HomeMy WebLinkAboutBy-law 2260THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER )- ) (P °
A By-Law to provide for the issue of Debentures in the aggregate principal
amount of $615,000.00 to provide moneys for the purpose of building and
equipping a three room school in Township School Area Number 1 of the
Township of Pickering.
WHEREAS the Public School Board of Township School Area Number 1 of the
Township of Pickering has requested the Council of the Township of Pickering
to provide moneys for the purpose of building and equipping a Public School
in the said Public School Area Number 1 and the issue of Debentures of the
Township in the aggregate principal amount of $66,000.00;
AND WHEREAS the Council of the said Township has approved the said applic-
ation and it is expedient to authorize the issue of Debentures of the said
Township in the aggregate principal amount of $65,000.00 bearing interest
at the rates hereinafter provided and principal being repayable in twenty
annual instalments, and the respective 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 roll thereof is
$12,319,411.24;
AND WHEREAS the amount of the existing debenture debt of the Corporation
is $1,855,334.92 and no part of the principal or interest of such debt
is in arrear;
AND WHEREAS by Order dated the 2 / day of '7?1 -7- 195 P
under File Number 7,'F, 9J/1'-sJ The Ontario Municipal Board has approved
the purposes 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 purpose 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 $660000.00.
2. THAT the said Debentures shall be dated the 2nd day of July
J 1956, and shall be payable in twenty instalments on the and day of
J 111V in each of the years 1959 to 19782 both inclusives and shall
bear interest at the rate of 5-3/4°% per annum, and all of such interest
2 -
shall be payable annually on the ?rd 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 "A" hereto attached.
3. THAT the said Debentures shall be payable as to both principal 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.
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 interest coupons
shall be signed by the Treasurer and his signature thereon may be
written, stamped, lithographed or engraved.
5. THAT commencing in the year 1959 and in each year thereafter in
which an instalment of principal and interest becomes due the respective
fmirth
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 of ratepayers who are support-
ers of public schools under the jurisdiction of The Public School Board of
Township School Area Number 1 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 the
date of the final passage thereof.
BY-LAW read a First and Second time this ?`" day of 195
BY-LAW read a Third time and PASSED this day of 195
G' Z KI,6v ?
Reeve
Clerk
i
SCNEDULb. "A" TO BY - LAW N UMB ER 2 2 60
65,000.00 - 53;0 - 20 year Debenture, School Area No.
Annual
Year Principal Interest Payment
1959 2,000.00 3,737.50 5,737.50
1960 2,000.00 31622.50 5,622.50
1961 2,000.00 3,507.50 5,F07.50
1962 2,000.00 3,392.50 511392.50
1963 2,000.00 3,277.50 5,277.50
' 1964 2,000.00 3,162.50 5,162.50
1965 3,000.00 3,047.50 61047.50
1966 3,000.00 2,875.00 51875.00
1967 30000.00 21702.50 51792.50
1968 31000.00 2,530.00 51530.00
1969 0,000.00 2,357.510 5,357.50
1970 31000.00 2,185.00 5,185.00
1971 4,000.00 21012.50 61012.50
1972 4,000.00 11782.50 51782.50
1973 4,000.00 11552.50 51552.50
1974 4,000.00 1,322.50 5,322.50
1975 41000.00 1,092.50 5,092.50
1975 51000.00 862.50 5,862.50
1977 51,000.00 5175.00 5,575.00
1978 5,000.00 -"7.50 5,287.50
65,000.00 1 45,885.00 110,885.00