this by-l~w;
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
Picketing ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon
the credit of the Corporation a sum not exceeding $160,000.00
and shall issue debentures therefor.
2, 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 ~'F.
19~ shall be issued at one time' and shall be payable W~th
in'rest in Twenty (20) annual instalments on the F ~.~
day of ~ in each of the years 1963 to 1982 inclusive,
and the resp~tive 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 the Canadian Imperial Bank of Commerce in the Village of
Claremont, 0ntario~ or at the principal office of the said
bank in the ci%y of Toronto, or the City of Montreal, at the
holder's option.
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. Commencing in the year 1963 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 the Public School Board of Township School
Area of Picketing Number 2, in the Township of Picketing.
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7, The said debentures may contain a clause proqiding for the
registration thereof pursuant to section 323'of The Municipal
Act.
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 loan.
READ a First and Second time thi~day of~1962.
Clerk
READ a Third time and finally PASSED this ~W~-day of ~r~
Reeve
Clerk