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BYLAW - Borrowing of $6,000.00 - 19531221 - 117453I I ,_··~} ! ( ' I I ' BY-LAW NUMBER /!7'f of the Municipal Q.lfrporation of the f' I TOWN OF AURORA A B .. Y"'LAW TO Af,THORI·ZE· THE BORROWI-NG OF ·$6,000.00 upon DEBENTURES FOR THE PURPO E OF PAYING FOR THE CONSTRUCTION OF SANITARY AND STORM SEWERS 'N KENNEDY STREET WEST, IN THE TOWN OF AURORA, UNDER THE PROVISION I OF THE 'LOCAL IMPROVEMENT ACT~ . Whereas the Municipal Corporation of the Town of .Aurora, with the approval of The Ontario Municipal Board, by Order dated the 15th day of August 1952, Number P.F.C~ 8914, passed By-law Number ll28A to provide for the borrowing of $6,ooo.oo by the issuance of debentures for the construction of sanit!!ry and storm sewers on_ Kennedy Street West from the Easterly limit of Lot Number 1 Plan 38 Westerly to a poipt distant 1,175 feet westerly ' from the production northerly at the Easterly limit of Lot 33; :.~ ' 1\: Plan 246, _for the Town of Aurora, as a local improvement under the Provisions of the Local Improvement Act and to provide ·that such sums shall be repayable in yearly sums with interest during the period of twenty years on the Instalment plano And whereas pursuant to the said By•law Numbe~ll28A th.e ,'-/' works are authorized to be done as a result ot a petition, as lo.cal improvements under the Loeal Improvement Act. And whereas by certificate dated the 6th day of October, 1952, the Department of Health of ontario has approved the purposes of the said borrowing. /. / And whereas special assessment ,/ pursuant to The Local Improvem,ent Act, assessment required by the ¥"id By""law r_oll' have been prepared, covering the special -I Nu¢ber 1128 (a) which assessment rolli" have been adopted by the Court of Revision> And whereas the· amount of the whole rateable property of the municipality according to the last revised assessment roll -2 - thereof is $2,510;513 and whereas the amount of the existing debenture debts of the Corporation, exclusive of local improve- ments secured by special rates or assessments, is $1,000,394998. . . THEREFORE THE COUNCIL OF. TEE 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 $6;000o00 and shall issue debentures therefore in the sums not less than $100.00 each and bearing interest at the rate of five per cent per annum payable annua·lly and having ·coupons attached thereto for 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, may bear any date within such two years ' ~. ~ and shall be made payable in annual instalments during the • period of fci:ttte~ years next. after the date 'of issue thereof and the respective amounts of principal and interest payable in each of such years shall be the amount so designated in Schedule ".A" 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 By•law, and by the Treasurer.; The interest coupons shall be signed by the ~a;surer and his signature thereon may be written, stamped lithographed or engraved.; 5.; Commencing in the year 195~, and thereafter in each year in which an instalmelli!t. of the principal of the said debt ~ I ~ I .. 3 .. and the interest become due, there shall be levied and raised for the payment of' the s·aid principal and interest, the specific sum shown for the respective year in Schedule "A". such sum shall be levied and raised by a special rate sufficient therefor, over and above all other rates, on all the rateable property • in the Municipality; but no greater rate shall be levied in any year for such purpose, than is required to pay the instalment after taking into account receipts from the special assessments provided in Clause (b) hereof'; or from any source in respect of the· said wo-rk• (b) For payment of the owners' portion of the cost and interest thereon, the special assessments ~et forth in the special assessment roll are hereby imposed upon the lands liable there.for as therein set forth; Which special a'ssessment with a sum sufficient to cover the interest theneon at the rate aforesaid, shall be payable in equal instalments, and for that purpose an equal annual rate per foot frontage is hereby imposed upon each lot entered in the said special assessment roll, according to the assessed frontage thereof, over and above all" other rates and taxes, and the said special rates shall be collected annually by the collector of taxes for the corporation at the same time and in the same manner as other rates. 6. The debentures may contain a clause providing for the ' registration thereof pursuant to Sec.tion 335 of the Municipal Act. Pending the sale of the debentures, the head of the· council and the Treasurer may raise for tlie purpose at~resaid ~··. (J I " - 4 - by way of loan on such debentures, any BUill 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 debentures falling due in the f-ifcteenth year as shown in the said schedule thereof at any time prior to maturity at the places where and in the moneys in which the said debentures are expre"ssed to be payable, upon payment of the principal amount thereo:f' together with interest accrued to the date of redemption and upon giving previoU$ ~otice of said intention to redeem by advertising once in the ontario Gazette and once in the '\1"laily newspaper of general Provincial circulation published in the City of Toran to, and once in a local newspaper, such notice to be advertised as aforesaid at least thirty days prior to the date fixed . for redemption. Notice of said intention so to redeem shall alB)' be sent by po&(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. Upon notice being given as aforesaid, the debentures so called for redemption, shall be and become due and payable on the date fixed .. i .. f' " . :·.: -.f - redemption, in the same manner and with the same· effeet as if it were the date of maturity specified in sueh debenture; and from and after such date so fixed for redemption, interest on the said debel'.ltures shall eease unless paymel'.lt of tli!.e redempti'On/ of the t price shall not be made en presel'.ltation. and surrender debenture oertifieate as therein provided on or after so fixed for redemp~iODo the READ !:! /._ ~ay of November, 19; t .. Mayor Clerk READ a third ?.I thi?· day of ~;';~e~·. ~;5 Clerk ONTARIO THE ONTARIO MUNICIPAL BOARD !Jlf0REl w ., "•< •. •.·. "'. ·. •.· .. 1.·.··· .. Q .. .1. ... ·.'" , Vi«.,..~t.mq •... R. Howard.·'tu,ea, Meael".:, . t ~ ..... a._....,. ~ . of A••'• A., ll., 19$/t. ) lf 18 oan...... •4•v acl il;a piU"111!4&rute ot tile ltaitla.•cm h~l•~11ttve Mt$l"l!'ed ,.,,, a.'d ot • .,., w 41.othfU!'P"•~ YtttW. ila'lhe1tlllr4 •. ·1ihat: ~­ tal4 ~~-~~··• '~l~l.aw ltQ~ev · Utl.,, be. ••• t-*" !l.aill'f ill . . ' . . ' ,, ~· . ' I ' -J..--' ONTARIO TH.E ON:fARIO MUNICIPAL BOARD ' . . 'nifl.A!itli --~·· ·~--Qd:,,t~ -~·~t., ~ ' . . . . . ' "'~' l!fa*•lt4\.t9• -..-.1-.btt«';.n ..-I,JJ~ ..... •• ot. an, ~• 4ll,l\i\.~r.~~· veat.td l•.tlle lqal'd• tha\ *''* aatll '"-'"' datl194 .. 1lle 11\l'l. da)" of V!fb~al')", A~ l}~, 1951., . " aM. toh• ••~ .1• her:.-'ti<r ·--~ bf U.•• ... '•• att•~" . ' l ' • ' . ' ~~ ,ft,_l"!ft. •l.tJ)'tt ~tae •••--ty lJy~law ~--119$.,. P&t~Jd \1;'9 l:-b: 4lil7 ot Aqu•t• 1JJ4" b iibe t-ecbl11. . " •• _: ' ' ' ' ' . •td b)" lRJtJ'f!~q the woll4 "u.n._ •• · ·~·,..i~ -:rd ".,td• til tlle •••'t;lq ell,luae~~· ONTARIO THE ONTARIO MUNICIPAL BOARD XN 'nit. r.'JAT'rfiit {If leetblli .if!'$'. •.lllll~· aetticrn llH ~~~u lt *''Jibe •~l<~~pe.l il.¢t.~'~ · ta.s .• o. 19~1 euptter ~I+)},· •:,;. ant\ ,.. B ill , 0 l\t. lilt W t I• l!L.o!)re 1 . 0-:lo! •• S~., V~IIJ.O.I:I.il$n~ .... Mid• l.li•~l'Cllutts •. .• ,.,~. ~t1day' teec·lll:l..•t•~t.b 4ar ot lt'ebnafft •• a .. t 1'9$4 •. •t tile l•-•l~t·3.im ~~t~$ .. b•k<tl'e ll'•.t•rret 1;(t•· a~ 111t a~ranll all!!it.betp•~~%fl1t••tei3.~***'1te$oa~d. tut tbe _.net ••t· . .:-h;a~;*'\1¥ett;et ·.-~4empt~·· •t «•\let~., at,$)mt4elllil!l·'llh• tJ.~d IY'!'law;'.·'i)e ane tnct sa111e ·. b ~i!lll'e\lr .. appnwt6c~. ' . ' .. '• ., -~-.