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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.