BYLAW - Borrowing of $67,000.00 - 19580407 - 136458[
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BY-LAW NO. /3b 'f ~.4-~ m-;e',._._.r-.
/ #/.??"Y' OF THE CORPORATION OF THE TOWN OF AUBORA
A BY-LAW TO AUTHORIZE THE BORROWING OF $67,000.00 UPON DEBENTURES
FOR THE PURPOSE OF ERECTING AND EQUIPPING A FOUR ROOM ADDITION TO
THE GEORGE STREET PUBLIC SCHOOL IN THE TOWN OF AURORA.
WHEREAS the Trustees of the Aurora Public Schpol Board
have applied to the Town Council for the sum of $67,000.00 to be
raised by the issue of Municipal debentures, the said sum being
required by the. said Board for the purpose ~ ~,. r I ~, ~>6'>1"e.o/ i2c•c.cd
side of George Street.~, comprising parts of
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Aurora, a(four room addition and equipping
erected George Street Public Schoolj
Bco(Yc:; ;y
of erecting on (the east
lots 1 and 2, plan 38}
same to the newly
AND WHEREAS it is necessary and expedient that the
Corporation of the Town of Aurora should raise the said sum of
3 I o • ,.,.., · .r-u
$67,000.00 required by the said Board for the purpose of aforesaid
by the issuance of debentures of the Corporation bearing interest
at the rate hereinafter mentioned.
AND WHEREAS it is expedient that the principal of the
said debt shall be repayable in yearly instalments of principal
1 7bO
during a period of twenty years, namely during the years 1959
,, 7 '1
to 1978 both inclusive in the respective amounts set forth in
Schedule "A" ~ttached~~..-O.AMt4tf'.cc,
AND WHEREAS the amount of the whole rateable property
of the municipality, according to the last revised assessment.roll )\
thereof is $6,057,146.00 •
AND WHEREAS the amount of the existing debenture ·debt
of the Corporation, exclusive of local improvement debts aecurred
by special rates or assessments, is $1,403,597.78 and no part
of the principal or interest of such debt is in arrear.
AND ,WHEREAS by Order dated the day of~~he Ontario
Municipal Board has approved the purpose of the said borrowing )(
and the passing of all requisite by-laws, inclu4ing debenture
by-laws:
THEREFORE THE COUNCIL OF THE 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 Sixty-seven
thousand Dollars ($67,000.00), and shall issue debentures therefore
in sums of not less than $50.00 each. Each debenture shall bear
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interest at the rate of ~if per centum ( b ) 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 one time and within two years after the day on which
this by-law is passed, may bear any date within such two years
.and shall be made payable in annual instalments during the period
of twenty 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.
3. The debentures shall be payable as to both principal
and interest in lawful money of Canada and may be made payable
at such p+ace 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 f((j;.
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.
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Commencing in the year -±9-59-and thereafter in each
year in which an instalment of pinncipal 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 Schudule. Such sum shall be levied and ra~sed 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 /l~l·
the registration thereof pursuant to section 336 of the Municipal'
Act.
7. Pending the sale of the
the Council and the Treasurer may
by >vay of loan on such debentures
said debentures, the Head of
raise for the purposes aforesaij;tf·
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.
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8. The Corporation shall have the right, at its option,
to redeem the said debentures either in whole or in part on any
date prior to maturity at the places where ana in the moneys in
vrhich the said debentures are expressed to be payable, upon
payment of the principal amount thereof together with interest
accrued to the date of redemption and upon giving pre~ious 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 of Toronto, ana once in a
local newspaper, such notice to be advertised as aforesaid at least
thirty days before the date fixed for redemption. Notice of
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 registered at the
address shown in the Debenture Registry Book, Where only a
portion of the debentures of this issue is so to be redeemed, such
portion shall comprise only the debentures that have the latest
maturity dates and no debenture of this issue shall be called for
such redemption in priority to any such debenture that has a
later maturity date.
READ A FIRST AND SECOND TIME THIS I DAY OF ~~ 19.58.
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READ A THIRD TIME AND FINALLY PASSED THIS DAY OF 1958.
Mayor Clerk