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HomeMy WebLinkAboutBy-law 1772Of the Corporation of the Township of/lckering. _~, A By-law authorizing the borrowing of $~'~pon debentures for school purposes. WHEREAS it is expedient to borrow for the erection of a four room addition to the school house of School Section No. 3 E Dunbarton, a sum not exceeding Fifty-five thousand Dollars ($55,000) upon the credit of the Corporation, to issue debenSures therefor bearing interest at the rate of 3 per centum ( J %) per annum payable annually and to provide for the discount and the expenses incidental to negotiation and sale of such debentures; AND WHEREAS it is expedient to make the principal of the said debt repayable in annual instalments during the period of twenty years next after the date of issue of such debentures, of such amounts respectively that, with the interest in respect of the debt, the aggregate amount payable for princlpsl and interest in each year shall be, as nearly as possible, the same; AND WItEREAS the amount of the whole rateable properf~y of the municipality, according to the last revised assessment roll thereof is $~,195,224.77, ANDWHEREAS the amount of the existing debenture debt of the Corporation, exclusive of local ~mprovement debts secured by specidl rates or assessments, is nil and no part of the principal or interest of such debt is in arrest; AND WHEREAS by Order dated the ~ day of 1949 the Ontario Municipal Board has approved the Rurpose--~'bf the said borrowing and the passing of all requisite by/laws, including debenture by-laws: THEREFORE the Council of the Corporation of the Township of Picketing enacts as follows: 1. For the purpose aforesaid the Corporation shall borrow upom the credit of the Corporation a sum not exceeding fifty-f-i-~e- thousand dollars ~ ~ ^ (w~,0C~.~0) and shall issue debentures therefor in sums of not less than $~0.00 each. Each debenture shall beer interest st the rate of ~ per centum ( B %) 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. Th~ debentures shall be payable as to both principal and interest inlswful money of Canada and may be made payable at such p~ace or places in Canada as shall be designated thereon. 4. The said debentures shell be sealed with the Seal ef 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 thereon may be written, stamped, lithogrsphed or engraSed. 5. Commencing in the year 1949 and thereafter in each year in which an instalment of principal of the said debt and interest be- come due, the Corporation shall levy and raise the specific sum shown for the respective year in the fourth column of the said ochedule. Such sum shall be levied and raised by s special rate sufficient therefor, over and shove all other rates, upon all the rateable property in the municipality. -2- 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 336 of the Municipal Act. 7. Pending the sale of the said debentures, the head of the Council and the Treasurer may raise for the purposes aforesaid by way of loan on such debentures any sum or sums of money not exceed- ing in all the sum hereby authorized to be borrowed and may hypothe- cate such debentures for such loan. 8. The Corporation shall have the right, at its option, to redeem debentures maturing in the year 1968 of such issue, either in whole or in pert on any date prior to maturity st the places where and in the moneys in which the said debentures are expressed to be payable, upon payment of the principal amount thereof together with interest accrued to the date of redemption end upon giving previous notice of said intention to redeem by advertising once in the Ontario Gazette and once in a daily newspaper of general provincisl circulation, pub- lished in the City of Toronto, and once in s local newspaper, such notice to be advertised as aforesaid at least thirty deys before the date fixed for redemption. Notice of intention so to redeem shall also 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 address shown in the Debenture Registry Book. Read a first and second time this 1st day of February, 1949. Reed ~rd tim~ end finally passed this f day o~ 1949. SCHEDULE TOWNSHIP OF PI C KERI NG $50,0®· - 3% Yearly - 20 years - Principal and Interest 20th Year Callable. Deb. No. Due Principal Interest TOTAL. i 195o 1,9oo.~ 1,5oo. 3,4oo. 2 1 1,9oo. 1,~3. 3,343. 3 2 2,000. 1,386. 3,386. [7 3 2,000. 1,326. 3,326. 5 ~ 2,100. 1,266. 3,366. 6 5 2,200. 1,203. 3,403. 7 6 2,200. 1,137. 3,337. 8 7 2,300. 1,071. 3,371. ~ 8 ~,4oo. 1,oo~. 3,402. lO 9 2,4o0. 930. 3,33o. 11 1960 2,500. 858. 3,358. 12 1 2,600. 783. 3,383. 13 2 2,600. 705. 3,305. 14. 3 2,700. 627. 3,327. 15 4 2,800. ~46. 3,346. 16 5 2,900. 462. 3,362. 17 6 3,000. 375. 3,375. 18 7 3,100. 285. 3,385. 19 8 3,200. 192. 3,392. 20 9 3,200. 96. 3,296. ~ibSo,ooo. ~?17,193. $67,193. Bonds to be issued in $1,000. and ',i~100. fractions thereof.