BYLAW - Borrowing of $5,300.00 - 19571021 - 133757L_, _______ _
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BY-LAW NUMBER 1337
of the Municipal Corporation of the
TOWN OF AURORA
A BY-LAW TDAUTHORIZE THE BORROWING OF $5l~OO.OO UPON DEBENTURES
FOR THE CONSTRUCTION OF A WATERMAIN ON TY~R STREET~IN THE TOWN OF
AURORA. ~ Wmyle.1tJ4ST
WHEREAS the Council ef the Cerporation 0f the Town of Aurora deemed
it expedient to instal a watermain to replace a watermain on Tyler
Street, and for this purpose to borrow a sum notexceeding $5,300.00
upon the credit of the Corporation, to issue debentures therefor
bearing interest and payable in accordance with Schedule "A" hereto,
and to provide for the discount and the expenses incidental to the
preparations and negotiations and the sale of such debentures,
AND WHEREAS it is expedient to make the said debt repayable in annul
instalments during the period of 15 years next after the date of issue
of sue~ debentures, of such amounts respectively that with the in-
terest 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 prope~ty of the
municipality accerding te the last revised aasessment roll thereof
is $5,567,090.00 and whereas the amount ef t~·existing debenture
debt of the Corporation is $1, 07g, 568.00, of.· .which no part of
principal and interest is in arrears;
AND WHEREAS by Order dated the 20th day of December, 1955, Number
B.F.D. 493g-55, t~e Ontario Municpal Board, pursuant to Section 67
. N!qnicipal
of the Ontario{Board Act and of Section 3gg(1) paragraph 66 of The·
Municipal 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, authorise and provide monies for the purpose of the
said borrowing and the passing of all requisite by-laws, includin~
debenture by-laws;
AND WHEREIS by Certificate dated the lst day of November 1955, the
Department of Health of Ontario approved the purposes of the said
r ·, borrowing;
I : ,_,, THEREFORE THE COUNCIL OF THE CORP ORATION OF THE TOWN OF AURORA ENACTS
AS FOLLOWS:
l. For the purposes aforesaid there shall be borrowed upon the
credit of the Corporation a sum not exceeding $5,300.00 and the
Corporation shall issue debentures therefor in the sum of not less
than $100.00 each.
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2. All the debentures shall bear the same date, shall be
• S//h''-L Ji'E D&TE!) /hit!' d.-t:Aj 0.&)1'
issued at the one time !al:'IQ. withia sse yea,;p afteP tlae aQ3" en wlaiela
OF S'EPTEHBER /'7~7
baa O@~J .. ~.pese gf tla.& · saiQ. 'bePPe"tdBg nae ~13PeveQ l3y QpEleP ef Tiae Oa1ia:P1o
Mun'c'pa1 Bo1o1:cd~ may bea:c ~;~sy Q.ate w;lt:Sia suela yeapland shall be
made payable in .annual instalments during the period of 15 years next
after the date of issue thereof~ and the respective amounts of prin-
cipal and interest payaqle 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~
Thedebentures shall be payai::lle as to both principal and
interest in lawful money of Canada and may be made pa~le at such
place or places in Canada as shall be designated thereon.
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~
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 IIAII~
Such sum shall be levied and raised by a special rate sufficient
ilherefor over and above all other rates upon all the rateable property
in the Municipality.
The said debentures may contain a clause providing for the
re~-istration thereof pursuant to section 335 of the Municipal Act.
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 not exceeding
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in all the sum hereby authorized to be borrowed and may hypothecate
such debentures for such loan~
READ A FIRST AND SECOND TIME THIS It} DAY OF AUGUST, 1957
R$AD A THIRD TIME AND PASSED THIS .,.< / DAY OF~l957
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