BYLAW - Borrowing of $80,000.00 - 19540920 - 120654.!lY·LAW ND'liiBfli . I ')...-%
o:f the ~aipa.l Corporation o:f the
IDWN 0 F AUllO:l!A
e/i(;Pi'cJ1 P::::CC!Jkvit
I Ao (,7 , -
A BY.:.LAW TO .AlJriDlUZE THE BORROWING OF $80,000o00 upon llEBBNTUru!S FOR TilE
:PUBPOSE OF J!llWTING .AND JlttUIPPING AN ADDITION TO THE HIGH SCHOOL FOR THE
AUlD& HIGH SCHOOL DISTRICT.,
Vil!EllEAS the Aurora High SClhool District comprises tba Town o£ .Aurora,
the Township o:f King arid the Township o£ WhitClhurah;
AND Vil!EllEAS the High SClhool Board o£ the ,4urora High SClhool llistriat
has applied to. the Counails o:f all tbe above mentioned muniaipalities :for the
sum o£ $8o,ooo.oo to be raised by the issue o:f municipal. debentures as provided
by The High SClhools Act, the said sum o:f $80,ooo.oo being required by said.
· Board t~> the purpose o£ erecting ana. equipping an add.i tion to the High SClhool
in the Town o:f Aurora to serve the said Aurora. High SClhool District;
.A.Nll i\IHEIDI:A.S the OounCI.:tlt o:f all of\':the said muniaipalities have
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~proved the said A,pplicat ion;
AND \"fll:.E!Ul:W it is 2ffces.sa.ry and. e:x;pedient that the Corporation o:f
'the Tow o£ Aurora should raise the said sum o:f $80,ooo.oo required by said
Boa.rd tor the purpose aforesaid by the i saue .. o:f debentures· o£ .. the. !fown o:f AUrora,
:for the said sum o£ $8o,ooo.oo, bearing interel3ct at the respective rates here.
ina:ft~ mentioned, Vlhiah is the amount ot tba debt intended to be orea.ted by
AND ~S it is e:x;pedient that the principal o:f the said debt shall
·be :repa,vable in yearly .instalments o:f principal during a periiXE o:f twenty years,
namely, during the Years 1955 to 1974, both inclusive, in the respective amoUl'lti:l.
set :forth in Schedule ".A• hereto attaClhed;
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AND WHEREAS the artomjl of the whole rateab:).e property of the
said Town of Aurora a.ocording to the last revised assessment roll is $. 2,.fi00,4;38o .
AND WHEREAS the ~ount of the e:ld.Sting debenture debt of the
corporation of the Town of Aurora, exclusive of local il1)provement debts
' secured by special rates of assessments., is $998,038.86, and no part of
the principal or interest of Slilcll debt is in arrear;
AND WHERE!S by Order dated tht; loth da.y of Sept o .A.D.l954
the Ontario Ml:micipaJ. Board has approved the said undertaking and the
passing of all requ.isite by-laws, including debenture by ... laws;
PI:IEilEIDRE THE GOUNCIL OF 'fHE CO.Il:rol!ATION OF THE !lllWN OFAUIDllA
ENACTS AS FOLLOWS :
· ·:j.O' libr the pilrpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a swn not exceeding $8o,ooo.oo ani! shall issue
debentures therefor in the sum not: less tha.l:). :il'lOO.OO ea.ch .and bearing interest
at the,:~ate of ~)per a;rmum pa;vable a.nuJ!:B~ly and having coupons attached
there1;o for the pa.;yment of interest.
2. All the debentures shall bear the same date, shall .be issued at
pne tims and within two years after the da.y on which this by-law is passed,
ma;y bear a.l:Jy date within such two years and shall be made payable in am.ua.J.
instalments during the period of ao., years next afjair the date of issue thereof
and the respective amounts of principal and. interest payable in each of such
years shaJ.l be the amount so deSignated in Schedule "A• hereto attached.
3. The Debentures shilll be repa;vable as to both pri noipal a.ud in ter"es.t
in lawful money of canada. and ma;v be payable in such place or places in Canada
as shall be designated thereon.
4/ The sai.d debentures shall :be sealed with the seal of the Corporation
and signed by the haM of the Council, or by some other person authorized to sign
the Sllll\e ·by by ... law, and by the. Trea.!lllrer. The i\1;e:rest coupons shaJ.l be s:ilgned
by the Treasurer and his signature thereon ma;y b.e w:ri tten, stllm.ped, lithogra.J?!led:'
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In eaoh year of the cmrrenoy of thE!. debentures all sums required
to pay off the debentures and to pay interest thereon shall be raised by
a.ssessment on the ratepayers of the said munioi~§J,ities comprising the said
High School Dl.strict in accordance with the provisions of the High Schools
Act :from time to time in :force, and accordingly in each year of the ourr~uaY
of the dabentures ilhere shall be levied and raised a.nnu.ally by a 'Special
rate sufficient. therefor, over and above all other rates, on all the rateable
property in tlie Municipal! ty of the Town of Aurora, and at the. same time and
in the same manner as other rates, the respective amcm.ts falling due :for
principal and interest in that year as set :forth in said Schedule "Au;
provided that the respective amounts to be raised annually as aforesaid
may be reduced in each year by the respective amounts raised by each o£
the other municipalities in said High School District and paid over ln such
year to the Corporation of the ~own of A~ora, ~d by such amount as may be
mad~-available :for such purpose in sucJ' year to the Cor;oration of the Town . '
of Aurora by virtue of the general legislative grant' :from the Government
of the Province of Ontario to the said High School Board.
6. The debentures may contain a clause providing :for the registration
thereof pursuant to Section 335 of the Mlll:licipa.l Act • ..
7. Pending the sale of the debentures, the head of the Council and
the Treasurer may raise :for the purpose af'oresaid by way o£ loan on such
debentures, any sum or sums of money not exceeding in all the sum hereby
authorized to be borrowed and may hy-pothecate such debentures :for suoh loan.·
s. d;"e . . !!he Corporation shall haveFight at its option, to redeem the
debentures falling due in the .:twent'i'e:th year as shown in the said schedule
thereof at any time prior to maturity at the places where and in the moneys
in vhich the said debentures are expressed to be payable, upon payment of the
principal am.ount thereof together with interest accrued to the clll.te of re-
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dem.;ption and u,pon giving :previous notice of said intention to redeem by
advertising once in the Ontario Gazette and once in the daily newspa;per of
general Provincial circulation ;p~blished in the City of Toronto, and once in
a local news;p~er, such notice to be advertised as aforesaid at least thirty
days :prior to the date fixed for redem.;ption. Notice of said intention so to · '
redeem shall also be sent by ;poast at least thirty days ;prior to the date set
for such redem.;ption to eaoh ;person in whose name a debenture so to be redeemed
is registered at the address shown in the Debenture Registry Book. QPon notice
being g!. ven as aforesaid, the debEintures so called for redem;ption, shall be
and become due end pa]lrable on the date fixed for redem;ption, in the sa.m.e manner
~·
and with the sa.m.e effect as if it were the date of maturity s;pecified in such
debenture, and :from end after such date sp fixed for redem;ption, .interest on
t'he said debentures shall cease unless ~a.yw.ent of the redm;ption ;price shall
not be made on ;presentation and surrender Cit the deb~nture certificate as
therein provided on or after the date so fixed for redem;ption.
.!lEAD a first and sec day 6~1954 •
q; -4/~
Olel'k
?-c\ day of~l954.
4 _dA>td. .,..,.
Clerk
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SCHEDULE "A"
$80,000.00 -20 years
YEAR PRINCIPAL INTEREST TOTAL
1 $2,600.00 $3,400,00 $6,000.00
2 2,700.00 3,289-.50 5;989;50
3 2,800.00 3.,174.75 5,974·7.5
4 3,ooo•oo 3,05.5.7.5 6,055.75
.5 3,100.00 2,928~25 6 '028. 2.5
6 .· 3,200.00 2,796.50 .5,996-.50
7 3,400.00 2,660>50 6,060. 50
8 3,.500.00 2,.516.00 6,016.00
9 3,700.00 2,367-~5 6,067.2.5
10 3,8oo.oo 2' 210,. 00 6,010.00
1\':
"'
11 4,000.00 2,048.50 6,048.50'
12 ~·,1oo. oo 1,878 • .50 .5,978.50
13 4,300.00 1,704.25 6,004.2.5
14. 4,.500.00 1,521.50 6,021.50
1.5 4,700.00 1,330. 25 6,030.2.5
16 4,9oo•oo 1,130 • .50 6,030;50
17 .5,100.00 922.25 6 ,022. 25
·18 .5,300,00 705.50 6,005.50
19 5,500.00 . 480.25 .5,980.25
20 .5 ,800. 00 246.50 6,046.50
$80,000.00 $40,366.50 $120,366.,50
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0 NTA~!O
THE ONTARIO MUNICIPA~ BOARD
IN Tf!l!) MA'J.''l'El'l. OF Se~t:l,on til !!);f'
"The Ontal'io Munf.eipat Board
.Ac~" (ft • .s.o •. 1950; Chapter i!l62),
B Tl!E J'.tAT.l.'ER OF ·.tn. apP,l.;t.eat;tlt>n
fJ:t the Corporati<m. o:f' th(t \\'own
o£ AuJ?ora•for approval. ~;~£ its
1\ly .. lawNtm~l:>e~ l.*, pas$•1!1.the
20th day o£ S$ptember 1 .A•D·
1954, previdi~ f'e:r th<a i$1$.Ue
ot (lebentt.WE!lll in the amoUilt ot
$00tO!!l0•00 tor itigll. Su.ho~l
p~~CI'I'JEif. .
t.
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a, H• teates.
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and all oth.e,r poc~r$ ves'IH!!d ~n thii!J ltJI!,ri, that the
Hid ll:r•law \),$.and the Slll1'4$ 14\1 he~hy appl'!ll!J•ed,.
ONTARIO
THE ONTARIO MUKICIPAL BOARD Jlo:l\'~:1';<> l01J.
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ONTARIO
THE ONTARIO MUNICIPAL BOARD
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