HomeMy WebLinkAboutBy-law 3013 B Y - L A W N g M...B E R ~
A BY-LAW OF THE CORPORATION OF~ITHE TOWNSHIP OF PICKERING TO AUTHORIZE ~.
THE BORROWING OF $ ~5,~Q~ ~P~ON DEBENTURES FOR PUBLIC SCHOOL PURPOSES./
WHEREAS the Public School Boated' of the Township School Area Hu~.r? ~
~-~ Picketing has requested the Council to provide the sum of.$~-~_~
for the purpose of purchase of the site. and building and ~ulpping a
twelve room school, plus one general purpose room; such school to be
known as "Frenchman's Bay Publlc~ School";
AND WHER[AS it is necessary and ~xpedient to borrow forthe said purpose
a sum not exceeding, $$~o~0 I~on the credit of the Corporation~ to
issue debentures therefor bearlnl~lnterest payable annually at the
Pate of 5 3/4 per cent per annum;
AND WHEREAS it is expedient to make the princiDal 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 cf Picketing
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow u~on the
credit of the Corporation a sum not exceeding $~%_and shall
issue debentures therefor,' ~y~ ~" ~
2. Each debenture shall bear interest at the rate of % ~, , per cent
per annum and shall have coupons attached thereto for the payment
of such interest.
3. The debentures shall be dated the ~& /j;~ /$7~ shall
be issued at one time and shall be payable with interest in
Twenty (20) annual instalments on the ~2~¢ z~ /~ in each
of the years 1966 to 1985 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 Toronto,
or at 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 b-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, llthographed, printed or other-
wise mechanically reproduced.
6. Commencing in the year 1966 and in each year thereafter cf the
currency of the debentures all sums required to pay off the deb-
entures 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 who are assessed as
supporters of public schools in the said Township School Area
Number 2 of Picketing in the County o~ Ontario, in a~cordance with the
provisions of the Public Schools Act.
7. The said debentures may contain a clause providing for the
registration thereof pursuant to section 323 of The 14unicipal
Act.
8. Pending the sale of the said debentumes 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 sucb debentures for such loan.
READ a First and Second time this // day of ~i~,~ 1965
/
READ a Third time and PASSED this ~x~O ~day of ~~, 1965
~ C~e~
S C It E D U L E " A "
TO BY-LAW NO. ~0~'~., ,
TOWNSHIP OF PICKERING
$380,000 5 3/4% - 1-20 Year Debentures
Year P~incipal Interest Annual_Payment
1966 $ 11,000 $ 21,850.00 $ 32,650 00
1967 11,000 21,217.50 32,217.50
1968 12,000 20,585.00 32,585.00
1969 12000 19,895.00 31,895.00
1970 13.000 19,205.00 32,205 00
1971 14.000 18,457.50 32,457.50
1972 15~000 17,652.50 32,652.50
1973 16000 16,790.00 32,790 00
1974 17.000 15,870.00 32,870 00
1975 17.000 14,892.50 31,892 50
1976 19,000 13,915.00 32,915 00
1977 20,000 12,822.50 32,822.50
1978 21,000 11,672.50 32,672.50
1979 22,000 10,465.00 32,465 00
1980 23,000 9,200.00 32,200.00
1981 24,000 7,877.50 31,877.50
1982 26,000 6,497.50 32,497.50
1983 27,000 5,002.50 32,002.50
1984 29,000 3,450.00 32,450.00
1985 31~p09. 1L782.%50 32,782.50
$ 380,000 $ 269,100.00 $ 649,100.00