HomeMy WebLinkAboutBy-law 1955B Y- L A W N U M B E R 1 9 5 5
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE THE
BORROWING OF $90,000.00 upon Debentures for school purposes.
WHEREAS it is expedient to borrow for the erection and equipping of a
cS hoolhouse in School Section No.'3 East of the Township of Pickering a
sum not exceeding $90,000.00 upon the credit o" the Corporation to issue
Debentures therefor bearing interest at the rate of FIVE per cent per
annum (5%), payable annually, and to provide for the discount and ex-
penses incidental to negotiation and sale of such debentures;
AND WHEREAS it is expedient to make the said debt repayable in annual
instalments during the period of twenty (20) years next after the date
of issue of such debentures, and such amounts respectively that, with the
interest in respect of the debt, the aggregate amount payable for principal
and interest in each year shall be, as near as possible, the same;
AND WHEREAS the amount of the existing Debenture debt of the Corporation
is now .ti278,155.08, plus $660,$00.00, being the debenture debt for the
Pickering District High School Board, which is,shared on an assessment
basis with the improvement District of Ajax,,in the proportion of:
Pickering,Township, M,066,116.17; Improvement District of Ajax,
$4,513,410.00, Pickering Village, ;1)608,387.43, and no part of the prin-
cipal or interest of any such debt is in arrear.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TO',vtiSHIP OF PICK-FTNG
ENACTS AS FOLLOWS:
1. For the purpose aforesaid, the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding "90,000.00, and shall
,?jR issue debentures therefor in sums of not less than D500.00 each.
?TL Each debenture shall bear interest at the rate of FIVE (5%) Per
Cent per annum, payable annually, and shall have coupons attached
thereto for the payment of such interest.
2. All the debentures shall bear the same date; shall be issued at one
time and within two years after the day on which this By-Law is
passed; may bear any date within such two years, and shall be made
payable in annual instalments during the period of twenty years
next after the date of issue thereof, 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.
3. The debentures shall be payable as to both principal and interest in
Al lawful money of Canada, and may be made payable at such place or
A{ places in Canada as shall be designated thereon.
4. The said debentures shall be sealed with the Seal of the Corporation
and signed by the Head of the Council, or by some other person author-
ized by By-Law to sign the same, and by the Treasurer. The said
interest coupons shall be signed by the Treasurer and his signature
thereon may be written, stamped, lithcgraphed or engraved.
5. Commencing in the year 1954 and thereafter in each year in which an
instalment of principal of the said debt and interest become due, the
Corporation shall levy and raise the specific sum shown for the
respective year in the fourth column of the said Schedule. Such
sum shall be levied and raised by a special rate sufficient therefor,
over and above all other rates, upon all the rateable property for
public school purposes in the said School Section.
6. The said debentures may
y thereof pursuant to Sec
7. Pending the sale of the
the Treasurer may raise
p? such debentures any sum
/ hereby authorized to be
for such loan.
contain a clause
-lion 336 of the iii
said debentures,
for the purposes
or sums of money
borrowed and may
providing for the registration
znicipal Act.
the head of the Council and
aforesaid by way of loan on
not exceeding in all the sum
hypothecate such debenture
- 2 -
8. The Corporation shall have the right, at its option, to redeem deb-
entures maturing `he year 1973 if such issue, either in whole or
in part on any date prior to maturity at the places where and in
the moneys _s_n which t},e said debentures are expressed to be payable,
upon payment of tY_e princi.Inal amount thereof together with interest
accrued to the date of redemption and upon giving previous notice of
said intention to redeem by advertising once in the "Gntario Cazettelt
and once in a daily newspaper of general provincial circulation, pub-
lished in the City of Toronto, and once in a local newspaper, such
notice to be advertised as aforesaid at least thirty days before the
date fixed for redeription. Notice of intention so to redeem shall
also be sent by post at least thirty days pri(:r to the date set for
such redemption to each person in whose name a debenture so to be
redeemed is registered at the address shown in the Debenture Re.;istry
Book.
BY-LAW read a FIRST and SECOND time this e?+a/LoT day of 4/a1,4 + 1953
Reeve
?- Clerk
The Ontario Munici al Board have ,iven their app oval to this By-Law,
dated the 1/ day of 953.
44 BY-LAW read a THIRD time and finally PASSED this i1- ll Y OF 1953
(/ Reeve
S C H E D U L E " A^
Attached to and Forming Part of By-Law No. 1955
90,000.00 - 20 year - equal instalments - 51oo Debenture for School Section
No. 3 East
Year Principal Interest Total
1954 2,500.00 4,500.00 7,000.00
1955 3,000.00 4,375.00 7,375.00
1956 3,000.00 41225.00 72225.00
1957 3,000.,00 4,075.00 7,075.00
1958 3,500.00 3,925.00 7,425.00
1959 3,500.00 3,750.00 7,250.00
1960 3,500.00 3,575.00 71075..00
1961 41000.00 32400.00 7,400.00
1962 4,000.00 31200.00 7,200.00
1963 4,000.00 3,000.00 7,000.00
1964 4,500..00 2,800.00 7,300.00
1965 4,500.00 2,575.00 7,075.00
1966 5,000.00 2,350.00 7,350.00
1967 5,000.00 2,100.00 73100.00
1968 5,500.00 1,850.00 7,350.00
1969 5,500.00 1,575.00 7,075.00
1970 6,000.00 1,300.00 7,300.00
1971 6,500.00 1,000.00 7,500.00
1972 6,500.00 675.00 7,175.00
1973 7,000.00 350.00 7,350.00
W 901000.00 54,600.00 144,600.00
Debentures in y1,000.00 or odd N 500.00.