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HomeMy WebLinkAboutBy-law 2725 BY LAW NUMBER 2725 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $113,600.00 UPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES. WHEREAS the Public School Board of School Section Number 9 of the Township of P-~-~ering has requested the Council to provide the sum of $113,600.00 for the purpose of purchasing additional lands to enlarge the present school site, and for the purpose of building and equipping a five room school in the said Township School Section; AND WHEREAS it is necessary and expedient to borrow for the said purpose a sum not exceedinE $113,600.00 upon the credit of the Corporation, to issue debentures therefor bearing interest payable annually at the rate of six per cent per annum shown in Schedule "A" attached to this 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 Schedule "A" hereto annexed; AND WHEREAS on February 9, 1962, Council passed By-Law No. 2663 which provides, on approval of the Minister of Education, that School Sections 9 and 19 shall form Township School Area No. 3 on January 1, 1963; 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 $113,600.00 and shall ~ssue 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 15th day of November, 1962, shall be issued at one time and shall be payable with interest in Twenty (20) annual instalments on the 15th day of November 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 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, at the holder's option. $. The 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 to them may be written or engraved, lithographed, printed or otherwise mechanically reproduced, iT"ne signature of the Head of the Council may be written or engraved, lithographed, printed or otherwise mechanically reproduced and, if such debentures are countersigned in writing by the deputy treasurer, the signature of the treasurer thereon may be written or engraved, lithographed, printed o~ other- wise mechanically reproduced. 6. C~mmencing 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 payoff any such instalment shall be raised by a rate sufficient therefor over and above all other rates upon the property of ratepayers who are assessed as supporters of public schools under the jurisdiction of the Public School Board of School Section No. 9 of the Township of Pickering in the County of Ontario, in accordance with the provisions of The Public Schools Act. - 2 - 7. The said debentures may contain a clause Frovidin~, for the registration thereof pursu~nt to section 323 oF The ?!unicipal Act . 8. Pending, the sale of the said debentures the ]~e~d of the Council and the Treasurer may raise [or the purpose aforesaid by way of loan on such debentures any sum or sums of money not exceeding in ail the amount hereby authorized to be borrowed and may hypothec~te such loan. READ a First and Second t~me this ~/~day of~~L!962/ 1962 . S C H E D U L E "A" TO BY-LAW NUMBER 2725 TOWNSHIP OF PICKERING $113p600.00 6% - 1 to 20 years - Debentures ANNUAL YEAR PRINCIPAL INTEREST PAYMENT 1963 $ 3,600.00 ~ $ 6,816.00 ~ $ 10,~16.00 196~ 3,000.00 ~ 6,600.00 ~ 9,600.00 1965 3,000.00,. 6,~20.00~ 9,420.00 1966 4,000.00 ~ 6,2~0.00.~ 10,240.00 1967 4,000.00 ~ 6,000.00 ~ 10,000.00 1968 ~,000.00 ~ 5,760.00 ~ 9,760.00 1969 4,0OO~O0 ~ 5,520.00 ~ 9,520.00 1970 5,000.00 ~ 5,280.00~ 10,280.00 1971 5,000.00 ~ ~,980.00 ~ 9,980.00 1972 5,000.00~ ~,680.00 ~ 9,680.00 1973 6,000.00 ~ ~,380.00 ~ 10,380.00 1974 6,000.00 ~ 4,020.00~ 10,020.00 1975 6,000.00~ 3,660.00 ~ 9 660 00 1976 7,000.00 ~ 3,300.00 ~ 10.300 00 1977 7,000.00 ~ 2,880.00~ 9 880 00 1978 7,000.00 ~ 2,~60.00 ~ 9 460 00 1979 8,000,00 ~ 2,040.00 ~ 10 0~0 00 1980 8,000.00~ 1,560.00% 9 560 00 1981 9,000.00~ 1,080.00 ~ 10 080 00 1982 9~000.00 ~ 540.00 ~ 9 .5~0.00 $ 113,600.00 ~ 84,216.00~ 197 816.00