BYLAW - Borrowing of $60,920.54 - 19500724 - 105850r-~~~------~L-~,~~------~'-'·---'--'---. . .
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THE CORPORATION OF THE TOWN OF AURORA
BY-LAW NUMBER 1058.
A By-law to authorize the borrowing of' $60,920.54 for the purpos:e of'
paying f'or the construction at' certain works under The Local Improve-
ment Act and to borrow same by the issue of debentures therefor:
WHEREAS the Municipal Corporatton .of the Town of Aurora, with tre
approval of The Ontario M:uni cipal Board, by Order dated .the 24th day
of March, 1948, Number P.F.B-7830 passed by-law No. 994 to provide
for the construction of sanitary sewers on Catherine Street and
Catherine Crescent f'rom Lot lll, Plan 246, to Centre Street; on George
Street from Tyler Street to Wellington Street; on Wellington Street
f'rom George Street to Mills Street; on Ke::t nedy Street East from Edward ·
Street to the storm sewers at the Creek Bed, and f'or the construction
of a storm sewer on Kennedy Street East from Edward Street to the storm
sewers at the Creek Bed, at a total cost of' $17 1 488~40.
AND WHEREAS the Municipal Corporation of the Town of Aurora, with the
approval of the Ontario Municipal Board, by Order dated the 21st day
of' May, 1948, Number P.F. B-8205 passed by-law No •. 999 to provide f'or
the comtruction of' sanit~ry sewers on Tyler Street from Lot 29, Plan
30 easterly to George Street, a distance of' 435 feet,. at a cost of
$3,200.00.
AND WHEREAS the Municipal Corporation of' the Town of' Aurora, with·
the approval of The Ontario Municipal Board, by Order dated the 24th
day of September, 1948, Number P.F. B-9177 passed by-law No. 1002
to provide for the construction of sanitary sewers on Gurnett Street
from Connaught Street to Kennedy Street East and on Kennedy Street
East from Gurnett Street to 200 feet westerly at a total cost of'
AND WHEREAS the Municipal Corporation of the Town of Aurora, with
the approval of The Ontario Municipal Board, by Order date.d the, 6th
day of January, 1949, Number P.F. B-9?84, passed by-law No. 1009
to provide for the construction of sanitary sewers on Yonge Street
from a point distant 33 feet north from the extension westerly of
the south limit of Lot 176, Plan 246, Aurora, to a point distant 100
feet south of the extension westerly of the north limit o.f Lot 183,
Plan 246, Aurora, at a cost of $14,900.00,
AND WHEREAS the Municipal Corporation of the Town of Aurora, with
the approval of The Ontario ~;lunicipal Board, by Order dated the 7th
day of June, 1949, P.F.c. 636 passed by-law No. 1024 to provide for
the construction of sanitary sewers on Wells Street from a point in
the production westerly of the north limit of Lot 34, Plan 332, to
the north limit of Cousins Drive at a cost of $1,256.00.
AND VffiEREAS the Municipal Corporation of the Town of Aurora, with
the approval of the Ontario Municipal Board, by Order dated the 3rd
day of November, 1949, Number P.F.C.-1638 passed by-law No. 1032
to provide for the construction of sanitary sewers on.Cousins Drive
between the east limit of Lot 176, Plan 246, Aurora, easterly to the
storm sewer.s at the Creek Bed; on Gurnett Street between Cousins
Drive and. Kennedy S.tr.eet East, and to provide for the construction
of storm sewers on Gurnett Street between Cousins Drive and Kennedy',;
Street East, and passed by-law No. 1031 for the construction of
storm sewers or drains on Wel.ls Street from Cousimf. Drive to
Kennedy Street and on Cousins Drive from Yonge Street to the Creek
west of Wells Street, on Gurnett Street from Connaught Street to
Kennedy Street East and on Cousins Drive from the creek east to
Edward Street,
AND WHEREAS the estimated costs of the works authorized under the
last two by-laws is the sum of $22,}88.00, ·.
AND WHEREAS pursuant to the said by-laws all such works were
authorized to be done by petitions, as local improvements; under
The Local Improvement .Act, and to be paid fo.r by the issuance of
debentures to bear interest at such rate as the Council may
determine and to be made payable within twenty years on the
Instalment Plan.
AND WHEREAS it is desirable to consolidate into one debenture by-
law the amounts required to be borrowed for the construction of
the said various works under the said by-laws numbers 994, 999,
1002, 1009, 1024, 10}1, 10}2, being the total amount of
$60,920,54 and to issue debentures therefor in one consecutive
issue.
AND WHEREAS special assessment rolls have been prepared, pursuant
to The Local Improvement Act, covering the special assessrrsnt
required by the said by-laws, which assessment rolls have been
adopted by the Court of Revision.
MTD WHEREAS the amount of the whole rateable property of the
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municipality according to the last revised assessment roll
thereof is $2,055,448.65 and whereas the amount of the existing
debenture debt of the corporation, exclusive of Local Improvement
secured by special rates or assessrrents is $174,581.20.
THEREFORE the Council of the Corporation of the Town of Aurora
enacts as follows:
1. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding $60,920,}4-
and shall issue debentures therefor in the sums not less than
$100.00 each and bearing interest at the rate of three ahd one-
half per centum (3~~} per annum payaThle semi-annually and ha~ing
coupons attached thereto f~ the payment of interest.
2. All the debentures shall bear the same date, shall be
issued at one time and within two years after the day on which
this by•law is passed, ma:y-bear any date within such two years
and shall be made payable in annual instalments during the
period of twenty years next after the date of issue thereof and tre
respective amounts of principal and interest payable in each of
·such years shall be the amount so designated in Schedule 11 A11
hereto attached.
3. The debentures shall be payable as to both principal and
interest in lawful money of canada and may be payable in such
place or places in Canada as shall be designated thereon.
4. The said debentures shall be sealed with the seal of the
corporation and signed by the head of the Council, or by some
other person authorized to sign the same by-law, and by the
Treasurer. The interest coupons shall be signed by the Treasurer
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and his signature thereon may be written, stamped, lithographed or
engraved.
5. Commencing in the year 1951, and thereafter in each year
in which an instalment of 'principal of the said debt and interest
shown for the respective year in the 4th column of the said Schedule
"A"• Such sums shall be levied and raised as follows:
(a) The Corporation's share, amounting to $13,914.60,
and interest thereon shall be levied and raised by a special rate
su.fficient therefore over and above all other rates upon all the
rateable property in the municipality. ·
(b) For the payment of the owner's share and interest
thereon, the special assessment set f~th in the special assessment
roll is hereby imposed as follows:
$2.72 per foot frontage f~ sanitary sewers on al.l lots
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on Catherine Street, Catherine Crescent, George Street, Wellington
Street and on Kennedy Street, and $1.81 per foot frontage for
stor.m sewers on Kennedy Street, and all affected by Construction
By-Law No. 994•
$2.72 per foot frontage for sanitary sewers on Gurnett Street
and Kennedy Street as affected by Construction By-Law No. 1002.
$2.72 per foot frontage for sanitary sewers on Yonge Street
as affected by Construction By-Law No. 1006.
$2.56 per foot frontage for sanitary sewers on Wells Street
as affected by Construction By-Law No. 1024.
$1.82 per foot frontage fer storm sewers or drains on
Gurnett Street, on Wells Street, and on Cousins Drive as affected
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by Construction By-Law No. 1031.
$2;.56 per .foot frontage for sanitary se~ers on Cousins Drive,
and on Gurnett Street and $1• 82 per :f'oot frontage for storm. sewers
or drains on Gurnett Street asatfected by Construction By-Law
No. 1032.
6. The debentures may contain a clause providing for the
registration thereof pursuant to Section 336 of the Municipal
Act,
7• Pending the sale of the debentures, the he~d of the Council
and the Treasurer may raise for the purpose aforesaid by way of'
loan on such debentures, ariy sum. or sums of money not exceeding
in all the sum. hereby authorized to be borrowed and may hypothecate
such debentures for such loan,
8. The Corporation shall have the right at its option to redeem.
the said debentures either in whole or in part on any date prior
to m.aturi ty at the places where and in the m.oni es in which the
said debentures are expressed to be payable upon p ay.t!l.ent of the
principal amount hereof together with interest accrued to the date
of redemption and upon giving previous notice of said intention to
redeem. by advertising once on the Ontario Gazette and once in a
daily newspaper of general provincial publication, such notice to be
advertised as aforesaid at least thirty days before the date fixed
for redemption. Notice of intention so 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 a debenture so to be redeemed
is registered at the address shown in the Debenture Registry Book.
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Where only a portion o:r the \'iebentures o:r this issue is to be
• • redeemed, such portion shall comprise otily the debentures that
have the latest maturity dates and no debenture o:r this issue shall
be cal.led :ror such redemption in priority to any such 'q.e benture
thathas a later maturity date.
READ a first and second time in open Council
this 19th day of June, 1950.
READ a third time in open Council and :Cinal1y
passed this 24th day o:r July, 1950.
MAYOR
CLERK
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Tim CORPORATION OF THE TOVVN OF AUROBA
SCHEDULE "A" I
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to
By-Law No. 10,58. I
$60,920.,54 3t1--20 years.
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Year Principal Interest Total
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l 2,120.,54 2,132.22 4,2.52.76 " . I
2 2,200.00 2,0,58.00 4,2.58.00 ·'V
3 2,300•00 1,981.00 4,281.00 7 I
4 2,400.00 1,900 • .50 4,300 • .50 '1
.5 2,.500.00 1,816. 50 4,316.,50 (
6 2,6oo.oo 1;729.00 4,329.00 &
7 2,700.00 1,638.00 4,338.00 'l
8 2,700.00 1,.543 • .50 4,243.,50 s
"'" 9 2,8oo.oo 1,449.00 4,249.00 q
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10 2,900.00 1,3.51.00 4, 2.51. 00 (;< 0 I
ll 3,000.00 1,249 • .50 4,249 • .50 '·
12 3,200.00 1,144.,50 4,344.,50 "V I
13 3,300.00 1,032.,50 4,332•.50 7
14 3,400.00 917.00 4,317.00 i I
1.5 3,.500.00 798.00 4,298.00 ~-
16 3,6oo.oo 67,5.,50 4,27.5 • .50!,)
17 3,700.00 .549 • .50 4' 24 9· .50 l
18 3,900.00 420.00 4,320.00 -~
19 4,000.00 283·.50 4,283 • .50 ~
20 4,100.00 143 • .50 4,243 • .5010
60,920 • .54 24,812.22 8.5,732.76
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