BYLAW - Borrowing of $80,000.00 - 19501106 - 106950~~=·.,d·'-<J.~=>---"""'~~---~~·---~-;_,:.~_._;_,,....,...,...;. .... ~_,_""""·-... """"""""""~"""-""'"''''''"=,.,."'·="""'-~"~-~~---: ;~.:.~------·-~-~--------~~~.,.,------~
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THE CORPORATION OF THE TOWN OF AURORA
BY-LAW NO.~-~~.
i2 o, !H;>-0
A by-law authorizing the borrowing of $Goo,o.oo.oo upon ,
debentures for the purpose of. erecting and equipping o-~-~ u::·
.a High School for the Aurora High School Di~trict.
WHEREAS the Aurura High School District comprises the
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"lrown of Aurora, the Township of King and the Township of Whitchurch;
AND WHEREAS the High School Board of the Aurora High
School District has applied to the Councils of all the above mentioned
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municipalities for the sum of $~•00 to be raised by'the issue of·
municipal debentures as provided by The High Schools Act, the said sum
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of $-6-eto-,-ooo.oe being required by said Board for the purpose of erecting
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and equipping -a High School in the Town of Aurora to serve the said Aurora
High School District;
AND WHEREAS the Councils of all of the said municipa~
ities have approved the said Application;
AND VlliEREAS it is necessary and expedient that the
Corporation of the Town of Aurora should raise the said sum of
17o ${>e'O,ooo.oo required by said Board for the purpose aforesaid by the
issue of debentures of the Town of Aurora for' the said sum of
9tJ ~z-,ooo.oo, bearing interest at the respective rates hereinafter
mentioned, which is the amount of the debt intended to be created
by this By-law;
AND WHEREAS it is expedient that the principal of the
said debt shall be repayable in yearly instal.JlBnts of principal during
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a period of twenty years, namely, during the years l)k'il to 1970, both
inclusive, in the respective amounts set forth in Schedule "A" hereto
attached;
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AL\fD WHEREAS the amount of the wh.ole rateable property of the
said Town of Aurora according to the last revised assessment roll is
$~~,448~.6;5.
'----AND WHEREAS the amount of the existing debenture debt of the
corporation of the Town of Aurora, exclusive of local improvement debts
secured by special rates or assessments, is $~78~.~~ , and no part
of the principal or interest of such debt is in arrear;
!f AND WHEREAS by Order dated the~day of i!J£.n:if7£B.
A.D.l9:5(}, the Ontario Municipal Bmard has approved the said undertaking
and the passing of all requisite,.by-laws, including debenture by-laws;
THEREFORE the Council of the Corporation of the Tcwn of
Aurora enacts as follows:
1. That for the purpose aforesaid there shall be borrowed on the
credit of the Corporation of the Town of Aurora at large the sum of
~0
~,ooo.oo and debentures shall be issued therefor in sums of not ~ess~
than $~00. each. The said debentures which mature in the years 19:51
to 19?0, both inclusive, shall bear interest at the rate of,~per
centum per annum, payable annually, and the said debentures shall have
coupons attached thereto for the payment of the interest.
2. The debentures shall all bear the same date and shall be
issued within two ~ars after the day on which this by-law is passed
and may bear any nate within such two years and
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twenty annual instalments during the years 195i
shall be payable in
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to 19?,.0, both
inclusive, and the respective amounts of principal and interest
payable in each of such years shall be as set· forth in Schedule "A"
to this by-law, which is hereby declared to be and form part of this
by-law.
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3· The said debentures as to both ~incipal and interest shall
be payable in lawful money of Canada, and may be made payable at
such place or places in Cana.da as shall be designated therein.
4. The said debentures shall be sealed with the seal of the
Corporation and shall be signed by the Mayor or by son:e other person
authorized by by-law to sign the same, and by the Treasurer. The
interest coupons shall be signed by the Treasurer and his signature
thereon may be written, stamped, lithographed or engraved •
.5· 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 assessraent on the ratepayers of the said municipalities
comprising the said High School District in accordance with the
' provisions of The High Schools Act from time to time in force, and
accordingly in each year of the currency of the debentures there shall
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be levied and raised annually by a special rate sufficient _therefor, over
and above all other rates, on all the rateable property in the
municipal! ty of the Town of Aurora, and at the same time and in the
same manner as other rates, the respective amounts falling due for
principal and interest in that year as set forth in said Schedule "A";
provided that the respective amounts to be raised annually as afore-
said may be reduced in. each year by the respective amounts raised by
each of the other municipalities in said High School District and paid
over in such year to the Corporation of the Town of Aurora, and by
such amount as may be made available for such purpo.se in such year to
the Corporation of the Town of Aurora by virtue of the general
legislative grant from the Government of the Province of Ontario
to the said High. School Board.
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6. The debentures maycenta1n any clause providing tor the
registration thereof authorized by any Statute relating to
·municipal
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debentures· in force at the time o1' the issue thereof'.
7· The Corporation shall have the right, at its option, to
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twentieth year as shown redeem the debentures falling due in the
in the said Schedule on any date prior to the ~aturity thereof upon
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payment or the principal amount thereof a!fd/ accrued interest thereon
to the date o1' redemption land upon givir;~ notice or its intention to
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/ redeem by publication once. in Th_~/Ontario Gazette and once in a daily
newspaper of' general provincial circulation published in the City of'
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Toronto and once in a local newspaper, such publication to be made .at
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/ . . least thirty days>oetore the date fixed f'or redemption. Notice or
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. / intention s~-to redeem shall also be sent by post at least thirty days
prior to/the. date set for such redemption to each person in whose name
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a debenture so to be redeemed is registered at the address shown in the
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~benture RegistryBook.
:X~...-----. _':l'h~~~J.a.w-snan~a!Ce et'..t'.e.g1; the J.r:> day or ~VeAAh.E:/?
A.D. 19.50o
Read a first and second time
the 1$ day or SEP 7. A.D.l9.50
Read a third time and finally passed
the l.o day of /Vol"'c.-w.6£/?. A.D. 19.50
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Mayor
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22Jcooo.oo 19,500.00 u,;oo •. oo lqf'V
a:;,ooo.oo 11!,785,00 41,785~00 n
a:;,ooo.oo U>t037>~50 41,0:37~50 ... -1
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a~y~ooo.;,_oo l7j290.00 41~290~.00 ,-I
25.000.00 '16;510.,00 41,510~00 {b
a6,ooo •. oo U,697w.SO 4lt697•50 {/
at;ooQ~QO 14,852.50 40,S52o50 ';)'l
27,000,;00 14.007,50 41,007.50 ~q
ae,ooo .. oo 13 1 1J(h00 41,130.00
--29.ooo.oo 12;220.00 41,220.00
· JO,ooo.oo 11,277.50 41,277.;5()
Jl,ooo.,oo 10.302 .. 50 u.Joa •.. ;o
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J2,..000l<OO 9,295 •. 00 41,295 .. 00
3),000.00. 8,a;s.oo 41,255.00
Jt..ooo .. oo ?ilsz.;o u.1a:a .. ;o
35*000.00 6,077.50 41,077.50
36 1 ooo.oo 4,9¥>.00 .· 40,940.00
J?,ooo .. oo :;,no.oo .4(). 770:o00
J9,ooo.oo 2.567.50 41.567 .. 50
4-0,ooo.oo lt300.00 4l.Joo~oo
600,000~00 224,997 .. 50