HomeMy WebLinkAboutBy-law 1743BY-LAW Number 1743
Of the Municipality of the Township of Pickering.
A By-law to authorize the borrowin~ of the sum of $46,000.00 upon
debentures, to defray the cost of erecting an addition to the school
house and obtaining such equipment ss may be required in Public School
Section No. 3 West of the Township of Pickering.
M~R-EREAS the Public School Board of School Section Number 3 West, of
the Township of Pickering, hsve made application to the Municipal Council
for the sum of ~46,000.00 to defray the cost of erecting an addition to
th~ school in the said section and obtaining such equipment as may be
required.
AND ~EREAS the oroposal for the said loan has been submitted
and sanctioned at a special meeting of the rateDayers of the said section
called for that purpose:
AND WHEREAS the Municipal Council of the said Township deems it
desirable to comply with the said application and to pass a By-law for
borrowing the said sum of $46,000.00 on the credit of the Corporation
and to issue debentures therefor, at the current rate, which is the
amount of the debt intended to be crested by this By-l~w.
AND WHEREAS the ~mount of the whole rateable property in the
Municipality according to the last revised assessment roll is
$7,103,232.75.
AND WHEREAS the smount of the existing debenture debt of the
Corporation, exclusive of local improvements secured by special rates
is $48,237.13, and no part of principal or interest
or assessments,
is in arrear:
THEREFORE,
the Municipal Council of the Corporation of the
Township of Picketing ENACTS AS FOLLOWS:
1. Thst for the purposes sforesaid there shell be borrowed on the
credit of the Corporation st large the sum of $46,000.00 and debentures
shall be issued therefor on sums of not less than ~100.00 each, bearing
interest at the rate of 3%, and having coupons attsched thereto for
-the payment of the interest.
2. The debentures shall all be dated as
1948, and shall be payable in twenty (20)
principal (to the nearest $100.00) and interest on
en~b~r in each of the years 1949 to 196~ inclusive.
of the 15th day of~,
equal annual instalments of
the 15th day of
S. The debentures, es to both principal
pressed in Canadian currency and shall be
of Commerce at Claremont, Ontario.
4. The Reeve of the Corporation shall sign and
and interest, shall be ex-
payable at the Canadian Bank
issue the debentures,
snd interest coupons shell also be signed by the Treasurer of the Corp-
oration, and the debentures shall be sealed with the seal of the Corpor-
ation. The signature of the Treasurer to the co~pons may be written,
stsmped, llthogr8phed or engraved.
5. Durin~ the twenty (20) years, the currency of the debentures there
shell be raised for the payment of the debt end interest by a special
rate sufficient therefor over and above all other rates on ell rateable
property of public school suoporters in said school section Number S ~st
of the Township of Pickering.
6. The debentures may contain any clause providing for the registration
thereof authorized by any Statute relatin~ to munlclpsl debentures in
force st the time of issue thereof.
7. The Corporation shall have the right, et its option, to redeem the
debentures falling due in the year 1969, on any date prior to its maturity
st the plsces where and in the monies in which the said ~ebentures ~r~
expressed to be ~aysble, upon payment of the orincipsl amount thereof
together with interest accrued to the date of redemption end upon ~ivlng
previous notice of ssid intention to redeem by advertising once in the
Ontario Gazette and once in s daily newspaper of ~enersl provincial
circulation, p~blished in the City of Toronto, and once in s local news-
paper, such notice to be advertised ss aforesaid st least thirty days
before the date fixed for redemption. Notice of intention so to redeem
shall 8lso be sent by post st least thirty days prior to the date set
for such redemption to each person in whose name a debenture so to be
redeemed is registered at the s~dress shown in the Debenture Registry
Book. Where only a po~'tion of the debentures of this issue is so to be
redeemed, such portion shall comprise only the debentures thst have the
lstest maturity dates, snd no debenture of this issue shall be celled
for such redemption in prlority to any such debenture that has a l~ter
maturity date.
- 3 -
8. This By-law shall tske effect on the day of final passing
thereof, providln~ the approval of the Municipal Board has first
been received.
By-lew read e first and second time
this ~ day of ~ 1948.
$46,000
Deb. No.
SCHEDU~. E
TOWN~SHIP OF PIC KERING.
- 3% yearly - 20 yesr- Principal &
Due Principal
Interest - 20th Year Callable.
Interest Total
1
2
3
4
5
7
8
10
11
12
13
14
15
16
17
18
19
2O
Aug.
2, 1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
$1,700.
1 80O.
1 800.
1 900.
1 900.
2 000.
2 000.
2,100.
2 200.
2 200.
2 300.
2 400.
2 400.
2 500.
2 600.
2 700.
2 800.
2 800.
2 900.
3,000.
$~6,000.
$1,380
1,329
1,275
1,221
1,164
1,$07
1,047
987
924.
858.
792.
723.
651.
579.
504.
426,
345.
261.
177.
$15,840.
$3,080.
3,129.
3,075.
3,121.
3,064.
3 107.
3 047.
3 087.
3 124.
3 058.
3 092.
3 123.
3 051.
3 079.
3,104.
3,126.
3,145.
3,061.
3,077.
3~090..
$61,840.
Bonds to be issued in $1,000. and fraction thereof.