HomeMy WebLinkAboutBy-law 2036B Y - L A W N U M B E R 2 0 3 6
A BY-LAW OF THE CORPORITION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $68,000.00 UPON DEBENTURES FOR SCHOOL PURPOSES AND
TO REPEAL BY-LAW NUMBER 2024.
WHEREAS it is expedient to borrow for the erection and equipping of
a Schoolhouse in School Area 1 of the Township of Pickering a sum not
exceeding $ 68,000.00 upon the credit of the Corporation to issue
debentures therefor bearing interest at the rate of Four Percent
(4%) per annum, payable annually, and to provide for the discount
and expenses incidental to negotiations and sale of such debentures;
AND WHEREAS it is expedient to
instalments during the period
issue of such debentures, and
the interest in respect of the
for principal and interest in
possible, the same;
make the said debt repayable in annual
of twenty years next after the date of
such amounts respectively that, with
debt, the aggregate amount payable
each year shall be, as nearly as
AND WHEREAS this School Area 1 has an assessment of $ 651,964.02 and
the assessment of the Township of Pickering is $ 8,430,802.77 for
public school purposes. The debenture debtx together with this issue
when sold, will be $ 1,163,069.61?of which ? 381,240.00 is an oblig-
ation of other municipalities,)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 under date of July 21, 1954;
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 v 68,000.00
and shall issue debentures therefor in sums of not less than
$ 100.00 each. Each debenture shall bear interest at the rate
of Four Percent (0o) 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 lawful money of Canada, and may be made payable at such place or
(L 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
ll? coupons shall be signed by the Treasurer and his signature thereon
may be written, stamped, lithographed or engraved.
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
Y7Q ?I/ 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 Area 1 at the same time and in
the same manner as other rates.
- 2 -
?6. The said debentures may contain a clause providing for the registration
thereof pursuant to Section 335 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 exceeding
in all the sum hereby authorized to be borrowed and may hypothecate
such debenture for such loan.
The Corporation shall have the right, at its option, to redeem
debentures 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 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 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.
„t9•
By-Law Number 2024 be and the same is hereby repealed.
BY-LAW read a first and second time this 0 day of 1954
eve
H. . . . . .
erk
BY-LAW read a third time and finally PASSED this 30 day (of August_ G' 2195
Reeve
' .
Clerk
S C H E D U L E " A"
Attached to and forming part of By-Law Number 2 02 6
68,000.00 - 20 year - equal instalments - 4% Debenture for
SCHOOL AREA NUMBER 1
Year Principal Interest Total
1955 2,300.00 2,720.00 5,020.00
1956 2,400.00 23628.00 51028.00
1957 2,500.00 2,532.00 52032.00
1958 21600.00 2,432.00 5,032.00
1959 22700.00 2,328.00 5,028.00
1960 21800.00 2,220.00 51020.00
1961 21900.00 21108.00 59008.00
1962. 3,000.00 1,992.00 4,992.00
1563 3,100.00 < 12872.00 4,972.00
1964 31200.00 13748.00 4,948.00
1965 3,400.00 13620.00 5,020.00
1966 32500.00 1,484.00 4,984.00
1967 3,700.00 1,344.00 5,044.00
1968 32800.00 1,196.00 42996.00
1969 3,900.00 13044.00 4,944.00
1970 42100.00 888.00 41988.00
1971 42300.00 724.00 5,024.00
1972 4,400.00 552.00 4,952.00
1973 41600.00 376.00 4,976.00
1974 42800.00 192.00 42992.00
$ 68,000.00
$ 32,000.00 $ 1002000.00
Debentures to be issued in $ 1,000.00 denominatives and odd $ 100.00.