HomeMy WebLinkAboutBy-law 2885 THE BORROW~NG~OF $990,000.90 UPON DEBENTURES FOR ~{IGH SCHOOL PURPOSES.
WHER. EAS o~ June 7, 1963, this Council made application to the Ontario
Hunicipal Board for a $637,606.00 debenture to cover the cost of
building and equipping a 19 room addition to the Picketing District
High School at Picketing, and on July ~, 1965, tentative approval was
granted with File No. F 1860-63;
AND WHEREAS under date of April 8, 1964, the Pickering District !{igh ~ ~
Scho'ol Board requests that their application .for theoo~ ~..$637-606'00
debenture be abandoned ~n favour of a debenture of $~,06~;O~ for
the purpose of building and equipping a 25 room addition comprisin%
19 classrooms, 1 shop, 1 cafeteria, 1 library, gymnasium, and 2
science rooms to the Picketing School in the said High School
District;
AND WHEREAS the Councils of the Town of Ajax and the Village of
Pickering have approved, by resolution, this application;
AI[D WHEREAS it is necessars~ a~d exoedient to borrow for the said
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nurDoce a sum not exceed[n-~.~7~.00 upon the credit of the
Corporation~ to issue debentures theuefo~ beapin~ in~e~st payakle
annually at the rote per annum shown in Schedule "A" attached to
this by-l~w and to mov~ee for the discount and the expenses
incidental to the netotiation ~nd sa2e of such debentures;
A~D %[HEREAS it is expedient to muke the principal of the said debt
repayable in annual instalments during thc period of Twenty (20)
years in the respective amounts set forth in Schedule "A" hereto
annexed;
T[{EREFORE the Council of the Corporation of the Township of
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation sh~ll borrow u~on the
credit of the Corporation a sum not exceeding $~90,OO0. and /)
shall issue debentumes therefor. 7~; epc.~,~ ~
2. Each debenture shall bear interest ~t the rate shown in Schedule
"A" attached to ~hls Ey-law and shall have coupons attcc~xcd
thereto for the payment of such [mterest.
3. The debentures shall be dated the 1st day of ////~ / . ~19~
shall be issued at one tlme and shall be payable~ ~with interest
in Twenty (20) annual insta!memts.on t~e First d~y of ~
in each of the years 196~to 19~K$~clusive, and the respective
amounts of principal an~ntere~yable in each o~ such years
shall be the amounts so designated in Schedule "A" hereto
annexed.
4. The debentures shall be payable as to both prlnc~pal and interest
in lawful money of Canada and may be made payable at the Canadian
Imp~rlal Bank of Commerce in the Village of Claremont, Ontario~
or at the principal office of the said ban~ in the City of Toronto,
or the C~ty 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 pemson
authorized by by-law to si~n 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 signatume of
the Head o[ the Councl] may be written or engraved~ llthographed~
printed or otherwise mechanically reproduced and, if such deben-
tures are countersigned in writing by the deputy treasurer, the
signature of the treasumer thereon may be written or engraved,
llthogmaphed, 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 Pickerlng 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 8nd 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.
i~, t~ 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 exceeding in all the amount hereby authorized to be
borrowed and may hypothecate such debentures for such loan.
READ a First and Second time this ! ~,.Say~ ~~°f ~c~.~1964.
S C H E D U L E " A "
TO BY-LAW NUMBER 2885
T O W ~ S H I P O F P I C K E R I N G
$ 975,090.~ 5 3/~% 1 to 20 year Debentures
Annual
Year Principal -- Interest Payment
1966 $ 27,090.00 56,067.68 83,157.68
1967 29,000.00 58,510.00 83,~10.00
1968 30,000.00 52,8q2.50 82,8~2.50
1969 32,000.00 51,117.50 83,117.50
1970 3q,000.00 q9,277.50 83,277.50
1971 36,000.00 ~7,322.50 83,322.50
1972 38,000.00 ~5,252.50 83,252.50
1973 q0,000.00 q3,067.50 83,067.50
197q q3,000.00 ~0,767.50 83,767.50
1975 q5,000.00 38,295.00 83,295.00
1976 q8,000.00 35,707.50 83,707.50
1977 50,000.00 32,9q7.50 82,947.50
1978 53,000.00 30,072.50 83,072.50
1979 56 000.00 27,025.00 83,025.00
1980 60000.00 23,805.00 83,805.00
1981 63 000.00 20,355.00 83,355.00
1982 87 000.00 16,732.50 83,732.50
1983 70 000.00 12,880.00 82~880.00
198q 75 000.00 8,855.00 83,855.00
1985 79t000.00 . ~,5~2.50 --8@~5~.~Q
975,090.00 691,~2.68 1,666,532.58