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Y- L N M E R V%Y`ft
A BY-LAW OF THE TOWNSHIP OF PICKERING TO PROVIDE FOR THE ISSUE
OF DEBENTURES IN THE AGGREGATE PRINCIPAL AMOUNT OF $1960000.00
TO PROVIDE MONEYS FOR THE PURPOSE OF BUILDING AND EQUIPPING AN
EIGHT ROOM SCHOOL ADDITION IN TOWNSHIP SCHOOL AREA NUMBER 2
OF THE TOWNSHIP OF PICKERING.
WHEREAS The Public School Board of Township School Area No. 2
of the Township of Pickering has requested the Council of the
Township of Pickering to provide moneys for the purpose of
building and equipping an eight room Public School addition
in said Township School Area No. 2 by the issue of Debentures
of the Township in the aggregate principal amount of $196,000.00;
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 $196,000.00, bearing interest at the rates herein-
after provided, the principal being repayable in twenty annual
instalments, and the respective amounts of prinipal and
interest being as shown in Schedule "A" hereto;
AND WHEREAS the amount of the whole rateable property of the
Township of Pickering according to the last revised assessment
roll thereof is $15,5370668.17;
AND WHEREAS the amount of the existing debenture debt of the
Corporation is $1,933,971.81, and no part of the principal or
interest of such debt is in arrear;
AND WHEREAS by Order dated the day of UNDER
FILE NO. The Ontqrio 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:
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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 $1960000.00.
2. THAT the said Debentures shall be dated the day of
1960, and shall be payable in twenty instalments on the
day of in each of the years 1960 to
19790 both inclusive, and shall bear interest at the rate
° u of per annum, and all of such interest shall be
payable annually on the Day of
in each year of the currency of the Debentures. The Deb-
entures shall have the 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.
. 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, or the City
of Montreal, Quebec, at the holders option.
4. THAT the said Debentures shall be sealed with the seal of
the Corporation and signed by the Reeve or by some other
?I person authorized by by-law to sign the same and by the
011, Treasurer. The interest coupons shall be signed by the
VVV Treasurer and his signature thereon may be written, stamped,
lithographed or engraved.
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5. THAT commencing in the year 1960 and in each year there-
after in which an instalment of principal and interest
becomes due the reppective amounts set forth in the
fourth 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 prop-
erty of ratepayers who are supporters of public
schools under the jurisdiction of The Public School
Board of Township School Area No. 2 of the Township
of Pickering.
A. THAT the said Debentures may contain a clause provid-
ing for the registration thereof pursuant to Section.
335 of The Municipal Act.
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_4Z?day of__/5959
BY-LAW read a Third time and PASSED this day of 1959
Reeve
Clerk