BYLAW - Borrowing of $225,000.00 - 19570401 - 131457r·
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BY-LAI'V NUMBER /3 j Lj
of the Municipal Corporation
of the Town of Aurora.
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A BY-LAW TO AUTHORIZE THE BORROWING OF $225,000.00 upon DEBENTURES
FOR THE PURPOSE. OF ERECTING AND EQUIPPING AN ADDITION~ THE HIGH
SCHOOL FOR THE AURORA HIGH SCHOOL DISTRICT.
WHEREAS the. Aurora High School District comprises the Town of
Aurora, the Township of King and the Township of Vfuitchurch;
AND 1tffiEREAS the Board of Trustees of the Aurora High School have
applied to the Municipal Councils of the above mentioned
municipalities for the sum of $225,000 to be raised by the issue
of municipal debentures being required by said Board for the purpose
of erecting and equipping an addition to the Hign School for the said
District at Aurora;
AND W1EREAS the Councils of all the said municipalities
have approved the said Application;
AND WHEREAS it is necessary and expedient that tre Corporation
of the Town of Aurora should raise the said sum of $225,000.00 required
by said Board for the purpose aforesaid by the issue of debentures
of the Town of Aurora, for the said sum of $225,000.00 bearing
interest at the respective rates hereinafter mentioned, Which is the
amount of the debt intended to b~ created by this by-law;
AND WHEREAS it is expedient that the principal of the said
debt shall be. repayable 1.n yearly instalments of pr-incipal during a
period of twenty years, namely, during the years 1958 to 1974, both
i]1Clusive, in the respective amounts set forth in Schedule 11 A11 hereto
attached; ·
AND WHEREAS the amount of the whole rateable property of the said
Town. of Aurora according to the last revised assessment roll is
$
AND \rJHEREAS the amount of the existing debenture debt of the
corporation of the Town of Aurora, exclusive of local improveljlemt
debts secured by special rates of assessments, is $
and no part of the principal or interest of such debt is in arrear;
AND WHEREAS by order dated the day of A.D.
the Ontario Municipal Board has approved the said undertaking and the
passing of all requisite by-laws, including debenture by-laws;
THEREFORE THE COUNCIL:., OF THE CORPORA_TION OF THE TOWN OF
AURORA ENACTS AS FOLLOWS: -
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11. For the purpose a:foresaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding $225,000.00 ·
,/!,and shall issue debentures therefor in the sum not less than $100.00
,M/) each. and . bearing interest at the rate of S.!-~per centum per wr annum payable annually and having coupons atta'Cned 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 date 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 20 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.
interest
place or
The Debentures shall be repayable as to both principal
in law:ful money of Canada and may be payable in such
places in Camda as shall be designated thereon.
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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
> • .Ad, Treasurer. The interest coupons shall be signed by the Treasurer
VI'"-and his signature thereon may be written:· stamped, lithographed
or engraved.
5 ~ In each year of the currency of the debentures all sums
required to pay o:ff the debentures and to pay interest thereon shall
be raised by assessment of the ratepayers of the said municipalities
comprising the said High School ~istrict in accordance with the
provisions of the High Schools Act from time to time in force, and
accordinglyin each year of the c£rrency of the debentures there
shall be leli'ied and raised annually by a special rate sufficient
therefor, over and above all other rates, on all the rateable
property in the Municipality of the Town of Aurora, and at the same
time and in the same manner as other rates, the respective amotunts
falling due for principal and interest in that year as set forth
in said Schedule "A"; provided that the respective amounts to be
raised annually as aforesaid may be redmced in each year by the
respective amounts raised by each of the other .municipalities in
said High School District and paid over in such year to the
Corporation of the To~1 of Aurora, and by such amount as may be made
available for such purpose in such year to the Corporation of the
Town of Aurora by virtue of the general legislative grant from the
Gqvernment of the Province of Ontario to the said High School Board.
6. ~e Debentures may contain a clause providing f0i the
registration thereof pursuant to Section 335 of the Munic4,pii<l Act.
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7. Pending the sale of the debentures, the head qf.the Council
and the Treasurer may raise for the purpose afore.13aid by way of loan
..• M~on such debentures, any sum or sums of money not exceeding in all the
VYfivy sum hereby authorized to be borrowed and may hypothecate such
debentures for such loan. ':;"-·~
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8. The Corporation shall have the right at its option, to
redeem the debentures falling due in the twentieth 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 newspaper of general Provincial circulation
published in the City of Toronto, and once in a local
newspaper, such notice to b~ advertised 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 redemption to each
person in whose nane a debenture so to be redeemed is registered
at the address shovm in the Debermre 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 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 debenture shall cease unless payment of the redemption
price shall not be made on presentation and surrender of the
debenture certificate as therein provided on or after the
date so fixed for redemption.
READ a first and second time this first day of April 1957.
Clerk
READ a third.time and passed this day of 1957
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