BYLAW - Borrowing of $36,000.00 - 19570903 - 131957I r
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BY-LAW NO. I .3 1c;
of the Corporation of the Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF f36,000~00 UPON
DEBENTURES FOR THE RENOVATION AND ALTERATION OF THE MUNICIPAL
OFFICE BUILDING AND FOR THE CONSTRUCTION OF AN ADDITION THERETO
AND FOR FURNITURE AND FITTINGS FOR THE MUNICIPAL OFFICE AND
COUNCIL CHAMBERS.
WHEREAS the Council of the Corporation of the Town of Aurora
deem it expedient to make certain alterations and renovations
to the Municipal Office Building and to construct an addition
thereto and to purchase certain furniture and fittings for the
Municipal Office and Council Chambers.and for this purpose
to borrow a sum not exceeding $36;ooo~oo upon the credit
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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 WHEREAS it is expedient to make the said debt repayable in
. a~~ual instalments during the period of 20 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 possible, the same;
AND WHEREAS the amount of the whole rateable property of the
Corporation according to the last revised assessment roll thereof
is $ .. ri 4~ ~' il>(,o o
AND WHEREAS the existing Cj.ebenture debt of the Corporation is the
sum of $/,t''f)7,q(-3•)3 of 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 Tow.n of %urora has voted in favour of
this by .. law;
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AND WHEREAS by Order dated the 6th day ''df June 19.5.5,
The Ontario Municipal Board pur~uant to Section 6? 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 proce'&d with, authorize and provide monies for the
purpose of the said borrowing and the passing of allrequisite
by-laws, including debenture by-laws;
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THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA
ENACTS AS FOLLOWS :
1. For the purposes aforesaid there shall be borrowed
upon the credit of the Corporation a sum not exceeding $36,000.00
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
interest.
2. All the debentures shall bear the same date, shall
be issued at the one time, during the year 1957, after the day
on which this by-law is finally passed 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" hereto annexed, which
said schedUle is hereby declared to form part of this by-law.
3· The debentures shall be payable as to both principal
and interest in lawful 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-la1.v to sign the same, and
by the Treasurer. The said interest coupons shall be signed by
the Treasurer and his signature thereon may be ivri tten, stamped,
lithographed or engraved.
5. Commencing in the year 1958 and thereafter inmch
year in which the instalment of principal of the said debt and
interest become due, the Corporation shall levy and raise the
specific sum shovm 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 Hunicipality.
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The said debe~tures may contain a clause providing
. for the registration thereof pursuant to Section JJS of the
Municipal Act.
Pending the sale of the said debentures, the head
of the Council and the Treasurer may raise for the purpose afore-
said by ~Jay 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.
a. The Corporation shall have the right at tts 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 bepayable, upon
payment of the principal amount thereof tog~ther 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· or Toronto, and once in a
local newspaper, such notice to be advertised as aforesaid at
leastthirty 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 name a debenture so to be redeemed is regis-
tered at the addresssho<m in the Debenture Registry Book~
Upon notice being given as aforesaid, the debenture 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 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 fixedtk for redemption~
10. By~Law No.l2JO is hereby repealed• 5'" .
READ A FIRST AND SECOND TIME THIS ~H DAY OF JULY 1957.
JH 2¥,~ 4-A/~:._ (j Ma~ Clerk
READ A THIRD TIME AND ASSED THIS # DAY OF~ 1957
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YEAR
1958
1959
1960
1961
1962
1963
1964
1965
2966
2967
1968
1969
2970
1971
1972
197.3
1974
197.5
1976
1977
CORPORATION OF THE TOWN OF AURORA
SCHEDULE "A 11
to By .. Law 1319
$36,000. AT 6% FOR TWENTY YEARS
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PRINCIPAL INTEREST
$1,000~ $ 2,160~
1,ooo. 2,100.
1~100. 2,o4o.
1,200. 1,974~
1,200~ 1,902.
1 1 300. 1,830.
1,400~ •' 1$7.52.
1,500. 1,668.
1,6oo. 1,578.
1,700. 1,482~
2,8oo. 1~.380.
1,800. 1,272.
2,000. 1,164.
2,100• 1,044.
2,,200,. 918.
2 1 30Q~ 786.
2,500~ 648.
2,6oo. 498•
2,800. 342.
2,900. 174•
$36,ooo. $26,712.
TOTAL
$ 3,160~
3,100.
3,140.
.3,174.
3,102.
3,130.
.3,152~
.3,168.
3,178.
3,182.
.3,180.
.3,072.
3,164~
.3,144.
3,118~
3,086.
3,148~.
3,098~
3,142•
3,074~
$62, 712~ \
Certified correct as amended and each additional
copy of Schedule 11 A" to By-Law No.l319 has been
so amended and certified.
Date 18th October 1957
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