BYLAW - Borrowing of $36,100.00 - 19570705 - 132257f• --~-.. ---,-·--~·-. -
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THE CORPORATION OF THE T0 11IN OF AURORA
13-<.2 BY-LA~v NUHBER •••••••
A BY-LAl,'J TO AUTHORIZE THE BORROWING OF $36,100.00 UPON
DEBENTURES FOR THE CONSTRUCTION OF ivATERHAINS BENEATH THE
C.N.R. RIGHT-OF-WAY FROM 10 11 C.N.R. J:;!AIN TO ROSS STREET;
ON ROSS STREET FROH A Ji!K~I 8 11 HAHJ FROM C.N.R. TO NARY STREET;
ON J:IARY STREET FHON ROSS STREET TO WEST LIMIT INDUSTRIAL SUB-
DIVISION; ON 1ilELLINGTON STREET FROH INDUSTRIAL STREET TO Nmv
CENTRE STREET,;, ON NE\'T CENTRE STREET FRON HELLINGTON STREET EAST TO-CENTRE STR,;ET; ON CENTRE STREET FROH NEVJ CENTRE STREET TO
YONGE STREET; ON viELLINGTON STREET EAST FROH NEVJ CENTRE STREET
TO ROSS STREET; ON ~ROSS STREET FROH vJELLINGTON STREET EAST TO
NEW 8 11 !•lAIN FRON C.N.R.
vJHEEEAS the Council of the Corporation of the Tovm of Aurora
deems it expedient to c.ohstruct .watermains beneath the C.N .R •.
right-of-vmy from 10 11 C.N.R.V.iain to Ross Street; on Ross Street
from a nevr8" Hain from C.N.R. to Mary Street; on Vary Street
from Ross Street to l·Iest limit Industrial Subdivision; on
Wellington Street from Industrial Street to Nevr Centre Street;
on Nevr Centre Street from tvellington Street East to Centre
Street; on Centre Street from Nmv Centre Street to Yonge Street;
on Helling ton Street East from Nevr Centre Street to Ross Street;
on Ross Street From illellington Street East to ne1'T 8 11 Main from
C.N.R. and for this purpose to borrovr a sum not exceeding
$36,100.00 upon the credit of the Corporation, to issue debent-
ures therefor bearing interest at the rate of 6% per annum
payable annually, and to provide for the discount and the ex-·
pense incidental to the preparation and the negotiation and
sale of such debentures;
AND i'IHEREAS it is expedient to make the said debt repayable in
annual instalments during the period of 20 years next after the
date of issue of such debentures, of such amounts respectively
that vrith the interest in respect of the debt the aggre gate
amount payable for principal and interest in each year shall be,
as nearly as possible, the same;
AND WHEREAS the amount of the VThole rateable property of the
Corporation according to the last revised assessment roll thereof
AND I'JHEREAS the existing debenture debt of the Corporation is the
sum of $ of uhich no part of principal or interest
is in arrears;
AND ltlHEREAS three fourths and more of the members of the Council
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of the Corporation of the Town of Aurora has voted in favour
of this by-la.1v;
8 0 b 19 rc:6, 1'he AND HHEREAS by Order dated the 1 th day of cto er /
Ontario Municipal Board, pursuant to Section 67 of The Ontario
Municipal Board Act and to Section 388 (1) (66) of The Nunicipal
Act, has approved the purpose of the said borrovring and the
passing of all requisite by-lavrs, including debenture by-lavrs;
THEREFORE THE COUl'TGIL OF THE CORPORATION OF THE TO'.v'N OF AURORA
ENACTS AS FOLLOWS:
1. For the purposes aforesaid there shall be borrovred
upon the credit of the Corporation a sum not exceeding $36,100.00
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 annum payable annually
and shall have coupons attached thereto for the payment of such
interesct.
2. All the debentures· shall bear the same date, shall
be issued at the one time and Hi thin one year after the day on
vrhich the purpose of the said borro-vring vras approved by Order
of The Ontario Nunicipal Boardc; may bear any date vri thin such
year 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 amounts so designated in
Schedule "A 11 hereto annexed, •·rhich said schedule is hereby
declared to form part of this by-lm·r ..
3. The debentures shall be payable as to both princi-
pal and interest in lavrful money of Canada and may be made pay-
able at such place or places in Canada as shall be designated
thereon ..
4. The said debentures shall be sealed vri th the seal
of the Corporation and signed by the heCJ.d of the Council or by
some other person authorized by by-lmr to sign the same, and
by the Treasurer. The said interest coupons shall be signed by
the Treasurer and his signature thereon may be Hritten, stamped,
lithographed or ens raved,,
Commencing in the year 1958 and thereafter in each.
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year in cvhich the instalment of principal of the said debt and
interest become due, the Corporation shall levy and raise the
specific sum shmm for the resiJective 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 Hunicipality.
6. The said debentures may contain a clause providing
for the registration thereof pursuant to Section 335 of T!1e
Nunfucipal Act •.
7. Pending the sale of the said debentures, the head
of the Council and the Treasurer may raise for the purpose afore-
said by 1•TaY of a loan on such debentures any sum or sums of
money not exceeding in all the sum hereby authorized to be bor-
rNred and may hYl10thecate such debentures for such loan •.
8. The Corporation shall have the right at its option
to eedeem the debentures falling due in the last year as shovm
in the said schedule thereof at the places 1vhere and in the
moneys in \•Jhich the said debentures are expressed to be payable,
upon payment of the principal amount thereof together vri th int-
erest 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 nevrspaper 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 re-
demption. Notice of said intention so to eedeem shall also be
sent by post at least thirty days prior to the date set for
such redemption to each person in vrhose name a debenture so
to be redeemed is re;::istered at the address shown in the Debent-
ure Book.
9. Upon notice being given as aforesaid, the debent-
ures so called for redemption, shall be and become due and pay-
able on the date fixed for redemption in the same manner and
1·rith the same effect as if it vrere the date of maturity speci-
fied in such debenture, and from and after such date so fixed
for redemption, interest on the said debenture shall cease unless
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payment of the redemp)Jion price shaJ.l not be made on presenta-
tion and surrender of the debenture certificate as therein
provided on or after the date so fixed for redemption.,
f.
READ A FIRST AND SECOND TINE THIS 5 DAY OF JULY, 1957.
liJayor
READ A THIRD TIEE AND PASSED THIS DAY OF JULY, 1957.
Mayor CJ.erk