BYLAW - Borrowing of $233,562.50 - 19581103 - 138458[l
BY-LAW. NO. 1384 ..
of the Corporation of the Town 1of Aurora
A BY-LAW TO AUTHORIZE THE EORROWING OF $233, .562 • .50 UPON :QEBENTURES
FOR THE PURPOSE OF ERECTING AND EQUIPPING AN ADDITION TO. THE HIGH
SCHOOL FOR THE AURORA HIGH SCHOOL DISTRICT.
WHEREAS the Aurora High School District comprises the
Town of Aurora, the Township of Xing and the Township of Whitchurch;
AND WHEREAS the Board of Trustees of the Aurora High School have
applied to the Municipa~ Counsils of the above mentioned municipalities
for the sum of $233, .562 • .50 to be raised by the issue of municipal
debentures being required by said Board for the purpose of erecting
and equipping an addition to the High School for the said District~·
at Aurora; which will include the following facilities:
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6 classrooms -700 sq. ft. each
2 laboratories -800 sq, ft. each
1 shop -1400 sq. ft.
1 clothing room -900 sq. ft.
AND WHEREAS the Councils of the said Municipalities have
approved the said Application;
AND WHEREAS it is necessary and expedient.that the Corporation
of the Town of Aurora should raise the said sum of $233,.562,.50
required by the .said Board for the purpose aforesaid by the issue of ,//t
debentures of the Town of Aurora, for the said sum of $233,.562•.50. /v •.
bearing interest at the rat\'ls showp in Schedule "A" attached to and.
forming part of this by-law.
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AND WHEREAS it is expedient 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 19.59 to ~.·
1978, both inclusive, in the respective amounts set forth in Schedule
nAn attached to and forming part of this by-law.
AND WHEREAS the amount of the whole rateable property .~
T-AA~ of the m'm.ieipality, according to the le.st revised assessment roll
thereof is $7,739,113.00.
AND vmEREAS the amount of the existing debenture debt
of the Corporation, exclusive of local improvement debts secured
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by special rates or assessments,,is $1,423,819.80 and no part
of the principal or interest of such debt is in arrear.
AND WHEREAS by Order dated the 31st day of October, 19.57
(File No. P.F.D. 7616-57) the Ontario Municipal Board·has approved
the purpose of the said borrowing and the passing of ail requisite
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by-laws, including debenture by-laws:
THEREFORE THE COUNCIL OF THE MUNICIPAL CORPORATION OF THE TOWN
OF AURORA ENACTS AS FOLLOWS: . .
1. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding($233,562.50) .. J~p
!'oro hundred and thirty-three thousand five hundred and sixty-two }IJ'r'
~ dollars and fifty cents, and shall issue debentures therefor
in the sums of not less that $100.00 each.
2. The debenture shall be dated the JOth 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, ;;fo
both inclusive, and the respective amounts of principal and interest
payable in each of the said years shall be the amount so designate ··
in Schedule "A" attached to and forming part of this by-law.
3. The debentures shall be payable as to both principal
and interest in lawful money of Canada, at the option of the .• ~fp
holder, at the Bank of Montreal in ~he Town of Aurora, or at the ~IJ'""'
principal office of the said Bank in the Cities of.Toronto and
Monteeal.
4. The said debentures shall be sealed with the Seal of
the Corporation and signed by the Head of the Council or by some .. J.h
other person authorized by By-law to sign the same, and by the ;tN~
Treasurer. The said interest coupons shall be signed by the
Treasurer and his signature thereon may be written, stamped
lithographed or engraved.
In each year of the currency of the debentures all sums
required to pay off the debentures and to pay interest thereon shall
be raised by assessment of the ratepayers of the said municipalities
comprising the said High School District in accordance with the
provisions of the High Schools Act from time to time in force, and
accordingly in each year of the currency of the debentures there
shall be levied and raised annually by a -special rate sufficient
therefor, over and above all other rates, an all the rateable
property in the Municipality of the To•m of Aurora, and at the same
time and in the same manner as other rates, the respective amounts
falling due for principal and interest in that year as set forth
in said Schedule IIA"; provided that the respective amounts to be
raised annually as aforesaid may be reduced in each year by the
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respective amounts raised by each of the other municipalities in
said High School District and paid over in such year to the
Corporation of the Town of Aurora, and by such amount as may be
made available for such purpose in such year to the Corporation
of the Town of Aurora by virtue of the general legislative grant
from the Government of the Province of Ontario to the said High
School Board.
6. The said Debentures may contain a clause providing for n~n
the registration thereof pursuant to section 335 of the Municipal }~~
Act.
7 . Pending the sale of the said debentures, the Head of
the Council and the Treasurer may raise for 6he purposes aforesaid
by way of loan on such aebentures 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.
'READ .A FIRST AND SECOND TIME THIS , (: DAY OF __@ ~, 1958.
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READ A THIRD TIME AND FINALLY PASSED THIS 3 DAY OF ~, , 1958.
/1 C2 L/41~
v Clerk "',
1975 1976
No. 17 No.
1977 1978
18 No. 19 No. 20 TOTAL
371.59 . .. ----------,-~-----·--; .. ........................ !·········
2,300.00
.. . . . ..... 3,921± • .09 ...
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. 3;73{l._o_o_!
.. 4' 512.0()1
....... ·-· ···-5 •. 4.0()_._()()_:
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6 60.00 r
..... ······-· -.. ............ -............................ ' 7' 76B .• 75:
.10,3lfl·15J · ..
13 406.25
15,808.00 ..
. 17,.901.00 ..
20,241.00 ..
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.... 22 ·724.oo ... ' . .