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HomeMy WebLinkAboutBy-law 2792 BY-LAW NUMBER 2792 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE BORROWING OF $~B,350.43 UPON DEBENTURES FOR PUBLIC SCHOOL PURPOSES. WHEREAS the Public School Board of School Section Number 5 of the ~p of Picketing has requested the Council to provide the sum of $4B,350.43 for the purpose of building a two room school in the said Township School Section; AND WHEREAS it is necessary and expedient to borrow for the said purpose a sum not exceeding $48,350,43 upon the credit of the Corp- oration, to issue debentures therefor bearing interest payable annually at the rate of 5 3/4 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; 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 $48,350.43 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 there- to for the payment of such interest. 3. The debentures shall be dated the Second day of January, 19~ shall be issued at one time and shall be payable with interest in Twenty (20) annual instalments on the Second day of January in each of the years 1965 to 1984 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. 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, Ontario, or at the principal office of the said bank in the City of.7'bronto, or the City of Montreal, at the holder's option. 5. 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. The 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 or o~her- wise mechanically reproduced. 6, Commencing in the year 1965 &nd in each year thereafter of the currency of the debentures, all sums required to pay off the debentures and to pay interest thereon shall be levied and raised by a special rate sufficient therefor, over and above all other rates, on all the rateable property of ratepayers in the said municipality who are supporters of public schools in the said School Section No. 5 of the Township of.Pickerlng in accordance with the provisions of The Public Schools Act. 2 7, The said debentures may contain a clause providing 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 debentures for such loan. READ a First and Second time this ~day of ("-/~'a/z 196~ Clerk READ a Third time and finally PASSED This ay of 196~. Clerk S C H E D U L E " A " TO BY-LAW NUMBER T O W N S H I P O F P I C K E R I N G $48,350.43 5 3/4% - 1 to 20 year - Debentures Annual Year Pr£nci~a~ ... Interest Payment 1965 $ 1,350.43 $ 2,780.15 $ 4,130.58 1966 1,000.00 2,702.50 3,702.50 1967 2,000.00 2,645°00 4,645.00 1968 2,000.00 2,530.00 4,530.00 1969 2,000.00 2,415.00 4,415.00 1970 2,000.00 2,300.00 4,300.00 1971 2,000.00 2,185.00 4,185.00 1972 2,000.00 2,070.00 4,070.00 1973 2,000.00 1,955.00 3,955.00 197~ 2,000.00 1,8~0.00 3.~0.00 1975 2,000.00 1,725.00 3,725.00 1976 2,000.00 1,610.00 3,610.00 1977 3,000.00 1,~95.00 4,~95.00 1978 3,000,00 1,322.50 4,322.50 1979 3,000.00 1,150.00 4,150.00 1980 3,000°00 977.50 3,977.50 1981 3,000.00 805.00 3,805.00 1982 3,000.00 632.50 3,632.50 1983 ~,000o00 460.00 4,~60.00 1984 4,000.00 230.00 4t230.00 $ 48,350.~3 $ 33,830.15 $ 82,180.58