BYLAW - Borrowing of $339,000.00 - 19570705 - 132057\,--.
BY-LAW NUMBER I J~o
of the Municipal Corporation of the
Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF $339,000~00 UPON DEBENTURES
FOR THE ALTERATIONS AND EXTENSIONS OF THE MUNICIPAL SEWAGE TREATMENT
PLANT.
WHEREAS it is considered advisable at this time to alter and
extend t:tJ.e Municipal Sewage Treatment Plant, at a cost of
$339,000~00 as estimated by the Municipal engineers~
AND WHEREAS it is. expedient to borrow for such work a sum
not exceeding $339,000~00 upon the credit of the Corporation, to
issue debentures therefore bearing interest at the rate of six
per centum (6%) per annum paya~le annually, and to provide for
the discount and the expense incidental to the preparations and
the negotiation and sale of such debenture;
AND WHEREAS the Corporation is authorized to borrow such
monies pursuant to Section 388, Subsection 1, Paragraph 66~
of The ~iunicipal Act.
AND WHEREAS the amount of the "torhole rateable property
of the municipality according to the last revised assessment
roll thereof is
AND WHEREAS the existing debenture debt of the municipality
is the sum of of which no part of principal or
interest is in arrears;
AND ~mEREAS by Order dated the day of 19
the Ontario Municipal Board pursuant to Section 67 of The Ontario
Municipal Board Act and/of Section 388(1)(66) of The Munic•ipal Act
has authorized the creation and issue of such debentures and the
raising of the monies required for the payment of sudh debentures
in the manner hereinafter provided and has approved the exer~ise
by the Corporation of the To1m of Aurora of its powers to proceed
with, authorize and provide monies for the purposes of the said
borrowing and the passing of all requisite by-laws, including
debenture by-laws;
THEREFORE T'.dE :MUNICIPAL COUNCIL OF THE CORPORATION OF
THE TO~m OF AURORA ENACTS AS FOLLOWS:
1. For the purposes aforesaid there shall be borrowed upon
the credit of the Corporation a sum not exceeding $339,000~00
and shall issue debentures therefor in the sum of not less
-2-
-3-
7~ · 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 not exceeding in all the sum hereby authorized to 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 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 be advertized 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 t'l'hose 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 paya'j)le 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 redemption, 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~
9o By-La;-1 No. 1273 is hereby repealed. '0
READ A FIRST AND SECOND TIME THIS 5' DAY OF h . 1957
7{~~
Clerk
READ A THIRD DAY OF 19S7
Mayor Clerk
TOWN OF AURORA
$339,000
6% debentures 1 -20 years
YEAR PRINCIPAL INTEREST TOTAL
~-~~~-
' 1 9,000 20,340 29,340 ' ' /·
2 10,000 19,800 29,800
3 10,000 19,200 29,200
4 11,000 18,6oo 29,6oo
5 12,000 17,940 29,940
6 12,000 17,220 29,220
7 13,000 . 16,500 29,500
8 14,000 15,720 29,720
9 15,000 14,880 29,88o
10 16,000 13,980 29,9!30
11 16,000 13,020 29,020
12 17,000 12,06o 29,06o
I 13 19,000 11,040 30,04o t
14 20,000 9,900 29,900
15 21,000 8,700 29,700
16 22,000 7,440 29,44o
17 23,000 6,120 29,120
18 25,000 4,74o 29,740
19 26,000 3,24o 29,24o
20 28,000 1,680 29,680
339,000 252,120 591,120
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