HomeMy WebLinkAboutBy-law 2005B Y- L A W N U M B E R 2 0 0 5
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $ 169000.00 UPON DEBENTURES FOR SCHOOL PURPOSES& and
TO REPEAL BY-LAWS NOS. 1965, 1985 and 1990.
WHEREAS it is expedient to borrow for the erection and equipping of a
coolhouse in School Section No. 2 of the Township of Pickering a
sum not exceeding $ 16,000.00 upon the credit of the Corporation to
issue Debentures therefor bearing interest at the rate of der
cent per annum, payable annually, and to provide for the discount and
expenses 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 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 9 95,569.61, of which $ 2491161.$$ is a liability of other
Municipalities for High School purposes, the assessment of the Municip-
ality is $ $,706,$02.77, and no part of the principal or interest of any
such debt is in arrear;
AND WHEREAS The Ontario Municipal Board have given their approval to
- this By-Law dated the Sixth day of January, 1954;
THEREFORE the Council of the Corporation of the Township of Pickering
ENACTS AS FOLLOWS:
a r 1. For the purpose aforesaid, the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $ 16,000.00 and
shall issue Debentures therefor in sums of not less than J 109.00
each. Each Debenture shall bear interest at the rate of 5,v
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 "An hereto
annexed.
3. The Debentures shall be payable as to both principal and interest
q^ ?Ia in lawful money of Canada, and may be made payable at such place,
or places in Canada as shall be designated thereon.
N 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, lithographed or engraved.
h t? 5. Commencing in the year 1955 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 contain a clause providing for the regis-
tration thereof pursuant to Section 335 of the Municipal Act.
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7. Pending the sale of the said Debentures, the Head of the Council and
I the Treasurer may raise for the purposes aforesaid by way of loan on
such debentures any sum or sums of money not exceeding in all the sum
hereby authorized to be borrowed and may hypothecate such Debenture
for such loan.
8. The Corporation shall have the right, at its option, to redeem Deb-
entures maturing in the year 1974 of such issue on any date prior to
maturity at the places where and in the moneys in which the said Deb-
entures are expressed to be payable, upon payment of the principal amount
thereof together with interest accrued to the date of redemption and
upon giving revious notice of staid 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 aforesaid 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.
3 9. By-Laws Numbers 1965, 1985 and 1990 be, and the same are, hereby
repealed.
BY-LAW read a FIRST and. SECOND time this /_day of 1954.
BY-LAW read a THIRD time and PASSED this day of? 1954.
Reeve
S C H E D U L E ° A n
Attached to and forming part of By-Law Number 2005
16,000.00 - 20 year - equal instalments - 4K
SCHOOL SECTION NUMBER 2
Year Principal Interest Total
1955 500.00 680.00 $ 11180.00
1956 500.00 658.75 1,158.75
1957 600.00 637.50 19237.50
1958 600.00 612.00 11212.00
1959 600.00 586.50 1,186.50
1960 600.00 561.00 1,161.00
1961 700.00 535.50 19235.50
1962 700.00 505.75 1,205.75
1963 700.00 476.00 1,176.00
1964 800.00 446.25 11246.25
1965 800.00 412.25 19212.25
1966 800.00 378.25 1,178.25
1967 900.00 344.25 11244.25
1968 900.00 306.00 19206.00
1969 900.00 267.75 19167.75
1970 12000.00 229.50 1,229.50
1971 12000.00 187.00 19187.00
1972 12100.00 144.50 1,244.50
1973 12100.00 97.75 19197.75
1974 1.200.00 51.00 1.251.00
162000.00 $ 81117.50 $ 24,117.50
Debentures to be issued in $ 1,000.00 denominatives and odd $ 100.00