HomeMy WebLinkAboutBy-law 2687 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $7~,085.00 UPON DEBENTURES FOR HIGH SCHOOL PURPOSES.
WHEREAS the Picketing District High School Board has requested the
L~ to provide the°sum of $553~330o00 for the purpose of building
and equipping a thirteen-room school addition (No. 2) in the said
High School District;
AND WHEREAS after the application of the Picketing District High
Scho6i" Board to the Municipal Councils of the Town of Ajax, the
Village of Picketing, and the Township of Picketing, and same had
been approved by these Councils for $553~330.00, The Department of
Education, under the Federal and Provincial Fund for Vocational
purposes~ advised that they will assume the cost of building ten
of the thirteen rooms at no cost to the said Municipalities;
AND WHEREAS the Picketing District High School Board has now asked
for' de"bentures in the amount of $7q,085.00 to finance the remaining
two classrooms and one laboratory;
AND WHEREAS it is necessary and expedient to borrow for the said
purpose a sum not exceeding $7~,085.00 upon the credit of the
Corporation, to issue debentures therefor bearing interest payable
annually at the rate 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;
THEREFORE the Council of the Corporation of the Township of Pickerlng
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $7~,085.00 and
shall issue debentures therefor. ~t~%O'~(~
9. Each debenture shall bear interest at the rate shown in Schedule
"A" attached tb this by-law and shall have coupons attached
thereto for the payment of such interest.
3. The debentures shall be dated the 1st day of December, 1962,
shall be issued at one time and shall be payable with interest
in Twenty (20) annual instalments on the First day of December
in each of the years 196~.to 1982 anclus~ve, and the respective
amounts of principal and interest payable in each of such years
shall be the amounts so designated in Schedule "A" ~ereto
annexed.
~. The debentures shall be payable as to both principal and interest
in lawful money of Canada and may be made payable at the Canadian
Imperial Bank of Commerce 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, at the holder's option.
5. The 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
~-)~r said interest coupons shall be signed by the treasurer and his
signature to them may be written or engraved, lithographed,
printed or otherwise mechanically reproduced. The signature of
the Head of the Council may be written or engraved, lithographed,
printed or otherwise mechanically reproduced and, if such deben-
tures are countersigned in writing by the deputy treasurer, the
signature of the treasurer thereon may be written or engraved,
lithographed, printed or otherwise mechanically reproduced.
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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 a levy on all rateable property
of raTepayers of the said municipalities comprising The
High School District in accordance with The provisions of
. The Secondary Schools and Boards of Education Act~ and
accordingly in each year of the currency of The debentures
There shall be levied and raised by a special rate sufficient
Therefor, over and above all other rates on all the rate-
able property in The Township of Picketing at The same Time
and in the same manner as other rates The share of the Corp-
oration of The Township of Picketing of the principal and interest
falling due in each such year and such share shall be deter-
mined in accordance with the Terms of The Secondary Schools
and Boards of Education Act, in that behalf."
7. The said debentures may contain a clause providing for The
registration Thereof pursuant To section 323 of The Municipal
Act.
8. 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 exceedin~ in all the amount hereby authorized To be borrowed
and may hypothecate such debentures for such loan.
READ a First and Second Time this 19th~ ~ovember2962~ ~
~eeve
Clerk
READ a Third Time and Finally PASSED this~_day of~/~ 1962
S C H E D U L E "A"
TO BY-LAW NUMBER 2687
~'O WNS H I P OF P I C KERI NG
$ 74,085.00 - 5 3/4% - 1-20 year - Debentures.
Annual
Year Principal Interest Payment
1963 $ 2 085.00 ~ $ 4 259 89~ ~ 6,343.89
1964 2 000.00 ~ 4 lqO O0 ~ 6 140.00
1965 2 000.00~ 4 025 00~ 6,025.00
1966 2 000.00 ~ 3 910 O0 ~ 5 910,00
1967 3 000,00 ~ 3 795 O0 ~ 6 795,00
1988 3 000.00 ~ 3 622 50~ 6,622.50
1969 3 000,00 ~ 3 qSO,O0~ 6 450.00
1970 3 000.00 3 277.50~ 6 277.50
1971 3 000.00 ~ 3 105.00 ~ 6 106.00
1972 3 000.00 ~ 2,932.50~ 5 932.50
1973 q 000.00 ~ 2,760.00~ 6 760.00
1974 q 000.00 ~ 2,530.00 ~ 6 530 O0
1975 ~ 000.00 ~ 2,300.00~ 6 300 O0
1976 4 000.00 ~ 2,070.00 ~ 6 070 O0
1977 5 000.00 . 1,840.00 ~ 6 840 O0
1978 5 000.00 ~ 1,552.50 ~ 6 562 50
1979 5 000.00 ~ 1~265.00 ~ 6 265 00
1980 5 000.00 ~ 977.50v~ 5 977 50
1981 6 000.00 ~ 690.00 ~ 6 690 00
1982 6~000.00 ~ 3N5.00~ 6~3~5.00
$ 74,085.~0~ $ 52,548.89 $ 126,933.89
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