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BYLAW - Authorize Loan - 19110211 - 331A11r BYE-LAW NO. � � ? .......... BEING A BY —LAMP TO AUTHORIZE THE LOAN OF ($IO,OOO) TE1 THOUSAND DO_TATARS TO WALTER COLLIS,FORKERLY OF THE T07 OF NE""KAR7ET BUT ITOW OF THE CITY OF ROCEESTER,IN THE ' STATE OF NEB" YORK,FOR THE. PURPOSE OF PURCHASING A SIr AND ERECTING TH &?EON A BUILDING FOR A TANNERY IN THE TOWN OF AURORA TO MANUFACTURE LEATHER. WHEREAS the said Walter Collis has applied to the Municipal Corporation of the Town of Aurora, amongst other thin; for a loan of ($IO,OOO) Ten thousand dollars upon the security of a mortgage on the land,machinery and plant to be hereafter purchased and erected in the said Town of Aurora, for the purpo of aiding the said Walter Collis or a Company which the said pa proposes to have incorporated ,under the Laws of Ontariog as se out in an Agreement entered into between the Municipality and t said Walter Collis, to purchase a site,erect thereon a buildin ftd instal therein machinery and plant for the manufacture and 40 leather. AND WHEREAS the said Agreement contains a clause tha the same is to be superseded imi__ediately after the i.ncorporatio Al of the proposed Company by an agreement between the Municipal Corporation of the Town of Aurora and the proposed Company,when incorporated,to the effect of the said Agreement. AND 7-HEREAS the Municipal Council of the Town of Aux has deemed it expedient and in the interests of the rate--payerE Vythe said Town, to loan the said sum of ( $IO, 000 ) Ten thousand do ars, to the said 17alter Collis for the purposes aforesaid, At,D ":HEREJAS the said Walter Collis has agreed to rex the said loan when it matures and also to pay the interest thex each year when the same falls due. AND WH,i!REAS it will be necessary for the purpose of ..2.- raising the said lot:n to issue Debentures of the said Municipal Corporation for the said sum of (SIO,000) Ten thousand dollars payable in five years from the date hereinafter mentioned for th By—law o c m into force with interest payable at the rate of t come py five percent per annum as hereinafter set out. AND 17HEREAS the amount of the whole rateable propert of the Municipal Corporation of the Town of Aurora , according to the last assessment roll is ($535,230.00) Five hundred and thirt k19 five thousand,Two hundred and thirty dollars. AND WHEREAS the amount of the existing Debenture debt os the said Municipal Corporation of the Town of Aurora is f$35,436.64) V.-irty five thousand,four hundred and thirty— J six.....64/dollars, of which no part,either of principal or inte est is in arrears THEREFORE the Municipal Council of the Corporation the Town of Aurora,enacts as follows; ------ I. THAT a loan of Ten thousand dollars (.I0,000) is here granted to Walter Collis,formerly of the Town of New►- market but now of the City of Rochester in the State of New Yorlx for the purposes aforesaid,and that it shall be lawful for the Corporation of the Town of Aurora to issue Debentures of the sai Municipality for the said amount,the same to be issued in sums x less than One hundred dollars 0100.00) each, payable on the exI ation of the five years from the date of this Bylaw taking effe 2. THAT the Mayor df the said Municipal Corporation be s he is hereby authorized and instructed to sign and issue the said Debentures ( which shall be marked and known as t J "Tannery Debentures") and the interest coupons ( if any) att-,chE thereto, and to eause the same also to be signed by the TreasurE of the said Municipality. 3, THAT the said Debentures shall be in sums of not lesE than One hundred dollars ($100,00) each and the Clerl --3-- of the said Municipality is hereby authorized and instructed attach the Corporate Seal of the said Municipality to the said Debenture which shall be payable within five years from the da V hereinafter mentioned for the By -.law to come into effect, That the said Debentures shall bear interest at the rate of fi J percent per annum,the first payment of interest to be made on First day of August A.D.1911 and annually thereafter on the Fi: day of August in each and every year except the last year when interest is to be paid on the first day of March,TUineteen hundi and Sixteen, 4. During the currency of the said Debentures there she be raised annually by special rate on all the ra teal property in the said Town of Auroxa,the sum of Five hundred dol X-?)8 ($500.00) for payment of interest on the said Debentures, 5. During the year Nineteen hundred and sixteen,there 6 be raised by special rate on all the rateable Proper in the said Town of Aurora the sum of Ten thousand dollars ( I0 for payment of the said Debentures,in the event of the said "Wal, py�' Collis or the Company to be hereinafter incorporated:failing or neglecting to repay the said loan# 6a. THAT the said Debentures together with the interest thereon shall be payable at the Bank of Montreal,Aurc 6b. THAT the proceeds derived from the sale of the said Debentures shall not be handed aver to the said Walt Collis or the proposed Company,until the said Company shall sigr and execute a mortgage upon the building,pla.nt and machinery and all other real and personal property used occupied by them in th manufacture of Leather in the Torn of Aurora. The said mortgage contain such covenahts and provisions as shall be satisfactory t, and approved of by the Municipal Council of the Corporation of tj To-,,m of Aurora, 6. This By—law shall colce into force and take effect.upol the first day of March A.D. 1911, if previously assent ry�7 --4-- to by the electors of this Corporation,legal7,y entitled to votE thereon, 71 This By—law shall be submitted for the assent of the Electors of the said Town of Aurora under the provi: of the Municipal Act,oh Monday the Second dau of January A.D.IS The Poll will be open at the hour of nine o'clock in the forenc and continuing till five o'clock in the afternoon of the same to take the votes of the qualified voters of the said Municipe on the said By—law. The places -for taking the said votes and tb Deputy Returning Officers of the several Wards of the said Tor, shall respectively be as follows;--- --- North Ward, Polling place. ----Nelsons Blacksmith Sho Yonge Street, Deputy Returning Officer------A.Lov&. Centre Ward,polling place ---- Council Chamber. Deputy Returning Officer--------G. T. Smith. South Ward,Polling place- Wilsons Shop,Yonge Stre Deputy Returning Officer ----- H.D.Lundy. 8. On Thursday the Twenty ninth day of December I9I0 the hour of eight o'clock in the evening at the Cler: Office of the said Town, the Mayor shall appoint in writing the persons to attend at the Polling places and at the final summin; up of the votes on behalf of the persons interested in and pro— moting or opposing respectively ,the passing of this By --law. 9. THAT the Clerk of the said Municipality shall attend the Council Chamber in the sf:id Town at Twelve o' cloc noon on 'Tednesday,the Fourth day of January I9II to sum up the votes given for and against the By—law.