HomeMy WebLinkAboutBy-law 2483 B Y.- L..A W N U M B E Il._ ~'~/' ifa
A BY-LAW OF THE COP~PORATION OF ~I~[E TOWNSHIP OF PICKEIiING TO AUTHORIZE
TIIE BORROWING OF $208,300.00 UPON DEBENTURES FOIl PUBLIC SCHOOL PURPOSES.
~{E~tEAS the Public School Board of Township School Area Number 2 of
the Township of Picketing has requested the Council to provide the
sum of $208,300.00 for tile purpose of building and equipping an
eight room school addition in the said Township School Area;
AND M[EREAS it is necessary and expedient to borrow for the said
purpose a s~un not exceeding $208,300.00 upon the credit of the
Corporation, to issue debentures therefor bearing interest payable
annually at %he rates per annum shown in Schedule "A" attached to
this by-law and to provide fo~ the discount and the expenses incid-
ental to the negotiation and sale of such debentures;
AND ~{EREAS it is expedient to make the principal of the said debt
repayable in annual instalments during the period of Twenty
years in the respective amounts set forth in Schedule "A'~ hereto
anne xed;
~ TI{E[~FQRE the Council of the Corporation of the Township of Picketing
ENACTS AS FOLLOWS:
For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding ~208,300.00 and
shall issue debentures therefor.
~2. Each debenttu~e shall bear interest at the rates shown in Schedule
"A" attached to this by-law and shall have coupons attached
thereto for the payment of such interest.
3. The debentu~s shall be dated the 30th day of September, 1959,
shall be issued at one time and shall be payable with interest
in Twenty (20) annual instalments on the 30th day of September
in each of the years 1960 to 1979 inclusive, 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.
4. The debentures shall be payable as to both principal and interest
in lawful money of Canada and may be made payable at the Canadian
Bank o£ Commerce Bank in the Village of Claremont, Ontario,
at the principal office o£ the said bank in the City of Toronto,
or the City of Montreal.
. 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
authorized by by-law to sign the same, and by the Treasurer. £he
said interest coupons shall be signed by the Treasurer and his
signature thereon may be written, stamped, lithographed or engraved.
6. In each year of the currency of the debentures all sums required
to pay off the debentures and to pay interest thereon shall be
raised by assessment on the ratepayers of the said Picketing Town-
ship School Area No. 2 and accordingly in each year of the currency
o£ the debentures there shall be levied and raised annually by a
special rate suleficient therefor, over and above all other rates
on all the rateable property in the Picketing Township School Area
Number 2 of the principal and interest falling due in each such
year, and such share shall be determined in accordance with the
terms of the Public School Act and amendments thereto, in that
behalf.
The said debentures may contain a clause providing fop the
registration thereof pursuant to section 335 of The Municipal
Act.
- 2 -
. 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 debentttres for such loan.
. That By-Law No. 2472 be and the same is hereby repealed.
READ a First and Second time this/~day o~~/ . , 1960.
//
READ a Third time and PASSED this~'~ day of J~" , 1960.
/
Clerk
S C II E D U L E " A "
TO By-Law No. ~*P~B
Township of Piekerin.~
~208,300.00 - 7% - ] to 20 year
Debentures
Y~AI{ pI{INCIPAL INTEREST TOTAL
1960 ~ 5~082.52 ~ 14~581.00 ~ 19~663.52
1961 5 436.63 14,225.22 19 661.85
1962 5 811.57 13~844.66 19 656.23
1963 6 228.17 13~437.85 19 666.02
1964 6 665.60 13~001.88 19.667.48
1965 7 1.23.86 12~535.29 19,659.15
1966 7 623.78 12~036.62 19,660.40
1967 8 165.36 11~502.95 19~668.31
1968 8 727.77 10~931.38 19~659.15
1969 9~331.84 10~320.53 19~652.27
1970 9~998.40 9~667.20 19~665.60
1971 10~685.79 8~967.32 19~653.11
].972 11~435.67 8~219.31 19~654.98
1973 12~248.04 7~418.81 19~666.85
1974 13~102.07 6~561.45 19~663.52
1975 14~018.59 5~644.31 19~662.90
1976 14~997.60 4~663.00 19~660.60
1.97'7 16~059.93 3,613.17 19~673.10
].978 ~7~184.75 2~488.98 19~673.73
1979 18~372.06 1~286.04 19~658.10
~i~ 208,300.00 ~ 184~946.87 ~ 393~246.87