BYLAW - Authorize a Grant of $20,000.00 - 19550411 - 122055"" '"V -v
BY-LAW NO. I~
OF TEE ~illNICIPAL CORPORATION OF
THE TOWN OF AURORA
A BY-LAW TO .AUTHORIZE .A GRANT OF $20,000.00 TO TEE .AURORA IV!EMORIAL
.ARENA BOARD FOR THE PURPOSE OF .AIDING IN TEE .ALTERING AND MAINTAINING
OF THE AURORA MEMORIAL .ARENA .AND TO AUTHORIZE THE BORROWING OF TEE
SAID SDhl OF $20,000.00 FOR THE SAID PURPOSE.
WHEREAS damages by flooding from the recent hurricane has
occurred to the A.rena Memorial Arena;
AND WHEREAS by Section 386, Paragraph 53 of The Municipal Act,
R.S<O. 1950, chapter 243, the council of the corporation of the Town <........,
of Aul'ora may borrow money, subject to the approval of the Departmen·~ i
of MUnicipal Affairs, for the purposes provided in the said para.graph/ t.
and--f'or such purposes to borrow the said monies upon the credit of the'
C9l'fl-orat-ion by the issuance of debentures; / .
~i
-r, g····· .Al\TD W.::-'IEREAS the Aurora l!Jlemorial .Aren_a Board has requested a
grant of $20 ,ooo. 00 to aid in the aUe:cing and maintaining of the
.Auzora Memorial Arena, as a result of the recent flooding from the
I
' <?i }
hurricane •
.Al'ID WHEREAS it appears expedient to make such grantl
AND WHEREAS the amount of t):J.e whole rateable property of the
Municipality according to the last revised assessment roll thereof is
$5,401,519.89;
AND WHEREAS the existing debenture debt of the Municipality is
the sum of $1,094,785.66 of which no part of principal or interest i.s
in arrears;
'i AND W.HERB::.AS by Order dated the of
The ontario MUniaipal Board has authorized the creation and issuance
of such debentures and the raising of the monies required for the pay-
ment of such debentures in the manner hereinafter provided and has
approved the exercise by the corporation or the Town of Aurora of its
powers to proceed with, authorize and provide monies f'or the :Purpose
.. ,, .. ---·············-·~>"""'·····-.
- 2 -
of the said borrowing and the passing of all requisite by-laws,
including debenture by-laws;
THEREFORE TEE COUNCIL OF TEE CORPORATION OF TEE TOWN
OF AURORA ENACTS AS FOLLOWS:
1. For the purposes aforesaid there shall be borrowed upon
the redi t of the corporati an a sum not exceeding JtQt:, 000.00 and
shall issue debe1l$Ures therefor in the sum of not less than $100.00
each. Such debentures shall bear interest at the rate of *;, per ,..,,_ ..
annum paya.ble annually and shall have coupons attached
the payment of such interest.
thereto for "1M
~.II\·~
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 J
purpos.e of the said borrowing is approved by Order of Tile ontario
Municipal Board, may bear any date within such year and shall be made ~
payable in annual instalments during the period of twenty years next i
after the date of issue thereof, and the respective amounts of princi ... ~
pal and interest payable in each of such years shall be the amounts so
designated in Schedule "A" hereto annexed, which said schedule is her.~;.
by declared to form part of this by-law. ~.If!
3• The debentures shall be payable as to both principal and
interest in lawful money of canada and may be made payable at such
place or places in Canada as shall be designated thereon. \iYJ'
4. The said debentures shall be sealed with the Seal of ~he
corporation and signed by the head of the council or by some other
person authorize'd. qy by-law to sign same, and by the mreasurer.
The said interest coupons shall be signed by the Treasurer and his
signature thereon may be written, stamped, lithographed or engraved.~ .i'tJ
.5. Collllllencing in the year 19.5~ and thereafter in each year
in which the instalment of principal of the said debt and interest
become due, the corporation shall levy and raise the specific sum
,. __ ,-
•
sho'Wil for the respective year in the fourth column of the said
Schedule ttA"· Such sum shall be levied and raised by a
rate sufficient therefor over and above all other rates
the rateable property in the MUnicipality.
special
upon all \:in·
6. The said debentures may contain a clause providing
for the registration thereof pursuant to section 335 of the
MUnicipal Act•
Pending the sale of the said debentures, the head
of the Council and the Treasurer may raise for the purpose afore-
said by way of a loan on such debentures any sum or sums of money Gf
not exceeding in all the sum hereby authorized to be borrowed andl.-10 • j
may hypothecate such debentures for such loan. ~ ~
B. The corporation shall have the right at its option, i
to redeem the debentures falling due in the last 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
expressed to be payable, upon payment 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 news-
paper of general Provincial circulation published in the City of
Tor onto, and once in a local newspaper, such notice to be advertised
as aforesaid at least thirty days prior to the date fixed for re-
demption. Notice of said intention so to redeem 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 re•
deemed is registered at the address shown in the Debenture Registry
Book. Upon notice being given as aforesaid, the debentures so
' .. '.: ·" ·.· ' .
·'~h-~"'-'"•''''"~~~d~,.,.,"~·-~-~-~---~"--··--··--·: ~-~--~--·-·-· -~-:..,_.,_-,~-"'&%oi<."-'='"~~~~~~~~-·=•·•"·~..;_,.:_:.~--------'-'--~> ~--_: ___________ ::. ______. ____ -------------' ·---\-Tc'CW
' -.
called for redemption, shall be and become due and payable on
the date fixed for redemption, in the same manner and with the
same effect as if .it were the date of maturit,1 specified in such
debenture, and from and after such date so fixed for redemption,
interest on the said debentures shall cease unless payment of the
redenJJ?t;ion price shall not be made on presentation and surrender
of the debenture certificate as therein provided on or after the t ir},
date so fixed for redemptiono ~
.. rl
Read a first and second time this ;2o day of 0'~ 1954.
~(.Mayor Clerk
,(
Read a third time and passed this (I day of ~.._...{ 19.5.(." ·
Mayor Clerk
j
~
J
. .,._,,~
·-·,~
.. 2 •
requisite by-laws, including debenture by·laws;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN
OF AURORA ENACTS AS FOLLOWS:
1. For the purposes aforesaid there shall be borrowed upon
the credit of the corporation a sum not exceeding $15,000.00 and
shall issue debentures therefor in the sum of not less than
$100.00 each. such debentures shell bear interest at the rate of
41. per annum payable annually and shell have coupons attached
thereto for the payment Qf 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 borrowing 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 period of
twenty years next after the date of issue thereof, and the respect-
ive amounts of principal and interest payable in each of such years
shall be the amounts so designated in schedule 11 .~11 hereto annexed,
which said schedule is hereby declared to form part of this by-law.
3. The debentures shall be payable as to botb principal and
interest in lawful money of canada and may be made payable at such
place or places in Canada as she.ll be designated thereon.
4. The said debentures shall be sea led with the seal of the
Corporation and signed by the head of the Council or by some other
person authorized by by-law to sign same, and by the Treasurer.
The said interest coupons shall be signed by the Treasurer and his
signature thereon may be written, stamped, lithographed or engraved.
5. commencing in the year 1956 and thereafter in each year
in whi. ch the instalment of principal of the said debt and interest
become due, the corporation shall levy and raise the specific sum
.. v'
' "·~ .... ;...-,.
Pending the sale of the said debentures, the head of
the Council and the Treasurer 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 l§o 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 last 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 debeu.tures are expressed
to be payable, upon payment 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 cir-
culation published in the City of Toronto, and once in a local news-
paper, such notice to be adYertised as aforesaid at least thirty
days prior to the date fixed for redemption. Notice of said intention
so to redeem shall also be sent by post at least thirty days prior
to the date set for such recemption 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 for redemption, in the same manner .and
~ 4 -
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 re-
demption, interest on the said debentures shall cease unless payment
of the redemption price shall not be made on presentation and sur-
render of the debenture certificate as therein provided on or after
the date so fixed for redemption~
Read a first and secondtime this 20th day of october 19.54
["} · Mayor Clerk
Read a third time and passed this /Ill day or .APril 19.5;5.
Mayor Clerk
~
' ~ tt~rEN A
{'; ,, ~· I'~
SCli'EDULE II A II
$15,000.00 20 years
,,,,,.,·,><'e''•'·'
Year Principal Interest Total
1 s11 $ 500.00 $ 600.00 $1,100.00
"''"""-·~~ . 2 500.00 580.00 1,0~0.00
3 500.00 560.00 1,060.00
.,,,
4 -6oo.oo 540.00 1,140.00
p 600.00 516.00 1,116.00
6· 6oo.oo 492.00 1,092.00
H., 6oo.oo 468.00 1,068.00
8 ~· 700.00 444.00 1,144.00
9 700.00 416.00 1,116.00
10 700.00 388.00 1,088.00
11 8oo.oo 360.00 1,160.00
"·'· -·!"' 12 8oo.oo 328.00 1,128.00
13 . 8oo.oo 296.00 1,096.00
14-·· Boo. oo 264.00 1,064.00
15 900.00 232.00 1,132.00
16 900.00 196.00 1,096.00
17. l,ooo .. oo 16o.oo 1,160.00
18 . 1,ooo.oo 120.00 1,120.00
19 1,ooo.oo ao.oo 1,080.00
20 1,000.00 40.00 1,040.00
$1.5,000.00 $7,080.00 $22,080.00