BYLAW - Borrowing of $7,000.00 - 19530908 - 116653of the Muriicipa.J. Cor:Poration of the
·rown of Aurora
A BY-LAW '1!0 AUTHORIZE THE BO.RROWING OF $7,000.00 upon DEBEl~.ruRES ~'OH :J:llli EREOTIO
OF STEEL EL:&JTlliC LIGHT roLES AND WlliES POll :J:lill T.RAl'ISMISSION 0~' ELECTJRICITY ALOl\
YONGE STREET EROM CHURCH STREET TO CENTRE STREET Aim l!OR Tllli RJlWHASE OF lll>'W
MERCUHY VA:roUR LIGHTS :BOll ·:CHE LIGHTilq(f OP YONGE STllE:Ere IN tHE 'XO\'/r; uF AURUHAo
wHEREAS it is expedientat this time to erect steel electric light
poles and wires for the transmission of electricity along Yonge Street from
Church Street to Centre Street and t'o purchase new mercury vapour lights for· the
lighting of Yonge street in the Town of Aurora;
AN.D \~EAS the total estimated costs for such work and material
is $7,000.00;
Alto \1'[EREAS it is expedient to borrow for such work a sum not ex~
ceeding :i\7 ,ooo.oo upon the credit of the Corporation, to -issue debentures there.
for bearing interest at the rate of f'lve per centum (5%) per annum payable annus
and to provide for the discount an~ the expense incidental to the preparations ~
~-~
the negotiation and sale of such debentures;
AN.D Wl:!JQ\EAS the amount of the whole rateable property of _the
municipality according t-o the last revised assessment roll thereof is ~ :J., ~9/(
AND WH.liliEAS the existing debenture debt of the municipal! ty is
the sum of 'i}r, af~,fS':'o. ~~·of which no part of principal or interest is in
arrears;
AND WHJQ\EAS by Order dated the day of 1953
the Ontario MUnicipal Hoard pursuant to Section 67 of ~he MUnicipal Hoard 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 :rown of Aurora
of its powers to proceed with, authorize ahd provide monies for the purposes of
the said borrowing and the passing of all requisite by-laws, including debenturE
by-laws;
THBREJroRi!; :rllli i\iulHClPAL UOUNCIL O.l" '2HE OORffili.A~ION OF 'l'}lli 'l'0Wl1
OF AU.I:lORII ENACi'c; AS ~OLLOWS:
l. For the purposes aforesaid theee shall be borrowed upon t~e ore4i1
0
C:
0
.,
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of the corporation a sum not exceeding #~,ooo.oo and shall issue debentures
therefor in the sum of not less than $100.00 each. such debentures shall bear
interest at the rate of five per centum (5/;) per annum payable annually and shall ~
have coupons attached thereto for the payment 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 day on which the purpose of the said borrow•
ing is approved by Order of the ontario Municipal Board, may bear any date within
such year and shall be made payable in annual instalments during the pariod of
~ years after the date of issue thereof, and the respective amounts of
principal and interest payable in each of such years shall be the amounts so des-
ignated in tichedule "A" hereto annexed, which said schedule is hereby declared to (
form part of this by~law.
3. The debentures shall be payable as to both principal and interest
in lawfUl ·money of canada and may be made payable at s~ch place or places in
oan1:da as shall be designated thereon.,\
' 4. The said debenture.s shall be sealed wi.th the seal of the oorporat ion
and signed by the head of the .council or by some other person authorized by by-law
to sign the same, and by the ~reasurer. ihe said interest coupons shall be signed
by the ·.rreasurer and his signature thereon may be written, sta!llped, lithographed orl
engraved.
Commencing in the year 1954 and thereafter in each year in which
the instalments of principal of the said debt and interest become due, the
corporation shall levy and raise the specific sum shown for the respective 1-ear in
the fourth column of the said Schedule "A"• tiuch sum shall be levied and raised
by a special rate sufficient therefor over and above all other rates upon all the
rateable property inthe ~1Xnicipality.
6. ihe said debentures may contain a clause providing for the registra-
tion thereof pursuant to section 335 of the rmxnicipal Act.
7. Pending the sale of the said debentures, the head of the council
and the mreasurer may raise for the purpose aforesaid by way of a loan on such
debentures any sum or sums of money not exceeding in all the sum hereby authorized
C'l
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to be borrowed and may hypothec~te such debentures for ·such loan.
s. 2he corporation shall have the right at its option, to redeem
the debentures falling due in the tenth year as shown in the said cichedule ,_____
~·
thereof at the plaees_%rere and in the moneys in which the said debentures are
expressed to be payab~~~ upon paymsnt 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 circulation, published in the City o:
Toronto, and once in a local newspaper, such notice to be advertized as aforesaid
thirty days p:rio:r to the date fixed for redemption. Notice of said intention so ,
:redeem shall also be sent by post at least thirty days prior to the date set for f
redemption to each person in whose name a debenture so to be redeemed is register•
at the address shown in the Debenture .Registry Book •
. Upon not ice being gi veri as aforesaid;· the debentures so called fol
re.demption, shall be and become due i!md payable on th~. date fixed for redemj;l.J;ion·J
the same manner and with the same effect as if it .were the date~ of maturity specU
in s~ch debenture, and from and after such date so fixed 'for redemption, interest
on the said debentures shall cease unless payment of the redemppion price shall nc
be made on presentation and surrender of the debent.ure certificate as therein pro-
vided on or after the date so fixed for redamppion.
.Read a third
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this 4
.
Mayor
day of llby, 1953•
Olerk
day 0~1953 •
Olerk
/l
ONTARIO
THE ONTAiliO MUNICIPAL BOARD
;t)l l'flE ]i(i\. TTER OFt
Seeti on 61 01' tt'}.'h~t Pntari;.o
~nhipal aoard A,rttq (.Ihs.o~
1950, fll!la:rtter 262} 1
Section 29$ .tlJ} . (4) tjf »'$'he
lilunie:tpal Aei>'' (.a.s. o. 19~o.
Oha.ptar 24-J) , ·
Seo;io. n ).· Q$ .. (2l ....• o:t "'11hJa ~u.nicipal
Aot. {R.s .• o .• 19SO, Ohapt$r 24:31,
• anlit""
J;N 'mE Ml/i'~Eji . OF S,n '",!>J)l-1-e~t.:i~n ot .. t:~he Co:r:po:rat~~n of' tih~ W~wrt ;tt ~~;t*"ol'a
tor autnpr.:tty t~ p~t:f~t~~ .'1\'fil:.hi ~~ ~~ raise $7~000\r~ '1'&11 t:@.~ ;~~.~~t~·~ ~;.~t~$'+•l~ctl:!t
J..t~1>·.···JI~l~~i.· .. ·!i!nd··~~~§J '~~f·~.lli~··.··t~iml.t.lil~i·i!!rt O.t ,eJ.e~t~c;itiY.· ~~~g ~~wJS~/~t(r~~1\·.·,£'r~lr!:. .
Qhul;'!!!h S.tl'll!~t t() ~-~t1!'e 'it;~eliy~. l;lnd ,;tor .. tn:e
pU1)'4haae . 9£ new ~~~~~~ V~po~r L~~tlil •. (qt! thtt
J,i\'gl'rtin8;.ot Yongli! S't~eet ;t.n the flilwn ~~ ·
Auri!lre,. · ·
BEli'QRE.;
R • ~!i YE!atlil$,
lh L• 'l(entlel:ly~
M~tmb~~s.
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.~.· ·. · Weli»Htlilday, th• 2bd day
i of July 1 A• n., 19J:J.
l
!1:'1' IS ORDERE:D, u.nd..et" ~inti ~n pUJ!\$,~Ge
Q$ t~~ 1e~·slation ~'6~,inb~~~'e ?~ilell':re~ te,, ·and
1\!\ ·.· ... · . . ...... ·.. . . . . ··.· .. ·· ... ··.·•··.. ' ..... · , 'fi.l. lltloY ·and all pther ~Wfllrs vt.ated $n tll:• $~1i!.':rd 1 ·
~hat ~e e,~,..~ apJ>li<~~t~ol1lJ ··~e at$4. :the $.all!~ i.l!!
' •' ',' •' '•' .--' .
. hereby-approved;; an(ll t·h.E~t t b.a ~f.e:ipa;!d.il;ly Jl?,~y .
nowi ~~oee~ wbh th.e s~bl und~~~i.ng ·an~· to~ $.q
thll•.