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HomeMy WebLinkAboutBy-law 1824BY - LAW N 0. 1824 Of the Corporation of the Township of Pickering. A By-law authorizing the borrowing of $35,000.00 upon Debentures for School purposes. WHEREAS it is expedient to borrow for the erection and equipping of a school house in Section No. 2 of the Township of Pickering, a sum not exceeding THIRTY FIVE THOUSAND DOLLARS ($35,000.00) upon the credit of the Corporation, to issue debentures therefor bearing interest at the rate of THREE PERCENTUM (3%) 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 principal and interest in each year shall be, as nearly as possible, the same. AND WHEREAS the amount of the whole Mun c ppa ty, according to the last is $7,426,216.17. rateable property of the revised assessment roll thereof AND WHEREAS the amount of the existing debenture debt of the Corporation exclusive of local improvement debts secured by special rates or assessments is 049t398-74 (not including Pickering High School Debenture of }66,000..00 approved, but not sold, against-the.--wholfl.rateable property of the Township of Pickering) and no part of the principal or interest of such debt is in arrear. AND WHEREAS by order dated the day of 1950, the n -arfo Municipal Board has approved -the purpose o the sa d borrowing and the passing of all requisite by-laws, including debenture by-laws. THEREFORE the Council of the Corporation of the Township of Pickering ENACTS? AS FOLLOWS:- 1. For the purpose aforesaid the Corporation shall borrow upon the credit of the Corporation a sum not exceeding THIRTY- FIVE THOUSAND DOLLARS ($35,000), and shall issue debentures therefor in sums of not less than ONE HUNDRED DOLLARS ($100) each. Each debenture shall bear interest at the rate of THREE percentum O%} 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 Lssued 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 ,p interest in lawful money of Canada, and may be made payable at JJJ such place or 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 p other person authorized by By-law to sign the same, and by the sill Treasurer. The said interest coupons shall be signed by the Treasurer and his signature thereon may be written, stamped, lithographed or engraved. 5. Commencing in the year 1951 and thereafter in each year in which an instalment of principal of the said debt and interest R become due, the Corporation shall levy and raise the specific 016 sum shown for the respective year in the fourth column of the said Schedule. Such sum shall be levied and raised by a special BY-LAW NO. 1820 Page 2. 5. rate sufficient therefor, over and above all other rates, upon all the rateable property in the 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 336 of 41, 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 yE?' any sum or sums of money not exceeding in all the sum v hereby authorized to be borrowed and may hypothecate such debentures for such loan. 8. The Corporation shall have the right, at its i option,to redeem debentures maturing in the year 1970, of such issue, either in whole or in part on any date prior to maturity at 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 and upon giving previous notice of said intention to redeem by advertising once in the "Ontario Gazette" and once in a daily newspaper of general provincial circulation, published in the City of Toronto, and once in a local newspaper, such notice to be advertised as afm esaid at least thirty days before the date fixed for redemption. Notice of intention so to redeem shall also be sent by post at 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. BY-LAW read a FIRST and SECOND time this 47_0 Z?_ day of 1950. e?_4? Reeve. BY-LAW read a THIRD TIME and finally PASSED this day of 1950. . . . . . . . . . . . . . . . Reeve. . . . . . . . . . . . Clerk. This By-law superseded by By-law No. 1844 S C H E D U L E A" By-Law 1924 T O W N S H I P O F P I C K E R I N G $35,000. - 3% Yearly - 20 years - Principal and Interest 20th Year Callable Deb. No. Due Principal Interest T 0 T A L 1 1951 1000. 1,050. 2,350. 2 2 1,300. 1,011. 2,311- 3 3 10400. 972. 2,372. 4 4 1,400. 930. 2P330- 5 5 1,500. 888. 2,388. 6 6 1,500. 843. 2,343. 7 7 1,600. 798. 2,398. 8 8 1,600. 750. 2,350• 9 9 1,600. 702. 2,302. 10. 60 1,700. 654. 2,354• 11 1 1,700. 603. 2,303. 12 2 1,$00. 552• 2,352. 13 3 1,900. 498. 2,398. 14 4 1,900. 441. 2,3)a. 15 5 2,000. 384. 2,384. 16 6 22000. 324• 2,324• 17 7 2,100. 264. 2,364. 18 8 2,200. 201. 2,401. 19 9 2,200. 135. 2,335• 20 1970 2,300. 69. 2,369. $35,000. $12,069. $47,069. Bonds to be issued in $1,000* and $100. fractions thereof.