BYLAW - Borrowing of $64,997.00 - 19581103 - 138258I
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'·~: 1 BY-LAW NO. 1382 f"-'
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of the Corporation of the T~wn of Auror!
A BY-LAW TO AUTHORIZE THE BORROWING OF $64,997.00 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 School Board
have applied to the Town Council for the sum of $64,997.00 to be
raised by the issue of Municipal debentures, the said sum being
required by the said Board for the purpose of erecting on the east
side of George Street, comprising parts of lots 1 and 2, plan 38
Aurora, a four room addition and equipping same to the newly
erected George Street Public School.
AND WHEREAS it is necessary and expedient that the
~ Corpqration of the Town of Aurora should raise the said sum of
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$6~,9(7.00 required by the said Board for the purpose of aforesaid
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byjt~e issuance of debentures of the Corporation bearing interest
I f at1tJie rates shown in Schedule "A" attached to and forming part of 'i .
th~ by-law.
I' AND WHEREAS it is expedient that the principal of the
repayable ,
:: said .debt shall be ~ in yearly instal1Uents of principal
during a period of twenty years, namely during the years 1959
to, 1978 both inclusive in the respective amounts set forth in
SclJ_edule 11 A11 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 arrear.
AND WHEREAS by Order dated the 24th day of June, 1958
the Ontario Municipal Board has approved the purpose of the said
borrowing and the passing of all requisite 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
·/ipon the credit of· the Corporation a sum not exceading Sixty-four
thousand nine hundred and ninety-seven dollars ($64,997.00), and
shall issue debentures therefore in sums of not less than $100.00
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each.-
The debentures 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 ~I 1959, to 1978, both inclusive, and the respective amounts of
principal and interest payable in each of the said years ahall
be the amount so designated in Schedule 11 A" attached to and
forming part of this by-law.
3· The debentures shall be payable as to both princip~l
··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 principal office of the said Bank in the Cities of Toronto
and Montreal.
4.· The said debentures shall be sealed with the Seal of
the Corporation and signed by the Head o.f the Council or by some}./ j
other person authorized by By-law to sign the same, and by the ~
'· Treasurer. The said interest coupons shall be signe<'l: by the
Treasurer and his signature theron may be written·, stamped,
litho graphed or engraved.
Commencing in the year 1959 ahd 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
specific sum shown for the respective year in the fourth column
of the said Schedule 11 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. · .JJJ
6. The said debentures may contain a clause provtll.ding for r
the registration thereof pursuant to section 335 of the Municipal~ .
Act.
Pending the sale of the said debentures, the ~ead of
the Council and the Treasurer may raise for the purposes aforesaid
by way of loan on such debentures any sum or sums of money not
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exc.eeding in all, the sum hereby authorized to
hypothecate such debentures for such loan.
be borrowed and may;{~·
READ A FIRST AND SECOND TIME THIS
rJLayor
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b DAY OF .ea~ , 1958.
READ A THIRD TIME .AND FINALLY PASSED THIS 3 DAY OF ;1/o(., 1958.
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TilE ~TION OF THE TOWN' OF ~tJB.ORA:
BY"'UW NO. /.l.l.c?-1
Sehedllle "A"
DebentiU'e Year o£
' •. Maturity Principal ~ ])lterest Total
l 1959 $1.,797.00 ~ $4,0.39.58 $5,8.36.58
2 1960 1,900.00) 5~ .3,9.36.25 5,8.36.25
.3 1961 2,000.00 5~% .3,827•00 5,827.00
4 1962 2,100.00 ~ .3,712.00 . 5,812.00
5 196.3 2,200.00 ~ .3,591..25 5,791..25
6 1964 2,.300.00 6% .3,464.75 5,764.75
7 1965 2,5oo.oo 6% .3,~26.75 5,826.75
8 1966 2,6oo.oo 6% .3,17~·75' 5,776.75
9 1967 2,8oo.oo 6~ .3,020.75 ' 5,820.75
10 1968 .3,000.00 6% 2,8;2.75 5,852.75
ll 1969 .3,100.00 6~ 2,672.75 ;,772.75
l2 1970 .3,.300.00 6~ 2,479.00 5,779.00
1.3 1971 .3,500.00 6~ 2,272.75 5,772.75
l4 1972 .3,800.00 6~ 2,054.00 5,854.00
15 197.3 4,000,.00. 6~ 1,816.50 5,816.50
16 1974 4,200.00 ~%, 1,566.50 5,7~6.56
17 1975 4,500.00 ~% 1,29.3.50 5,79.3.50
18 1976 4,800.00 ~% 1,oo1.oo 5,80_1.00
19 1977 5,loo.oo ~ 689.00 5,7$9.00
20 1978 5,5oo.oo ~% .357.50 5,857.50
1C4, ~/ ' ... · ' i $64,997.00 .. $51,150 • .33 $116 ,147•.3.3
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3 1974 1975 1976 1977 1978
15 No. 16 No. 17 No. 18 No. 19 No. 20 TOTAL
103.33
--·~~ ----~ ~--·------------.---------------~ ~----------___________ , _______ ---------------------.. ····-----
218.50. --------1--·---------------------------·----------~ .. ----------------------------------------'"'---------··--··-----------,, _____________ --· -· -----------------
345.00 --·-.. ·------·----------+------~--------. -----·--·~--··-···-· .. -·----~
483 .oo.
··-----.------... ·---------------·---~------. ----------· -------·· ----------------------·· ---------" -----------------------------------------------:
632.50!.
. '• .· ...
1,248.00
1,512.00
-···· -.... ---·-----------··--··-------·····-------··· --··--···-··-------11-------··· ·-----·-·--'
1,8oo.oo
2,131.25
..... --·-······-
2,475.00 i
-·· ..... -~---------····-···--··-~·--·-····--·--··-------·-··-·-·-·----!---·-·-----···
----····-.. --I·· ----------. --
2,843. 75 .
......... ············· !
3,325.00 --.. -··-·---.. ·+· .. ---··-··--·· .. -----------------·--·-···--··----·-··----· -··-
D 3,750.00
) 273.00 I 4,368.00
....•....
) 292.50 292.5( 4,972.50
312.00 312.0( 312.00 5,616.00
331.50 331.50 331.50 331.5( 6,298.50