BYLAW - Borrowing of $330,000.00 - 19540816 - 120054s~.
L ~· of the l4unic1pRl Corporation of the
) Tom1 of AurorR. ~ l:zJ 3/I~.z.,
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A BY-LAN '£0 AUTHORIZE THE BOHH01'1IHG OlP ~~:3.30, 000. 00. Ul0 0N .
DEBE!JTUH.ES FOB THE: ALTJ.GRATIOHS AND EJ!iTEIISIOl·lS Ql<' THE !4UHICIPAL
SE1-TAGE THEAThENT PLAllT. .
11HEHEAS it is considerecl advisable at this time to alter and
· ~xtend the Municipal Sel.ra.ge Treatment Plant, at a cost of
~?200,000.00 as estimated by the lliunicipal Engineers.
AllD '·JIIEREAS it is eXDeclient to borro~-T for mtch t1ork a sum
not exceecUng $zoo.ooo.oo· upon the credit of the Corporation, to
issue debentures therefore bearing interest at the rate of four
and one-quarter (lf.:;:;%) per oentmn per annum payable annual.ly, and
to provide for the discount and the e:q,ense incicl.ental to the
preparations and tl~e negotiation ancl sale of such debenture;
AND 1\'HEREAS the Corporation 1s ai<thorized to borrotr~ such
monies pursuant to Section 388, Subsection 1, Paragraph 66 •.
of the :1-iunicipal A ct. ·
AHD rmEHEAS the amount of the 1-rhole rateable property
of' the municiuali ty aocorcUng to the last revised asAessment
roll thereof ls ~~.5 0 1}26.h57.00.
AHD '·FHEJ\E.~I:l the existing debentu:rP. debt of the municipality
is the sum of 1;)1,31~9,281.00. of '·lhich no part of prin~ipal or
intere,_qt is in arrears; ·~·,
A:ID '·IH!i:HEAS 1::& Orrler cla.tecl the 11.:-th day of Narch 1956
the Ontario l4unicipal BoaJ~d pursuant to Section 67 of the·
Munioiual Board Act has authorizecl thfl creP..tion ancl :l.ssue of such
debentitres an<l the· raising of the monieB required to the payment
of such debentnren in the manner hereinaftel' nrovicle<1 ancl !las
approved the exercise by the Corpor10.tion of the To1qn of Aurora
of its pol·.rerr to procee<l i•r.t th, authorize an<l provicle monies
for the purposes of the se.id borro,.,ing and pP..ssing of all
requisite by-laT,rs, including clebenture by-la1rs;
THERl~l~OHE THE JifiJniCIP.I\L COUlldU Ol' THE COHPOHATION Ol.i'
THE TO''Tl OF' AHRORA EJI.e.\GTS AS FOJ.M1W:
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l. For the purposes aforesaicl there shall be borro'l'tecl upon
the orecli t of the Corporation a sum not exceecUng f$.3.30, ooo. 00
and shall issue clebentures therefor in the sum of not less
than $100. oo each. Suoh debentures shall be!l.r interest at
the rate of four and one-quarter per cen~um (~;;%) per annnm
payable annually anrl shall have conponB attR.Checl thereto for
the payment of such inte1•ent.
2. All the d.ebentureR shall bear the eA.me elate, shall be
issuecl at the one time and 1,rithin one year after the d?.Y. on
l•Thich the purpose of the M.icl borro1·ring is approved by Orcler
of' the Ontario 14un:toipal Boarn, may beA.l' any itl=tte '•rithin such
year an<l shall be made )JPSP.ble in annual instP,lments <luring
the period of tHenty yearR next after the date of issue.
thereof'~ ancl the respective P.mounts of' principal and interest
pP.yi!!;'ble in e!?.Ch of nunh ye,rs shall be the amountn so
designatec'l in Schedule 11 A 11 hereto annexecl, •·rhich sai<l schedule
is hereby declared to form part of' this by ... lal•T•
.3. The debentures shall be payable as to both principal a~d
interest in la'-'f'Ul money of Canada an<i may be rnacle payable at
such place or placefl ·in Canach;, as shall be designatecl thereon.
4. The St?.icl d.ebentures shall be sealed 1·ri th the Seal of' the
Corporation and. signe<t by the heacl of the Council or by some
other person authorizerl by by .. lal·! to sign same, and by the.
Treasurer. The saicl interer;t coupons shall be signed by the
Treasurer and hifl signature thereon may be ln>itten, st!l.mped,
11 thogra~'hecl or engraved.
5. Clomrnencinr; in the yeP.r 1957 ancl thereP..fter in e".ch ye11.r
in ,.,rJ:lich the inst11.lment of principal of the said c;lebt and
interest become nue, the Corporation shall levy ancl raise the
specifi.c surn sho1·m for the rer,pecti "l',e year in the ·fourth
column of the S".icl Scheclule 11 Au. Such sum shall b13 levied
and r11.:tsecl by a. suP.cinl re.t e sufficient there ;'ol' over and .
above all other rates npon ~tll the rRteable Pl'O))erty in the
Nuni.nipRlity,
6. The S8.irl debenturer, may contain a clause 1)ro,ricling
:f'or t11e registration thereof ''urflnant to Section 335 of'·
the Hnnicipal Act.
'7. PenrlinG thl'! sale of' the saicl clebentur~;s, a.ncl heRrl of
the Council :mel the Treannrer ra'w raine for the purpose afore-
said. by <·tay of a loan on sunh <lebentures any sum or sums of
money not exoeecling in all :the su.m hereby l'.nthorized to be
borrowed a.nd may hypothecate such debentures :f'or euoh ~oa.n.
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8. The Co:rpor~tion shall have the righlt at its opt~on,
to redeem the debentures falling due in the lant ye11r P.H
shoTVn in the saicl sehe<lnle thereof at any time prior to
:ne.tnri ty at the plP..ces Nhere e.nrl in the moneys in •·rhich the
Elaicl clebentures are ex:oresRerl. to be payable, upon PR..Vment
of the principal e.m0nnt therAof together "'ith interest accrued
to the de.te of redemption 11.nr1 upon giving p:r.evionfl notice of said
intention to reneern by a<ivertising once in tl1e ontario Gazette
ann once in the daily nerrspP..)Jer of general h•ov'lncial circulation
published :l.n the CJity of Toronto, P..ncl once in a local net•rspaper,
such notice to be P.'l'Tertizerl. as liforesaicl at len.st thirty rleys
prior to the elate fixed fol' reclemption. llotine of saicl intention
so to redeem shall P..lso be sent by post at leP..st thirty clays
?rior to the elate set for suqh redemption to e11.nh person in
111hose name a debenture so to be redeeme'l is registerecl at the
address sh01m in the Debenture Hegir,try BooJ;.. U:)on notice
being given as aforesaicl 1 the debenturen so called for
rerlemption, shall be and become due anct payable on the date
fixed for redemption, in the same rnp..nner and tri th the SP.Jlle
effect as if it 1-rere the date of maturity S1Jeoified. in such
debenture. ancl from nnct a1'ter such cl!?.te so fixed for redemption.
interent on the saicl debenturea shall cease unlesn payment of
the redemption nrice srtnll not be m!l.c1e on 1)resentation and
surrender. of tll8 clebentnre certificate as therein Proviclecl
on or P.fter the elate so fixec1 for re<lemption. -
Read a first and seconil: time this 16th day of August, 19.54.
Read a third time ann pn.ssed this q.ay o·f
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ONTARIO
THE ONTARIO MUNICIPAL BOARD
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