BYLAW - Borrowing of $115,000.00 - 19581103 - 138158r.-.--. t ..
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BY-LAW NO. 1381 ~---.
of the Corporation of the To~ of Aurora I
A BY-LAW TO AUTHORIZE THE BORROWING OF $115,000.00 UPON DEBENTURES
FOR THE PURPOSE OF THE ERECTING AND EQUIPPING OF A PUBLIC SCHOOL
FOR THE TOWN OF AURORA.
WHEREAS the Trustees of the Aurora Public School Board
have applied to the Town Council for the sum of $115,000.00 to be
raised by the issue of Municipal debentures, the said sum being
required by the said ~oard for the purpose of erecting on the east
side of George Street, comprising parts of lots 1 and 2, plan 38
Aurora, a new Public School and equipping same.
AND WHEREAS it is necessary and expedient that the ~~
Corporation of the Town of Aurora should raise the said sum of ,,,
$115,000.00 required by the said Board for the purpose of aforesaid
by the issuance of debentures of the Corporation bearing interest
at the rates· shown in 'Schedule "A" attached to and forming part of
the by;....law.
AND WHEREAS it .is ezpedient that the principal of the
said debt shall be repayable in yearly instalments of principal
during a period of twenty years, namely during the years 1959
to 1978 both inclusive in the respective amounts set forth in
Schedule. "A" attached to and forming part of this by-law.
AND WHEREAS the amount of the whole rateable property
of the municipality, according to the last revised assessment roll
thereof is $7,739,113.00.
AND WHEREAS the amount of the existing debenture debt
of the Corporation, is $1,502,876.61 and no part of the principal
or interest of such debt is in .errear.
AND WHEREAS by Order dated the 4th day of July, 1957
the Ontario Municipal Board has approved the purpose of .the said
borrowing and the passing of all requisite by-laws, including
debenture by-laws:
j ! THEREFORE THE COUNCIL OF THE MUNICIPAL CORPORATION OF THE TOlffl
i 1 OF AURORA ENACTS AS FOLLOWS: :1~t-
1. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding One hundred
and fifteen thousand dollars ($115,000.00), and shall issue
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debentures therefore in sums of not less than $100.00 each.
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z. The debenture shall be dated the 30th day of
September, 1958, and shall be made payable in twenty(20) annual
instalments on the 30th day of September, in each of the years
1959, to 1978, both inclusive, and the respective amount~ of
principal and interest pa~able in each of the said years shall
be the amount so designated in Schedule "A" attached to and
forming part of this by-law.
3. The debentures shall be payable as tq both principal
and interest in lawful money of Canada, at the option of the
holder, at the Bank of Montreal in the Town of Aurora, or
at the p~incipal office of the said Bank in the Cities of Toronto
and Montreal.
4. The said debentures shall be sealed •ri 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 ~,w
Treasu!'er, The said interest coupons shall be signed by the
·Treasurer and his. signature thereon may be written, stamped,
lithographed or engraved,
5. Commencing in the year 1959 and thereafter in each
year in which an instalment of principal of the said debt and
interest become due, the Corporation shall levy and raise the ~&/PI
specific sum shown for the respective year in the fourth column ,A
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 municipality assessed to
Public School supporters.
6. The said debentures may contain a clause providing for "~J0
the registration thereof pursuant to section 335 of the Municipal;fVlfv
Act.
?. Pending the sale of the
the Council and the Treasurer may
by way of loan on such debentures
said debentures, the Head of .
raise for the purposes aforesaid~'
any sum or sums of money not J
exceeding in all, the sum hereby authorized to be borrowed and may
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hypothecate such debentures for such loan.
READ A FIRST AND SEOOND TIME THIS 6 DAY OF ./1!c:ti:~tv. , 1958.
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READ A THIRD TIME AND FINALLY PASSED THIS 3 DAY OF ffi t/,, 1958.
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· THE CCRP0RATION OF THE TOWN OF .Al!RORA
Schedule 11A"
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(' . Debenture Year of l;c:nt;. lo· ».turit:r Principal Rate )lterest Total
l 1959 $.3,100.00 ~ ~.JAS.75 $l.0,24S.?5
2 1960 .3,.300.00 ~ 6,970.50 10,270.50
.3 1961 .3,500.00 5~% 6,780.75 10,280.75
4 1962 .3.,700.00 ~ 6.,579.;50 10,279.50
5 196.3 .3,900.00 -~ 6,.366.75 10,266.75
6 1964 4,100.00 6% 0,142.50 le.,;242o50
7 1965 4,400.00 6% 5,896.50 10,296.50
8 1966 4,700.00 ~% 5,6.32.50 10 ,.3.32 • .50
9 1967 4,900.00 6% 5,.350•50 10,250.50
·~,1 10 1968 5,200.00 6% 5,056.50 '10,250.50
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11 1969 5,500.00 ~ 4,744·50. l01 244.5G
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12 1970 5,900.00 6l% 4,400.'15 10,~.75
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1.3 1971 6 .300i00 , ' 6*' 4,0,32.00 10,.3.32.00
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14 1972 6,6oo.oo 0i% .3,6.38.25 10,2,38.25 .
15 197.3 7,1oo.oo ~ .3,225.75 10,.325.75
16 1974 7,500.00 ~ 2,782.00 10,282.00;
17 1975 8,000.00 Oi% 2,294.50 10,294.50
18 1976 S,5oo.oo ~% 1,'774.50 10,274.50
19 1977 9,100.00 6i% 1,222.00 10,.322.00
20 197S 9,7oo.oo ~ 6,30.50 10,.3.30.50
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' \ .. <-,/ $115,000.00 $90,669.50 $205,669.50
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BY-LAW NO. I 3 ? I
SCHEDULE "B"
DEBENTURE COUPONS MATURING
1959 1960 1961 1962 1963
No. AMOUNT Year ol Interest
Maturity Rate No. 1 No. 2 No. 3 No. 4 No.
'r".' 1 , [j\ ____ 1~_:J.Q_O.QQ __ 1C)_2_9 __ p_-::~~% __ 1,78.~ _____ _
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30th
1961+
5 No. 6
' '1-2 3,300,00 1960 ~-3/4% 189.7 189.75 ' ---~--··------·-----~---·---------~-----~ .. --.. ------r--,_--.-.-~,.. -~-~-------.... -----~-----·---------.. --
5 3,900~00 1963 ~-3/4% 224.2 224.25 224.25 224.25 224.25 ....
·. ·i 6 4,100.00 1964 6% 246.0< 246.oo 246.oo 246.oo 246.oo 246.oo 00 ,_;:: ,_c
--· -1 ···---····-
7 4,400,00 1965 6% 264 ,Q( 264.00 264.00 264.00 264.00 264.00
8 4,700.00 1966 6% 282.0 282.00 282.00 282.00 282.00 282,00 oo. , __ , __
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9 4,90Q,QQ 1967 6% ii ,. v t:: -· -------~-~--·-,---·------~ ~-·--·-·· ~---------·-'"'' --------------~·-· ·------------------------~-----------·--~-------·----------------------
' 10 5,200,00 1968 6%
294.0< 294.00 294.00 294.00 294.00 294.00
312.0( 312.00 312.00 312.00 312.00 312.00
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11 5,500.00 1969 6-k%
12 5,900,00 1970
13 6,300.00 1971 6-k% 393. 7' 393.75 393.75 393.75 393.75 393.75
····----~-.. ··--····-· ·-···-·-. . .. --··-+ ··-···--··-... ----... -.....
14 6,600.00 1972 412.5C 412,50 412.50 412.50 412.50 412.50
15 7,100.00 1973 443.7~ 443.75 443.75 443.75 443.75 443.75
16 7,500.00 1974 6i% 487.5C 487.50 487.50 487.50 487.50 487.50
·+····· "'+ ·-" . ----.--. -·
17 8,ooo.oo 1975 6i% 52o.oc ., ------.,, .. ,,, --. ---........ ---··· -. ·-+-·-·· .. ',,,,,. ···---· 520,00 520.00 520.00 520.00 520.00 00 .. tu
18 .,. 8,500.00 1976
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6i% 552,5C 552.50 552.50 552.50 552.50 552.50
'v····\.:--. (y_:,-,,·_; r-o i)c:-;; :J •.• --\.... C\).
1974 1975 1976 1977 1978
15 No. 16 No. 17 No. 18 No. 19 No. 20 TOTAL
178.25 .. -----~ ---------·-·----··-·-·----------··· -~---------
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851.00 . ----------------------------. ----------------·-----------·-------------11 ----------.--.:: .. : ...... __ -':
1,121.25
1,476.00
1,848.00
-··---···----...... ----------------------------·---·----···-----·---------·-------···II----------·-------·-----
2,256.00
2,646.00
----------·-----·---------·----------·-.-----·-------------11----------------------::
3,120.00
3,781.25
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4,425.00
5,118.75
5, 775.00 '
75 6,656.25
50 487.50 --+-. -----····----. 7,800.00
00 520.00 520.00 8,840.00
50 552.50 552.50 552.50
50 591.50 591.50 591.50 591.50 11,238.50 -----------·--------------_____________ ,._, ________ .