HomeMy WebLinkAboutBy-law 2534 B Y - L A W N U M B E l{ ~ J~3
A BY-LAW OF THE COi{PORATION OF THE TOWNSHIP OF PICKERING TO
AUTHORIZE THE BOHROWING OF $33,941.96 UPON BEBENTURES FOR
PUBLIC SCHOOL PURPOSES.
~IEREAS the Public School Board of Township School Area Number 2
of the Township of Picketing has requested the Council to
provide the sum of $33,941.96 for the puJ~pose of building and
equipping a playroom addition to West Rouge School in the
said Township School Area;
~.N]) ~{EREAS it is necessary and expedient to borrow for the
said purpose a sum not exceeding $33,941.96 upon the credit
o£ the Corporation, to issue debentures therefor bearing
interest payable annually at the rates per annum shown in
Schedule "A" attached to this by-law and to provide for the
discount and the expenses incidental to the negotiation and
sale of such debentures;
AND WHEREAS it is expedient to make the principal of the said
debt repayable in annual instalments during the period of
Twenty (20) years in the respective amounts set forth in
Schedule "A" hereto annexed;
TH~IEFORE the Council of the Corporation of the Township of
Picketing ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding
$33,941.96 and shall issue debentures therefor.
2. Each debenture 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 debentures shall be dated the 30th day of September,
1960, 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 1961 to 1980 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 of Commerce Bank in the
Village of Claremont, Ontario, or at the principal office
of the said bank in the City of Toronto, or the City
of Montreal.
5. 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. The said interest coupons shall
be signed by the Treasurer and his signatul~e thereon
may be written stamped, lithographed or engraved.
6. Commencing in the year 1961 and thereafter in each year
in which an instalment of principal or interest shall
become due- on the said debentures the sum required to
pay off any such instalment shall be raised by a rate
sufficient therefor over and above all other rates upon
the property of ratepayers who are supporters of public
schools under the jurisdiction of the Public School
Board of Township School A~ea Number 2 of the Township
of Picketing.
The said debentures may contain a clause providing For the
registration thereof pursuant to section 335 oF The
Municipal Act.
l~ending the sale of the said debentures the ttead 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.
:AD a First and Second time this~ day of. ~ 1960.
',AD a Third time and Finally PASS~I) this/~Day ~1960.