HomeMy WebLinkAboutBy-law 2941 BY-LAW NUMBER
A BY-LAW 0F~THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $~?,0~.00 UPiON DEBENTURES FOR PUBLIC SCHOOL PURPOSES.
WHEREAS the Public School Board of the Township School Area Number 2
%f Picketing has requested the Coun.cil to provide the sum of $~67~O~.~
for the purpose of building and equipping an addition of two (2).3}~'~'
classrooms to the West Rouge Public School;
AND ~.~HEREAS it is necessary and expedient to borrow for the said
~urpos'e a sum not exceeding $ ,~~.. %p~ the credit of the
Corporation, to issue debentu~s~%he~e~ob bearing interest payable
annually at the rate of ~/,{ per cent per annum;-~/~
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 A~' FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $~ and shall'
issue debentures therefor. ~/~o
2. Each debenture shall bear interest at the rate of ~7~ per cent z~
per annum and shall have coupons attached thereto for the payment~
of such interest.
be issued at one t~me and shall be paya~le'U' ~'~with interest i.n
Twenty (20) annual instalments on the ;~ ~ ~ ~ in each
of the years 1966 to 1985 inclusive, and the~respec~ive 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 Cit~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~ lithogrephed, 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 othem-
wise mechanically reproduced.
6. Commencing in the year 1966 and in each year thereafter of the
currency of the debentures all sums required to pay off the deb-
entuPes ?~nd to pay interest thereon shall be levied and raised by a
special rate sufficient therefor~ over and above all o~her rates,
on all the rateable property of ratepayers who are assessed as supporter~
of public schools in the said Township School Area Number 2 of Pick-
eming in the County of Ontario, in accordance with the provisions
of the Public Schools Act.
7. The said debentures may contain a clause providing for the
PegistPation thereof pursuant to section 323 of The Municipal
Act,
8. Pending the sale of the said debentures the Head of ~he Council
and the T~easuPeP may ~alse fop the pumpose afomesaid by way of
loan on such debentuPes any sum om sums of money no~ exceeding
in all the amoun~ hereby authomized to be bo~mowed and may
hypothecat~such debentuPes fop such loan.
READ a First and Second ~ime this-- ~ ~
day of 196~
- /
ReeVe
READ a Third time and PASSED this Z/ day( ~ 196~
S C H E D U L E 'fA"
TO BY-LAW NU~ER 2941
TOWNSHIP OF PICKERING
$39,600.00 5-3/4% 1-20 Year Debentures
YEAR PRINCIPAL INTEREST ANNUAL PAYmeNT
1966 $ 1,600 $ 2,277.00 $ 3,877.00
1967 1,ooo 2,185.0o 3,185.0o
1968 1,o0o 2,127.5o 3,127.5o
1969 1,ooo 2,070.00 3,070.00
197o 1,ooo 2, o12.5o 3,o12.5o
1971 1jooo 1,955.oo 2,955.00
1972 2,000 1,897.5o 3,897.50
1973 2,000 1,782.5o 3,782.50
1974 2,000 1,667.5o 3,667.50
1975 2,000 1,552.5o 3,552.50
1976 2,000 1,437.5o 3,437.50
1977 2,000 1,322.5o 3,322.50
1978 2,ooo 1,2o7.5o 3,207.50
1979 2,000 1,o92.5o 3,092.50
198o 2,000 977.50 2,977.50
1981 3,000 862.50 3,862.50
1982 3,000 690.00 3,690.00
1983 3,000 517.5o 3,517.5o
1984 3,000 345.00 3,345.00
1985 3,000 172.5o 3,172.5o
$39,600 $28,152.oo $67,752.00