HomeMy WebLinkAboutBy-law 2910 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AMEND
BY-LAW NUMBER 2878 WHICH PROVIDED FOR THE TOWNSHIP T0 ISSUE
$835,000.00 DEBENTURES FOR A NEW PUBLIC SCHOOL.
WHEREAS Council on June 1, 1964, passed By-Law No. 2878 which
provided for the Township of Picketing to issue $835,000.00 debentures
for the building of a new public school and said by-law provided
that such debentures should be dated May 1, 1964, with interest
and principal payable May 1 in each year of the currency of the
debentures;
AND WHEREAS the Township Fiscal Agents have agreed to sell such
debentures in the United States of America but due to a new American
regulation such debentures would be liable to a 12 1/2% tax if
~..~?/ delivered over 90 days after the date of the debentures;
BE IT THEREFORE ENACTED by the Municipal Council of the Township of
Picketing that:
1. Clause 3 of By-Law No. 2878 reading:
~ ~, "The debentures shall be dated the First day of May, 1954,
shall be issued at one time and shall be payable with interest
in Twenty (20) annual instalments on the First day of May in
each of the years 1965 to 1984 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."
~e .chan~ed to:
"The debentures shall be dated the Second day of July, 196~,
shall be issued at one time and shall be payable with interest
in Twenty (20) annual instalments on the Second day of July in
each of the years 1965 to 198~ 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."
2. This amendment be subject to the approval of the Ontario Municipal
Board.
BY-LAW read a First, Second and Third time this /0 day of
Clerk