BYLAW - Borrowing of $250,000.00 - 19511220 - 109451(~
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CORPORATION OF THE 1'0WN OF AURORA
BY-LAW NO. 1094
A By-law authorizing the borro,ing of
@250,000.00 upon debentures for.Public
School purposes. ·
AMENDED BY ;
BY-LAW NO ... ..J...I
AMENDED 6'1
5'1-LI\W NO·~
WHEREAS the Aurora ~ublic School Board has requested
the Town Council to provide the sum of 1'wo .tiundred and .l!'ifty
Thousand Dollars ( $250,000.00) for the purchase of the existing
tligh School building and land from the Aurora District tligh School
Board, and for the construction of an addition thereto and for
the purchase of equipment.
AND WHEREAS it is expedient to borrow for the said pur-
pose a sum not exceeding Two liundred and Fifty 'l'housand Dollars
($250,000.00) upon the credit of the Corporation,. to issue debent~
urea therefor bearing interest 13-t the rate pf four per centum (4~)
· :Eer annum payable annuall-y an~ to provide for the discount and
the expenses incidental to negotiation al:ld sale Of SUCh debentures;
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.AND WHEREAS it is expedient to make the p,rincipal of the
said debt repayable ·in annual instalments during the period of·
twenty years next after the date of issue of such debentures, of
such amounts respectively that, wi.th the interest in respect ··of
the debt, th.e aggregate amount payable for principal and interest
in each year shall be· as nearly as possible the same;
AND WHEREAS the amount of the whole rateable.prope~~y,of
the municipality, according to the last revised assessment roll
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thereof is $2,119,730•64. ·
AND WHEREAS the amount of the existing debenture debt of
the Corporation, exclusive of local improvement debts securedby
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special rates or assessments, is $211,379.39, and no part of
the principal or interest of such debt is in J-..rrear;'; _
AND WHEREAS by. Order dated thej(~.day of ~951,
the Ontario Municipal Board has approved the purpose of the said
borrowing and the passing of all requisite by-laws, including de-
benture by-laws;
THEREFORE the Council of the corporation of the Town of
Aurora ENACTS AS FOLLOWS:-
1. For the purpose aforesaid the corporation shall borrow ,
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upon the credit of the Corporation a sum not exceeding Two Hwidre<l.
and Fifty Thousand Dollars ($250,000.00), and shall issue debenture
therefor in sums of not less than $50.00 each./~ debenture shal
bear interest at the rate of~per centum (4) per annum .payable
annually and shall have coupons att.ached thereto for the payment
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of such interest.
2. All the debentures shall bear ihe same date, shall be
issued at one time 11-nd 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 during the period of
twenty years next after the date of issue thereof_, and the res..-
pective amounts of principal and interest payable in each of such
years shall be the amounts so designated in Schedule "A" hereto
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annexed,
3. The debentures shall be ps.yable as to both principal and
interest in lawful money of canada and may be made payable at such
place or places in Canada as shall be designated thereon.
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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.
~he said interest coupons shall be signed by the Treasurer and his
signature thereon may be wri ttan, stamped, lithographed or engraved
Commencing in the year ~and thereafter in each year ;.
in which an instalment of principal of the said debt and interest
become due, the Corporatic>n shall levy and raise the specific sum
shown for the respective year in the fourth column of the said
Schedule. Such sum shall be levied and raised by a special rate ll
sufficient therefor, over and above all other rates, upon all the.
rateable property in the municipality assessed to public school
supporters. ~I
6. The said debentures ~ay
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the registration thereof pursuant
Act.
contain a clause providing for
to section'336 of The Munici~~~'
7. Pending the sale of the said debentures, the head of· t_he
' Council and the .Treasurer may raise for the purposes aforesaid by
way of loan on such debentures any sum or sUms of money not ex•
ceeding in all, the sum hereby authorized to be borrowed and may
hypothecate such debentures for such loan.
~. The Corporation shall have the right, at its option,to
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'-redeem the s_aid deb~n:!i.ures{ei ther in whole or in part on any date
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t 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 notice of. said intention
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to red~em by advertising once in the Ontario Gazette and once in s
daily newspaper of general provincial circulation,. published 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 reg_istered at the address shown in the Debenture
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 1hme this 21st .day of May, 19.51,
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Clerk.
.READ a third time and finalljl passed this~o~ay ~
of •; 19.51.
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ONTARIO
THE ()NTARIO MUNICIPAL BOARD
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