BYLAW - Consolidate the Sums Authorized to be Borrowed - 19570705 - 132357THE CORPORATION OF THE TO\VN OF AURORA
BY-LAW NIDffiER. /.J.~.~ ...
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A BY-L_A.W TO CONSOLIDATE THE SUMS AUTHORIZED TO BE BORRO~IED BY
BY-LAWS N'ffilffiERS 1"'1 4 , t':\o.--o '~'/' , and '~""'"
INTO ONE SUM OF $440,000.00 AND TO BORRO\!J SA1>1E BY THE ISSUE OF
DEBENTURES THEREFOR,,
WHEREAS the Jvlunicipal Corporation of the To~;rn of Aurora, vrith the
approval of the Ontario Jvlunicipal Board by Order dated the 6th day
of Jtme, 1955, Number E.F.D-:3343-55, passed By-lavr Number 13! CJ'
to provide for the borrovring of $36,000.00 by the issuance of
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 Jvlunicipal Office and
Council Chambers and to provide that the sa,id sum shall be re-
payable in yearly sums 'lvith interest during the period of 20 , '
years in such amotmts res'Pectively of principal and interest
as set forth in Schedule "A" hereto attached;
AND WHEREAS the Municipal Corporation of the Tovm of Aurora, 'lvi th
the approval of the Ontario Municipal Board by Order dated the
lY,th day of Jvlarch, 1956, Number E.F.D.221Jo,, passed By-lavr N1imber
to provide for the borrov!ing of $339,000.00 by the
issuance of debentures for the alterations and extensions of and
to the Nunicipal Sewage Treatment Plant and to provide that the
said sum shall be repayable in yearly sums vri th interest during
the period of 20 years in such amounts respectively of principa]
and interest as set forth in Schedule "B" hereto attached;
AND WHEREAS the Jvlunicipal Corporation of the Tovm of Aurora, vri th
the approval of The Ontario-Municipal Board by Order dated the
14th day of March, 1956, Number E.F.D.Jf458 (6-9)-'55, passed By-
la,,J Number 13 '-1 t "d h b $ 8 • o provl e for t_ e orro1·1ing of 'p2:, 900.00 by
the issuance of debentures for the construction of a sewage
pump house on Lot 106, Plan 246, 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 vresterly along such strip of land and along
Centre Street to Catherine Street, and to acquire a sewer ease-
ment over such strip of land and to provide that the said sum
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shall be repayable in yearly sUJUs with interest during the period
of 20 years in such amounts respectively of principal and interest
as set forth in Schedule "C" hereto attached;
AND i'IHEREAS the Municipal Corporation of the Tmm of Aurora, vJi th
the approval of The OntarioMunicipal Board by Order dated the
18th day of October 1956, Number E.F .D .. -6771-(a)-56, passed By-
La1v Nfunber for the borroving of $36,100.00 by the issu-
ance of debentures for the construction of vratermains beneath
the C.N.R., right-of-vray from 10 11 C.N.R., Main to Ross Street;
on Ross Street from a nm-r 8 11 main from C.N.R. to VJary Street; on
Mary Street from Ross Street to West limit Industrial Subdivision;
on Wellington Street from Industrial Street to New Centre Stree•t;
on New Centre Street from \'iellington Street East to Centre Street;
on Centre Street from New Centre Street to Yonge Street; on
Wellington Street East from New !Sentre Street to Ross Street; on
Ross Street from Wellington Street East to nevr 8 11 Main from C .N. R.,
and to provide that the said sum shall be repayable in yearly sums
vrith interest during the period of 20 years in such amounts re-
spectively of principal and interest as set forth in Schedule "D"
hereto attached;
AND viHEREAS it is desirable to consolidate the sUJUs authorized to
be borrovred by By-laws l,'lil 13')0 1~)..-/ 13'J.'>-
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into\:one sUJU of ~p44o,ooo.oo and to issue debentures therefor in
one consecutive issue;
AND WHEREAS the amount of the vrhole rateable property in the
Municipality according to the last revised assessment roll thereof
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lS ~P and the amount of the existing debenture debt
of the Corporation, exclusive of local improvement debts:secured
by special rates or assessment is $ , of •·rhich no
part of the principal or interest is in arrears;
'--J THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA
ENACTS AS FOLLmvS:
1. The sums authorized by By-lavrs Numbers 13 ''7'
I :-, 1-t /~1-1-to be borrowed are ' and
hereby consolidated into one sum of $44o,ooo.oo and debentures
shall be issued therefor in one consecutive issue in sums of not
less than $100.00 each and bearing interest at the rate of six
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per centum (6%) per annum payable annuall;~r and having coupons
attached thereto for the payment of the interest.,
2., For the purpose aforesaid the Corporation shall
borro•r upon the credit of the Corporation a su._rn not exceeding
$lt1~o,ooo.oo and shall issue debenturesc therefor in sums of not
less than ~PlOO.OO each. Such debentures shall bear interest
at the rate of six percentum (6%) per annum_payable annually
and shall have coupons attached thereto for the payment of such
interest~-
3· All the debentures shall bear the same date, shall
be issued at the one time and vrithin one year after the day on
vrhich the purpose of the said borrovring vras approved by Order
of The Ontario Municipal Board, may bear any date vrithin such
year and shall be made payable in annual instillments 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 "E"
hereto annexed, I>Jhich said schedule is hereby declared to form
part of this by-lavr.
lt. The debentures shall be payable as to both principal
and interest in law-ful money of Canada and may be made payable
at such place or placesin Canada as shall be designated thereon.
The said debentures shall be sealed vri th 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.
6. Commencing in the year 195'8 and thereafter in each
year in lvhich 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 "E". 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 Municipality.
The said debentures may contain a clause providing
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for the reg~stration thereof pursuant to Section 335 of The
Municipal Act •.
8. Pending the sale of the said debentures, the head
of the Council and the Treasurer may raise for the purpose afbre-
said by c·ray of a loan on such debenture·s•: any sum or sums of
money not exceeding in all the sum hereby authorized to be bor-
rovred and may hypothecate such debentures for such loan.-
The Corporation shall have the right at its option,
to redeem the debentures-•. falling due in the last year as shmm
in the said schedule thereof at the places lvhe re and in the
moneys in vrhich the said debentures• are expressed to be payable,
upon payment of the principal amount thereof together with ·.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 ne1vspaper of gen,eral
Provincial circulation, published in the City of Toronto-, and
once in a local ne1-rspaper, such notice to be advertised as afore-
said 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 vrhose name a debenture so to be redeemed is regis-
tered at the address shmm in the Debenture Registry Boo·k •.
10. Upon notice being given as aforesaid, the debentures·
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 fixed for redemption.
READ A FIRST AND SECOND TINE THIS
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~ -DAY OF JULY, 19'57 •.
Mayor Clerk
READ A THIRD TIME AND PASSED THIS DAY OF JULY, 19')7.
Mayor Clerk