BYLAW - Borrowing of $28,900.00 - 19570705 - 132157r '"
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BY-LAW NUBBER /3;;J.. (
of the Jv!unicipal Corporation of the
TO\'ll'T OF AURORA
A BY-LAW TO AUTHORIZE THE BORRmVING OF $28,900.00 UPON DEBENTURES
FOR THE COESTRUCTIONOF A SEWAGE PmlPHOUSE ON LOT l06PLAN 2Lr6,
AURORA, A TRUNK SEvJER THEREFROH EXTENDING SOUTHERLY TO WELLINGTON
STREET AND A FORCEHA.IN &'<:TENDING FROH THE PUHPHOUSE TO A STRIP
OF LAND EXTENDING EASTERLY FRON CEETRE STREET AND WESTERLY ALONG
SUCH STRIP OF LAND AND ALONG CENTRE STREET TO CATHERINE STREET
AND TO ACQUIRE A SEOvER EASENENT OVER SUCH STRIP OF LAND,
~VHEREAS the Council of the Corporation of the Tovm of Aurora
have deemed it expedient to construct a selvage pump· house on Lot
106 Plan 2Lr6, Aurora, a trunk sevrer therefrom extending southerly
to Wellington Street and a forcemain extending from the pump·
house to a strip of land extending easterly from Centre Street
and 1-Jesterly along such strip of land and along Centre Street
to. Catherine Street and to acquire a sm>~er easement over such
strip of land, and for this purpose to borrow· a sum not ex-
ceeding $28,900.00 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 preparation and the negotiation
and sale of such debentures·;
AND \VHEREAS it is expedient to make the said debt repayable in
annual instalments during the period of 20 years next af'ter
the date of issue of such debentures•, of such amounts respect-
ively that vli th 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 vrhole rateable property of the
Corporation according to the last revised assessment roll thereof
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AND HHEREAS the existing debenture debt of the Corporation is
the sum of $ .
of i1hich no part of principal or
interest is in arrears;
AND vJF!EREAS three fourths and more of the members of the Council
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•v'l!' · of the Corporation of the Tovm of Aurora has voted in favour of
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this by-la~o1;
AND WHEREAS by Order dated the 14th da:Jr of l'1arch 1956, The
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Ontario Nunicipa.l Board pu:bsuant to Section 8 of The Locar
Inmrovement Act and of Section 67 of The Ontario· Municipal •
Board Act and of Section 388 of The Municipal Act, has approved
the purpose of the said borrowing and the exercise by the Cor-
p·oration of the Tovm of Aurora of its powers to proceed with,
authorize and provide monies for the purpose of the said borrovr-
ing and the passing of all requisite by-laws, including debenture
by-lavrs;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE Tmm OF AURORA
ENACTS AS FOLLOWS:
1. For the purposes aforesaid there shall be borrowed
upon the credit of the Corporation a sum not exceeding $28,900.00
and the Corp·oration shall issue debentures therefor in the sum of
not less than $100.00 each. Such debenture-s shall bear interest
at the rate of six p-er centum (6%) per annum payable annually and
shall have coupons attached there.to for the payment of such int-
erest •.
2. All the debentures shall bear the same date, shallbe
is sued at the one time and vd thin one year after the day on
which the purpose of the said borrmving vras approved by Order of
The Ontario Municipal Board, may bear any date v·Tithin such year
and shall be made payable in annual instalments during the per-
iod 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 11A11
hereto annexed, 1-rhich said schedule is hereby declared to form
part of this by-law,,
The debentures shall be payable as to both principal
and interest in lai·rful 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 1-rith the seal of
the Corporation and signed by the head of the Cotmcil or by
some other person authorized by by-lavr to sign the same, and
by the Treasurer •. Tha said interest coupons shall be signed by
the Treasurer and his signature thereon may be w·ritten, stamped
lithographed or engraved.
5. Commencing in the yea.r 1958 and thereafter in each
year in which the instalment of principal of the said debt and
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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 11 A11 • 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 provid-
ing for the registration thereof pursuant to Section 335' of The
Hunicipal 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 vray of a loan on such debentures any sum or sums of
money not exceeding in all the sum hereby authorized to be bor-
rm·red 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 shovm
in the said schedule thereof at the places vrhere and in the mon-
eys in vlhich the said debentures are expressed to be payable,
upon payment of the principal amount thereof together vii 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 nmo~spaper of general
Provincial circulation, published in the City of Toronot, and
once in a local nevrspaper, 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 •·rhose .na.me a debenture so to
be redeemed is registered at the address shovm in the Debenture
Registry Book •.
9. Upon notice being given as aforesaid, the de-
bentures: so called for redemption, shall be and become due and
payable on the date fixed for redemption in the same manner and
vli th the same effect as if it cvere the date of maturity speci-
fied in such debenture, and from and after such date
for redemption, interest on the said debenture shall
so fixed
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cease unless
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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,
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READ A FIRST AND SECOND TIHE THIS ) DAY OF JULY, 19'57 •.
tlP11~
Clerk
READ A THIRD DAY OF JULY, 19'57.
Mayor Clerk
6% debentures
YEAR
1
2
3
4
5
6
7
8
9
10
11
12
13
14
~5
16
17
18
19
20
PRINCIPAL
800
Boo
900
900
1,000
1,000
1,100
1,200
1,300
1,300
1,400
1,500
1,6oo
1,700
1,800
1,900
2,000
2,100
2,200
2,400
28,900
TOWN OF AURORA
$28,900
1 -20 years
INTEREST TOTAL
1,734 2,534
1,686 2,486
1,638 2,538
1,584 2,484
1,530 2,530
1,470 2,470
1,410 2,510
1,344 2,544
1,272 2,572
1,194 2,494
1,116 2,516
1,032 2,532
942 2,542
846 2,546
744 2,544
636 2,536
522 2,522
4o2 2,502
276 2,476
144 2,544
21,522 50,422