HomeMy WebLinkAboutBy-law 2801 BY-LAW NUMBER
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $637,606.00 UPON DEBENTURES FOR HIGH SCHOOL PURPOSES.
WHEREAS the Picketing District High School Board has requested the
Council to provide the sum of $637,605.00 for the purpose of building
and equipping a nineteen-room school addition in the said High
School District;
AND WHEREAS the Municipal Councils of the Town of Ajax and the Village
of Pickeri'ng, which are the only other municipalities affected, have
each approved, by resolution, the Township of Picketing issuance of
such debentures for much addition, and they will assume their share
of such debenture;
AND WHEREAS it is necessary and expedient to borrow for the said
purpose a sum not exceeding SB$7,B06.00 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 Picketing
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $637,606.00 and
shall issue debentures therefor.
2. Each debenture shall bear interest at the rate 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 day of
19 , shall be issued at one time and shall be p~yable with interest
in Twenty (20) annual instalments on the day of
in each of the years 196~ ~o 1983 inclusl~, and the r%spective
amounts of principal and interest payable in each of such years
shall be the amounts so designated in Schedule "A" hereto 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
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~
lithogmaphed, printed or otherwise mechanically reproduced.
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 ~ateable
of matepayers of the said municipalities comprising the
High School District in accordance with the provisions of
The SecondaPy Schools and Boards of Education Act, and
accomdingly in each year of the currency of the debentures
there shall be levied and maised by a special rate sufficient
therefor, over and above all other rates on all the rate-
able property in the Township of Pickerin~ 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
determined 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 fop the purpose aforesaid
by way of loan on such debentures any sum o~ sums of money
no~ exceeding in all the amount hereby authorized to he borrowed
and may hypothecate such debentures for such loan.
READ a First and Second time this ~ day
'~ / Reeve
READ a Third time and Finally PASSED this da~ of ,
~eeve
Clerk
S C H E D U L E "A"
TO BY-LAW NUMBER
T O W N S H I P OF P I C K E R I'N G
$ 637,606.00 5 1/2% - 1 to 20 yeaz" Debenture
ANNUAL
YEAR PRINCIPAL INTEREST PAYMENT
196~ $ 17,606.00 $ 35)068.33 $ 52,67q.33
196~ 19,000 o O0 3~)100. O0 53,100. O0
1966 20,000.00 33,055.00 53,055.00
1967 21,000o 00 31) 955 · O0 52,955. O0
1968 23)000.00 30~800.00 53,800.00
1969 21~,000000 29)535 00 53~535.00
1970 25,000.00 28,215 00 53,215.00
1971 27)000,00 26)8~0 00 53)8~0.00
1972 28,000.00 25,355 00 53,355 00
1973 30~000.00 23,815 O0 53,815 O0
197~ 31,000.00 22~165 O0 53~165 00
1975 33,000.00 20,~60 00 53,~60 O0
1976 35)000,00 18)6~5 00 53,6~5 00
1977 37,000'.00 16)720 O0 53)720 O0
1978 39,000.00 1~,685 00 53,685.00
1979 ~1) 000.00 12 ) 5~0. O0 53) 5~0. O0
1980 q3)000.00 10)285.00 53)285.00
1881 ~5,000.00 7,920. O0 52,920.00
1982 q8,000.00 5,qqS° 00 53) ~5. O0
1983 51!000.00 2~805.00 53~805.00
$ 637,606.00 $ q30,z~08.33 $ 1,068,01q.33