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Home My WebLink AboutBy-law 2670 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $~ UPON DEBENTURES FOR HIGH SCHOOL PURPOSES. WHEREAS the Plckerlng Dlstrlct ~g~S~c~ol oard has requested the L~ to provide the sum of $~ for the purpose of building and equipping a two rmom school addition in the said High School District; AND WHEREAS it is necessary and ~xpedient to borrow for the said purpose a sum not exceeding $~o upon the credit of the Corp- oration, 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 inciden- tal 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 Pickering ENACTS AS FOLLOWS: 1. For the purpose aforesaid the Corporation shall borrow upon the credit of the Corporation a sum not exceeding $~,$00.00 and shall issue debentures therefor. 3~%.C'oo.o~ 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 /~-~day of ~ 1962, shall be issued at one time and sh--~ payable with 4nterest in Twenty (20) annual instalments on the / ~day of _.~- in each of the years 1963 to 1982 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 to be issued sh~t~be~(20) in number~o~e falling due in/6~ar of the sai~F~erm,~and the value of eac~ interest coup~z~ on eac~ debenture ~all be i% the amount'of the a~nual interest payab%e on sucbxdebent~' ~ 'ute a~d the said coupons, ~or each dg~enture, sha~l be i~"the respective~ounts as computed ~nd shown ihSchedule "A"Xher~to annexed and for~ring'part of this by-law. 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, Ontario, or at the principal office of the said bank in the City of Toronto, or the City of Montreal. ~. The said debentur~s--~hall be sealed w~th the seal of the Corporat,~on a~d signed by th~ He~d of the Couj~ei~l~ o~ by some 0%h~erson a~horized b~/by-law ~o sign ~]~'same, a~d by t~be TreasUrer. The s~ intend, st coupons _ha~J~?e signed by~he~T~easurer a~ h~s sigf~ctrf~ thereon may be written, stamped,~-Tithographed or--engraved. In each year of the currency of the debentures all sums required to.pay Pf~ .the~. d.~eb~ntures_ and to pay interest thereon ~h~ll ~e. ralsed~he ratepayers of the said municipalities comprising the high school district in accordance with the provisions of The Secondary Schools and Boards of Education Act, i~+, a~ zm~ndm~nt~ thereto, and accordingly in each year of the currency of the debentures there shall be levied and The debentures shall be sealed with the seal cf the Corporation end s]~ned by the head of the Council or by some other person authorized by by-law to sifn the same and by the Treasurer. ~The sa~d interest coupons shall he signed by the treasurer and his siEnature to them may be written or engraved, llthoEraphed, printed or otherwise mechanically reproduced. The signature of the head cf the Council may be written or engraved, llthogrsphed, printed or otherwise mechanically reproduced and, if such debentures are countersigned in wrltin? by the deputy treasurer, the signature of the treasurer thereon may be written or engraved, lltho~raphed, printed cr otherwise mechan- ically reproduced. - 2 - 7. (Coniinued) raised annually by a special rate sufficient therefor, over and above all other rates, on all the rateable property in the Township of Pickerin~of the principal and interest falling due in each such yea~, and such share shall be determined in accordance with the ~erms of The Secondary Schools and Boards of Education Act, ~-~4~ .an~l-~ thereto, in that behalf. The said debentures may contazn a clause urovzdzng for ~he registration thereof pursuant to section 323 of The Municipal Act. 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 ex- ceeding in all the amount hereby authorized to be borrowed and may hypothecate such debentures for such loan. READ a first and second time this/?~ay o 1962. READ a third time and finally passed this · 1962 Clerk SCHEDULE "A" TO BY-LAW NUMBER 2670 TOWNSHIP OF PICKERING $33,500.00 - 6% 1 to 20 years Debentures Annual Year Princ.~pal Interest Payment 1963 $ 500.00~ ~ 2.0!0.00 ~ $ 2 510.00 1964 1,000.00 % 1,980.00 ~ 2 980.00 1965 1,000.00 ~ 1,920.00~ 2 920.00 1966 1,000.00 ~ 1,860.00 ~ 2 860.00 1967 1,000.00 ~ 1,800.00 ~ 2 800.00 1968 1,000.00 ~ 1,740.00~ 2 740.00 1969 1,000.00 ~ 1,680.00 ~ 2 680.00 1970 1~000.00 ~ 1,620.00~ 2 620.00 1971 1 000.00 ~ 1,560.00~ 2 560.00 1972 2 000.00 ~ 1,500.00~ 3 500.00 1973 2 000.00 ~ 1,380.00 ~ 3 380.00 1974 2 000.00 ~ 1,260.00~ 3 260.00 1975 2 000.00 ~ 1~140.00~ 3 1~0.00 1976 2 000.00 ~ 1,020.00 ~ 3 020.00 1977 2 000.00 ~ 900.00 ~ 2 900.00 1978 2 000.00 ~ 780.00~ 2 780.00 1979 2 000.00 ~ 660.00~ 2 660.00 1980 3 000.00 ~ 540.00~ 3 540.00 1981 3 000.00 ~ 360.00~ 3 360.00 1982 3 000.00 ~ 180.00~ 3 180.00 $ 33.500.00 ~ $ 25,890.00 ~ 59 390.00