HomeMy WebLinkAboutBy-law 2180VE GOfiA)"TIOP. 01' 'fibs TO'rdAiSHIP Uc PICKEUNG
BY-L,:w NJ. ?180
A By-lava to aut.iorise the borrowing
of 56O,GJ0.CO for Public `chool
purposes.
W Sb.FAfl The ``ublic. School Board of '))'action ho. 6
or the Township of llck.erine ir: Lite County of Ontario has re-
-;uested Couaaci1 to provide the sum of Sixty Thousand Dollars
(460,000.00) for the erection of a school building;
M fl' ":x'_,FAI it is expedient to borrow for tine
of a three-roared schoolhouse i ,School %ut .oo VU.-her h of A,_-
Tawnshir of Pic'.cering, a suit not exceedinj? Sixty "'housanrl ;)oll:ars
(do60,0O0.00) upon the credit of the Corporation to issue deba.il;a-r?,3
therefor, b•,arI.n,, interest at the rates shown in the third eolusaa
cI* 01chedule "A" attached to this by-law and to pro?ide for the
count and the expenses incidental to negotiation and sale of such
debentures;
ANT ::iREAS it is expedient to make the said debt repay-
able in annual Instalments during the period of Twenty (20) v-ar%
next after the date of issue of such debentures, and such amounts
respectively that, with the interest in respect of th, debt, Lhe
?,,llreZate a,ount payable for principal and interest in seen year
:wall be, as nearly as possible, the same;
-1 REAS Public School "?ection ;'to. 6 has an asser>sao;at
of $384,769.65 and the assessment of the Township of Pi.ekerin- is
$10,831,150.90 for school purposes.
M;" JIM", S the debenture debt of the Gorporation to,Wior
with tnis issue when sold and a waterworks approved By-lax is
sil, 490,117.12 and no part of the principal or interest of any such,
debt is in arrear;
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TH1tih1r.B'OM the Council of the Corporation of the TOWNSHIP ...............
Of . PTCKPRINC,
.... .... ......... F. .CT A:i i'i. Ws
1. For the purpose aforesaid the Corporation shall borrow upon
the credit of the Cor;j()ration a sum not exceeding ...U xLv..T3bo4wPd.,,,
...r ......................... .) and shall issue
debentures therefor in sums oi' not less than $650.00. Each debenture shall
bear interest at the rates shown in the third c:,lumn of 3chedulo "A"
attached to this by-law and shall have coupons attached thereto for the
payment of such interest.
2. The debettures shill be dated 'the .... ..
195A.8 shall be issued at one time, and shall be payabic with interest in
ant ual instalments during; the psriod of ..T wenly...... (... ..) fears
next after the date of iasuc thereof, ..: L ;'ate o interest asati tits
respective amounts of principal slid interest payc.uic in each o." s.icn years
shah be as designated in 3ciiuduie "A" hereto annexes:, aiiici i3 hereby
declared to be and form. part of this by-lacy.
3. The debentures shall be payable as to both principal and
interest ^ in lawful money of Canada and may be :Wade payable at the bank
of C!.. t+rrrrY'a:::c... in <c .. or at the principal office of the
said bank in the City of Toronto.
4. The said debentures shall be sealed with the 3sal of the
Corporation and signed by the Head of the Council or by aowie other person
authorised by by-law to sign the sane and by the Treasurer. The said
interest coupons shall be signed by the Treasurer and his si,,r_ature
therean map be written, stamped, lithographed or engraved.
5(a). That there shall be raised, in each year, in which an instalment
becomes due, by special rate on all the rateable pror:erty in the municipality,
a specific sum sufficient to pay the said instalmet.t whet: and as it becum.es
due, but no greater rate s,:¢ul be levied in any gear, for sucil purpose, than
is required to pay the Instalmt,,nt after taking into account receipts from the
apecial rate, provided in clause (b) hereof.
-3-
5 (b). Commencing in the year 194 and in each year thereafter
in which an instalment of principal and interest becomes due, the
Corporation shall levy and raise for the payment of the said principal
and interest the specific sum shown for the respective year on all
the rateable property in School Section No.... !........ assessed
to public school supporters.
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 purpose aforesaid by
way of loan on such debentures any sum or sums of money not exceeding
in all the amount hereby authorized to be borrowed and may hypothecate
such debentures for such loan.
READ a first and second time this 17th day of January, 1956.
l
Reeve
y ....
?Cler
READ a third time and finally passed this :r' day of 471I ?, 19 'Y?
r..._
Reeve
. ?......
-Clerk• •
TR CORPOR.:.TTOi': CF mIr T03JNSHIP OF IL '11
Sy--law No.2180
Schedule "A"
Year Principal Rate Interest Total
$1.,<00.00 5,3% $3,730.25 ` 330.25(
$5
,
2 1,^00.00. 3,638.25 :,:38.25
3 1,37o.00 3,540.50 51340.50
4 1,970.00 " 3,437.00 5,337.00
5 2,0)0.00 3,327.75 5,327.75
6 2,200.00 bo 3,212.75 5,412.75
7 2,300.00 3,0
80.75 5,380.75
8 2,1!(!,7 •'?i?.. 1
2,9µ,^c..75 5,342.75
9 2,000.00, 2,798.75 5,398.7
10 2,700.00 , 2,642.75 5,3!,2.75
11 2,9110.00 6 ,Z 2,480.75 5 1"- 7
12 31100.70 2,299.50 5,39;.50'
13 3,300.00 21105.75 5,405.75
14 3,5n0.00 1,'199 .50 5
399.50
,
1.5 3,770.00., 1 680.
75
,
,50.75
,
16 3,90f?.70,\
62%
1,449.50
5
3!+0,50
,
17 4,,200•0-1-1 1
196.00 6
00
3
, .
5,
9
18 1F, 500.00, 923100 If 23•07
,
19 4,700.00 630.50 51330.50
20 5,000.00 325.00 :,325.00
60,000.00 479341.75 107,341.75