BYLAW - Borrowing of $30,800.00 - 19570903 - 132457i i I ; u
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BY-LAW NUMBER I 3..( 'f
of the Corporation of the Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF $.30,800~00 UPON DEBENTURES
FOR THE RENOVATION AND REPAIRING OF THE MUNICIPAL BUILDING LOCATED
AT THE NORTH WEST CORNER OF CHURCH AND VICTORIA STREETS~
WHEREAS the Corporation is the owner of the former Public School
Building,, now a Municipal Building, and deem it expedient to make
certain repairs thereto for use by the Corporation and otherwise,
and for this purpose to borrow a sum not exceeding $.30,800.00
upon the credit of the Corporation, to issue debentures therefor
bearing interest at the rate of 6% per annum payable annually, and
to provide for the discount and the expense incidental to the pre~
paration and the negotiation and sale of such debentures;
AND WHEREAS it is expedient to make the said debt repayable in annual.
instalments during the period of 10 years next after the date of
issue of such debentures, of such amounts respectively that with
the interest in respect of the debt the aggregate amount payable
for principal and interest in each year shall be, as nearly as pos-
sible, the same;
AND WHEREAS the amount of the whole rateable property of the Corpor-
ation ~ccording to the last revised assessment roll thereof is
$ .,f; /.f ~ b .1 Lf !J?"U'J
AND MIEREAS the existing debenture debt of the Corporation is the
sum of $ I J 0 'f) 7, q t 3 .sJ>f which no part of principal or interest is
in arrears;
AND WHEREAS three fourths and.more of the members of the Council of
the Corporation of the Town of Aurora has voted in favour of thi's
by ... law;
AND i~EAS by Order dated the 2nd day of August l9SS,
The Ontario Municipal Board pursuant to Sections 67 and 68 of The
Ontario Municipal Board Act has approved the purpose of the said
borrowing and the exercise by the Corporation of the Town of Aurora
of its powers to proceed with, authorize and provide monies for the
purpose of the said borrowing and the passing of all requisite by-
laws, including debenture by-laws;
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TEEREFORE TEE COUNCIL OF TEE COJ;lPORATION OF TEE T011/N OF AURORA
ENACTS AS FOLLOWS
l. For the purposes aforesaid there shall be Borrowed
upon the credit of the Cprporation a sum not exceeding $30,800.00
and the Corporation shall issue debentures therefor in the sum of
not less than $100.00 each. Such debentures shall bear interest
at the rate of six per centum (6%) per an_num payable annually
and shall have coupons attached thereto for the payment of such
interest.
2. All the debentures shall bear the same date, shall be
issued at the one time, during the year 1957, after the date on
which this by-law is finally passed and shall be made payable
in annual instalments during the period of 10 years next after
the date of issue thereof, and the respective amounts of prin-
cipal and interest payable in each of such years shall be the
amounts so designated in Schedule "A" hereto annexed, tvhichsaid
schedule is hereby declared to form part of this by-laiv.
3· The debentures shall be payable as to both principal
and interest in la"lvful money of Canada and may be made payable
at 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 by by-law to sign the 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 1958 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 shown for the respective year in the fourth column
of the said Schedule "A". Such sum shall be levied and raised
by a special rate sufficient therefor over and above all other
rates upon all the rateable property in the Municipality.
6. The said debentures may contain a clause providing
for the registration thereof pursuant to Section 335 of the
lvlunicipal Act.
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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 no~,
exceeding in all the sum hereby authorized to be borrowed ano. may
hypothecate such debentures f'or 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 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 in-
tention 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 be 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
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date set for such redemption to each person in whose name a de-
benture so to be redeemed is registered at the address sho~;n in the
Debenture Registry Book.
Upon notice being given as aforesaid, the debentures so
called f'or redemption, shall be and become due and pay.able on the
date fixed f'or redemption, in the same manner and with the sama
effect as if it were the date of maturity specified in such debent-
ure, and from and after ... such date so fixed for redemption, interest
on the said debenture shall cease unless payment of the redemption
price shall not be made on presentation and surrender of' the debent-
ure certificate as therein provided. on or after the date so fixed
for redemption. ,..···
10. By-Law No~ 1237 is hereby repealed.
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READ A FIRST AND SECOND TIME THIS fo!;TH DAY OF JULY, 19 57.
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y~d I . .t.-1:-.L· > READ A THIRD TIME AND PASSED THIS .J-DAY OF Jd7~.--<r'-'-1957.
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1958
19.59
1960
1961
1962
1963
1964
1965
1966
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1967
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CORPORATION OF THE TOWN OF AURORA
SCHEDULE "A"
$30,800.
to By .. Law 1.324.
AT 6~ FOR TEN YEARS.
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PRINCIPAL INTEREST TOTAL
$ 2,.300~ $ 1,848. $ 4;148.
2~500~ 1, 710. 4,210~
2,6oo. 1,.560. 4,160.
2,soo. 1,404. 4,204~
J,ooo. 1,2.36. 4,2.36.
.3,100 • 1,0.56~ 4,1.56 •
.3~.300. 870. 4,170.
J,soo. 672. 4,172~
J,?oo. 462. 4,162~
4,ooo. 240. 4,240.
$.30,800. $11,0.58. $41,8.58.
Certified correct as amended and each additional
copy of Schedule "A" to By-Law No. 1.324 has been
eo amended and certified.
Mayor
Clerk-
Treasurer ~~~~~~~~~~
Date 18th October 1957