HomeMy WebLinkAboutBy-law 2254THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 2254
A By-law to provide for the issue of Debentures
in the aggregate principal amount of $153,000 to
provide moneys for the purpose of building and
equipping a six room school in Township School .2
Area Number 2 of the Township of Pickering land
the purchase of a site therefor.
WHEREAS The Public School Board of Township School Area
Number 2 of the Township of Pickering has requested the Council of
the Township of Pickering to provide moneys for the purpose of build-
ing and equippingla public School in said Township School Area Number
2 and the purchase of a site therefor by the issue of Debentures of
the Township in the aggregate principal amount of $153,000;
AND WHEREAS the Council of the said Township has approved
the said application and it is expedient to authorize the issue of
Debentures of the said Township in the aggregate principal amount
of $153,000 bearing interest at the rates hereinafter provided, the
principal being repayable in twenty annual instalments, and the re-
spective amounts of principal and interest being as shown in Schedule
"A" hereto;
AND WHEREAS the amount of the whole ratable property of
the Township of Pickering according to the last revised assessment
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roll thereof is $12,319,411.24;
AND WHEREAS the amount of the existing debenture debt
of the Corporation is $1,465,828.55, and no part of the principal
or interest of such debt i;, in arrear;
AND WHEREAS by Order dated the 8th day of March, 1957 under ;
file P.F.D-6353-56 The Ontario Municipal Board has approved the pur-
poses of the said borrowing and the passing of this Debenture By-law;
THEREFORE, the Council of The Corporation of the Township
of Pickering enacts as follows:
1. THAT for the purposes aforesaid money shall be borrowed on
the credit of The Corporation of the Township of Pickering at large
by the issue and sale of Debentures of the Township of Pickering in
the aggregate principal amount of $153,000.
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2. THAT the said Debentures shall be dated the 15th day of v
July, 1957 and shall be payable in twenty instalments on the 15th
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day of July in each of the years 1958 to 1977, both inclusive. The
Debentures maturing in the years 1958 to 1968, both inclusive, shall
bear interest at the rate of 5-3/4% per annum and the Debentures
maturing in the years 1968 to 1977, both inclusive, shall bear in-
terest at the rate of 6% per annum,,-and all of such interest shall
be payable annually on the 15th day of July in each year of the
currency of the Debentures. The Debentures shall have coupons
attached thereto for the payment of interest and the respective
amounts of principal and interest payable in each of such years
shall be as set forth in Schedule "0 hereto attached.
3. THAT the said Debentures shall be payable as to both prin-
cipal and interest in lawful money of Canada at The Canadian Bank of
Commerce in Claremont, Ontario, or at the principal office of the
said Bank in the City of Toronto, Ontario, at the holder's option.
1 4. THAT the said Debentures shall be sealed with the seal
of the Corporation and signed by the Reeve or by some other person
authorized by by-law to sign the same and by the Treasurer. The in-
terest coupons shall be signed by the Treasurer and his signature
thereon may be written, stamped, lithographed or engraved.
5. THAT commencing in the year 1958 and in each year there-
after in which an instalment of principal and interest becomes due
the respective amounts set forth in the fifth column of Schedule "A"
hereto shall be levied and collected annually by a special rate
sufficient therefor over and above all other rates upon the property
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of ratepayers who are supporters of public schools under the jurisdic-
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tion of The Public School Board of Township School Area Number 2 of
the Township of Pickering.
6. THAT the said Debentures may contain a clause providing for
the registration thereof pursuant to Section 335 of The Municipal Act. .,%
7. THAT this By-law shall come into force and take effect on M.
the date of the final passage thereof.
READ a first, second and third time and finally passed'
this 6th day of August, 1957,
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Clerk ---7e-eve
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THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 2254 '-,
SCHEDULE "A"
INTEREST
YEAR RATE PRINCIPAL INTEREST TOTAL ANNUAL]AYMENTs
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1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
5-3/4%
5-3/4%
5-3/4%
5-3/4%
5-3/4%
5-3/4%
5-3/4%
5-3/4%
5-3/4%
5-3/4%
6%
6%
6%
6%
6%
6,
i
6%
6%
6%
6%
$ 4,000.00
4,000.00
5,000.00
5,000.00
5,000.00
6,000.00
6,000.00
6,000.00
7,000.00
7,000.00
8,000.00
8,000.00
8,000.00
9,000.00
9,000.00
10,000.00
11,000.00
11,000.00
12,000.00
12,000.00
$ 153,000.00
$ 9,o42.50
8,812.50.
8,582.50
8,295.00\
8,007.50,\
7,720.00\
7,375.00
7,030.00,
6,685.00\
6,282.50\
5,880.00\,
5,400.00\
4,920.00\
4,44o.oo\\
3,900.00v
3, 36o. oo,,.,
2,76o.o0\
2,100.00
1, 440. oo\,,
720.00
$ 112,752.50
$ 13,o42.50
12,812.50
13,582.50
13,295.00
13,007.50
13,720.00
13,375.00
13,030.00
13,685.00
13,282.50
13,88o.oo
13,400.00
12,920.00
13,440.00
12,900.00
13,36o.oo
13,76o.oc
13,100.00
13,44o.oo
12,720.00
$ 265,752.50
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