BYLAW - Borrowing of $35,000.00 - 19521203 - 113852of the MUniCipal Oorporat ion of the
Town of Aurora
.A BY•LAW :1:0 .il.IJJ!HORIZE 'tllli BORROWUIG Ol!;'$31",.000.00 UPON .iiEB&'I'.rU.RES.· .I!O.tt i'HE
CO.!<JS!J!]lUIJ'.tlON Ol!' .A lli!Bl!il.l.VOlRo
wHl!li:!EAS it is expedient to borrow fbr the construation of a reservoir
to be used in connection with the water Works System in the 2own of Aurora a
SUIIl not exceeding lji:$5,.000.00 upon the credit of the Corporation, to issue deben Af«-.. · · · ~~-
ures therefor bear.-ing interest at the rate of £eta <'!l.'ltli oee haif :percentum (*)
per annuin :payable annually, and to provide fbr t.be discount and the expense
incidental to the preparation and the negotiation and sale of such debentures;
AND WHERJ>AS it is expedient to make the ·said debt .repayable in annual
instalments during the period of ;:i-e ~ years next after the date of
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issue of such debentures, of such amountil respec:ltit!;ely that with the inter_est iJ
respect of the debt the aggregate amqunt payable f~r II'. incipal and interest in
each yesr shall be, as nearly as
AND WH :EREAS the amount
p~ssible, the same; (
of t .be whole rat eab;le property of the munici~a:
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acc~ding to the last revised assessment roll thereof is $ .Q 1 S t J. :Z.. '? :3. :;A
··~ •'!.-· AND WHEREAS the existing debenture debt of the municipality is the sur ""' JJJ-.:.,-/
of w'JI~Irf~~C>fof which no psrt of principal or interest is in arrears;
AN)) WHEREAS thr-ee fourths and more of the menbers of the oounoil of
the Corporation of the Town of Aurora has voted in favour of this
.-,; ' tl . . , .AND WHEREAS by certificate$ dated the 17 . day of J·uly,
.ey-law;
-1to
1952, the
Department of Health of ontario has approved the purposes of the s;aid bop;rowing;
~ND \I'H!!;RKAS by order dated the /'IA~4~t 71~ ... 1952 •
the ontario MUnicipal board pursuant to Section 67 of1(he l\IUllicipal_Board act
·has authorized the creation and issue of such debentures and the raising of the
monies required for the payment of such debentures in the manner hereinafter
provided and has approved the exercise by the Corporation of the Town of Auro~a
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of its :Powers to proceed with, autlaorize and provide monies for the p~pose
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of the said borrowing and the ;passing of all requisite by-laws, including
debenture by-laws;
THEREFORE THE MONIOIP.AL COUNCIL OF .THE CORl?OBATIOI~ OF THE
TOWN OF AURORA ENACTS AS J!OLLOWS:
l. FOr the ;purposes aforesaid there shall be borrowed u;pon the
credit of the Corporation a sum not exceeding $3!3,ooo.oo and shall issue
debentures therefor in the sum of not less than $100.00 eaah• ~~ch debentures
f,·,e.. " ~ 0/ 4w '
shall bear .interest at the rate of t'eLW snli $1!16 helf ;per centum ~) ;per L.
annum ;payable annually and shall have coupons attached thereto for the :pa;vment
of such interest.
2. All the debentures shall bear the same date, shall be issued
at the.one time and within one year after the da;v on which the pUI'pose of the
said borr~ing is approved by Order of the Ontario MUnicipal Board, may bear
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any date within such year and shal,l be made pa;yable .. in annual instalments dur-
1\:
ing the period of next after< the date of issue thereof;
and the respective amounts of principal and interest ;pa;yable ·in ea.ch of such
years shall be the aniount s so designated in Schedule "A" hereto annexed, which
said schedule is hereby declared to form part of this by-law.
The debentures shall be payable as to both ;principal and,. interes
in lawfUl money of Canada and may be made payable at such place or ;places in
Canada as shall be designated thereon.
The said debentures shall be sealed with the Seal of the
Cor;porst ion and signed by the head of the Council or by some other person
authorized by by-law to sign the san:.e, and by the Treasurer. The said interest
coupons shall be signed by the Treasurer and his signature thereon may be
written, stamped, 1i thogra;phed or engraved •
. Oollllllencing in the year 1953 and thereafter in each year in.
which the instalment of principal of the said debt and interest becom,e due,
the Corporation shall le:ey and raise the specific SUJll shONn for the respective
year in the .fourth colum of the said llchedule "A... SUch sum shall be levied
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and raised by a special rate sufficient therefor over and above all other
rates upon all the rateable property in the Municipal! ty •
6. . !rile said debentures may .contain a clause providing for the
registration thereof pursuant to Section 335 of the. Municipal Act.
7. Pending the sale of the said debentures, the head of the Council
and the. Treasurer mau raise for the purpose aforesaid by way of a loan on such
debentures any Sl:lm or sums of money not exceeding in all the sum hereby author-
ized to be borrowed and may hypothecate such debentures for such loan.
a. !rile COrporation shall have the right at its option, to redeem the
debemures falling due in the twentieth year as shown in ·the said schedule
thereof at the places where and in the moneys in which the said debentures
are e:s;pressed to be payable, u;pon pa.ymen t of the principal amount thereof
together with interest accrued to the date of redemption and upon giving
previous notice of said intention to redeem by advertising once in the
ontario Gazette and once in the daily newspaper of general Provincial circu-
lation, published in the City of Tot'onto, and once in a local newspaper,
' such notice to be advertized as aforesaid at least thirty days prior to the·
date fixed for redemption. Notice of said intention so to redean 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 D>benture .Registry Book.
Upon notice being gi. ven as aforesaid, the debentures so
called for redemption, shall be and become we and payabl!l on the date
fixed for redanption in the same manner and with the same effect as .if
it were the date of maturity specified in such debenture, and from and after
such date so fixed for redanption, interest on the said debentures shall
cease unless payment of the redemption price shall not be llJil.de on
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presentation and surrender of the debenture certificate as therein
provided on or after the date so fixed for redemption.
.Read a first and second t this .:LI day of.July, 1952 •
::u .Read a third time and passed this .J
I, Kenneth Go Moses, Clerk: of
the Municipal Cor,poration of the
Town of Aurora, do hereby certify
that the above is a true copy of
a proposed by~law to authorise the
borrowing of $55,000.00 upon de-
bentures for the construction of a
reservoir, ~ioh.proposed by-law
has had two readings of the COllllcil
of the COr,porati on.
r:a.ted at Aurora this 30th day of July 1952.
Clerk.
Clerk:
..lloeJ"-~ ·
day Of ~t 1952~
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Clerk:.
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ONTARIO
THE ONTARIO MUNICIPAL BOARD
lN THE MATTSR Ols
S.<lt:Lon 6? of •the Oatf!t'ie M~id. pal
Ieard. Aet" (R.$.&. 1950, Ohapte.-262),
. Se,ctiol'l 2~$ (1') . hO ~t ttiflu~ ~\ltdci"l
A¢t 11 {lt.sl'o. ·19$(); Gbapte:t": :t'4)},
S•etto~t 308 (a)· llt ~tfM Mu.htpd Act 11
(a.s •. o. l'Jo. Oh:apte.-24)) • }Uld
IN 'fSE MA'fTSi OF an applhatton bf the
Oei'J*i'ation ~·the Town of A\Wora tot<
n\h~it'Y! to pr•ceed with al'l.d to ·raise i31J;QQO.~ toJ: the· !COnstrucUon at a ~1ntoroed
coaox-ete :re&llt"vob• ..
w. •h Mt)ere, o.z..a~, .. !·.··.· VlCE .. eHA~i'
"'Ud ..
\: J
'l'ue$dar t the lflh dar
of Nove!llbe:r, A. D., l'iiS2 •
IT lS ORJ,l~.ll1~ 1 . $lde:r an!! :tn pU:rs\Uutce
•t the ll9ghlation her-e,t.nbef_.e :refer.red to, and of
anr an4 all other powers vested in the Board, that
the sdd appUoat:ton be and thE~ !i!$;me te herehy ~~~;,Proved• <
and that the Mu.toipalitY may m>w l*'•eteli wtt.k the