BYLAW - Borrowing of $20,00.00 - 19510810 - 109551-"-""-· ~-----~~--'-'--~~~-~--"'-""~"'-"~·~~-~~·--·· -"~-------~-·-·. ________ / __ .. _,_, .. -· -T,
THE CORPORATION OF THE TOWN OF AURORA
./09'.:> BY-LAW NO.r •••••. , ••
A by-law authorizing the borrowing of $20,000.00 upon
debentures fo-r the purpose of' financing the frequency
standardization system.
W:B:E:RE.As the "'urora Hydro-Electric Commission has made
application to the Council of the Corporation of' the Town of
Aurora for the mssuance of' debentures in the amount of' t2o,ooo.oo
for the purpose of' providing funds for the financing of' the fre-
quency standardization system an; other capital expenditure con-
nected therewith.
AND WHEREAS it is expedient to grant such request and
to borrow for the said purposes the sum not exceeding $20,000.00
upon the credit of' the Corpo~atiori, to issue debentures therefor
bearing interest at the rate of' .If .. per centum ( ./1.-."J.) per annum
payable annually and to provide for the discount and the ex-
penses incidental to negotiation and sale of such debentures;
AND WHEREAS it is expedient to .!!lake the principal of
the said debt repayable in annual.instalments during the period
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of' •• ~D. •• years next after the date of' issue of' such debentures,
·of such amounts respectively that, with the interest in respect
of the debt, the agregate amount' payable for principal and inter--
est in each year shall be, as nearly as possible, the same;
AND WHEREAS the amount of the whole rateable property
of the municipality, according to the last revised assessment noll
thereof is $~ /1'7 7.J 0 • ~.!::!-
AND WHEREAS the amoilnt of the existing debenture debt of
the Corporation, exclusive of
special rates or a.ssessmen ts,
local impr.bvement debts secured by
of'/ is $-2//,:17"7 -, and no part of the
principal or interest of' such debt is in arrear;
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AND WHEREAS by Order dated the day of 19.51,
the Ontario Municipal Board has approved the purpose of the said
borrowing and the passing of all requisite by-laws, inclu-ding
debenture by-laws;
THEREFORE the Council of the Corporation of the Town
of Aurora enacts as follows:
l. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding Twenty
Thousand dollars (20,000.00) and shall issue debentures therefor
in sums of not less than $.50.00 each. Each debenture shall bear
interest at the rate of •• l/ ... per oen tum (. tf .. 1.) per annum payable
annually and shall have coupons attached thereto for the payment
of such interest.
2. All the debentures·shallbear the same date, shall be
issued at one time -and within two years after the day on which
this By-law is passed, may bear any date within such two years
and shall be made payable in annual instalments dlil.ring the period
of ,/.q,,,years next after the date of mssue thereof, 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.
3. The debentures shall be payable as to both principal
interest in lawful money of Canada and may be made payable at
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 by by-law to sign the same, and by the
Treasurer. The said interest coupons shall be signed by the
Treasurer and his signature thereon may be written, stamped,
lithographed or engraved,
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5. Corrunencing in the year l9•~~and thereafter in each year
in which an instalment of principal of the said debt and interest
bec~me due, the Corporation shall levy and raise the specific sum
shown for the respective year in the fourth column of the .said
Sche·dule. ;;;uch sum shall be levied and raised by a special rate
sufficient therefor, over and above all other rates, upon all the
rateable property in the municipality.
6. The said debentures may contain a -clause providing tor
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the registration thereof pursuant to section 336 of the Municipal
Act.
7. 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 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 maturity at the places where and in the moneys in which
the said debentures are expressed to be payable, upon payment of
the principal amount thereof together with interest accrued to the
date of redemption and upon giving previous noti11:e of said inten-
tion to redeem by advertising once in the on·tario Gazett;e and
once in a daily newspa~er of general provincial circulation, pub-
lished in the City of Toronto, and once .in a local newspaper, 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
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D~benture Registry Book. Where only a portion of the debentures
of this issue is so to be redeemed, such portion shall comprise
only the debentures that have the latest maturity dates and no
debenture of this issue shall be called for such redemption in
priority to any such debenture that has a later maturity date.
READ a first and second time this .:< I day of May, 19.51
Clerk.
-c 0~~, READ a third time end finally passed this~ day of , 19.51