BYLAW - Borrowing of $125,000.00 - 19590615 - 141059;_:;
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BY-LAW NUMBER l'flfJ
of the Corporation of the Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF ${25,000.00 TO PROVIDE THE
MONEY REQUIRED FOR THE EXTENSION AND IMPROVEMENT OF THE ELECTRICAL
DISTRIBUTION SYSTEM IN THE TOWN OF AURORA.
WHEREAS it is expedient to borrow the sum of $125,000.00
for the purpose of extending and improving the Hydro Electric
Distribution System in the Town of Aurora on the credit of the
Corporation of the Town of Aurora, to issue debentures therefor
bearing interest at the rate of six per centum (6%) payable annually,
and to provide for the discount and the expenses incidental to
negotiation and sale of such debentures.
AND WHEREAS it is expedient to make the principal of the
said debt repayable in annual instalments during the period of
twenty years next after the date of issue of such debentures of such
amounts respectively that, with the interest in respect to the debt,
the aggregate amount payable for principal and interest in each year
shall be, as nearly as possible the same.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA ENACTS
AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall 1)orrow
upon the credit of the Corporation a. sum not exceeding $125,000.00
and shall issue debentures therefor in sums of not less than $50.00 ~
each, Each debenture shall bear interest at the rate of six per ~JP
centum (6%) per annum payable annually, and shall have coupons attached
thereto for the payment of such interest.
2. All the debentures shall ee dated the thirthieth day of
November, 1959, shall be issued at one time during the year 1959
and shall be made payable in twenty annual instalments during
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years 196jr to 1979 both inclusive, and the respective amounts
the ,,.L/:
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principal and interest payable in each of such years shall be the
amounts 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 The ~
Bank of Montreal, Aurora, Ontario or at the principal office of the
said bank in the City of Toronto or in the City of Montreal. ~·
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4. The said debentures shall be sealed with 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.)0~·
The said interest coupons shall be signed by the Treasurer and his
signature thereon may be written, stamped, lithographed or engraved.
Commencing in the year 1960 and thereafter in each year
in which an instalment of principal of the said debt and interest
becomes due, the Corporation shall levy and raise the specific sum ,,,}~.
fourth jllf!JL
shown for the rexpective year in the ~ column 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.
6, The said debentures
registration thereof pursuant
may contain a clause providing for the .. lt.
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 the purposes aforesaid by _lV~~·
way of loan on such debentures any sum or sums of money not exceeaf~g
in all the sum hereby authorized to be borrowed and may hypothecate
such debentures for such loan.
8. This by-law shall take effect on the day of the final
passing thereof.
,. READ A FIRST AND A SECOND TIME THIS 15 DAY OF JUNE, 1959.
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READ A THIRD TIME AND FINALLY PASSED THIS DAY OF ' 1959.
Mayor Clerk
'l!<lffl OF AURORA
$125,000
fll, Debentures
··~.,..,, Interest ' Ye!J,r Princi;paJ. Total. i
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'\•~--196o $ 3,000 $ 7,500 $ 10,550
196Ji 4,000 1,32® 11,320
1962 4,000 1,oao 11,o8o
15)63 4,000 6,840 10,840
1964 4,000 6,6oo 10,6oo
1965 5,000 6,360 10,36o
1966 ~,1!100 6o6o , 10,06o
1967 5,000 5,76o 10,760
15)68 5,000 5,46o 10,46o
15)69 6 000 I 5,160 11,16o
1970 6,ooo 4,800 10,800
j' 1971 6,000 4,44o 10,44o
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.~· 1972 1,000 4,o8e 11,o8o n 1 ~i·
1973 7,000 3,66o 10,660
1974 8,ooo 3,240 11,24o
1975 8,ooo 2,76o 10,760
1976 9,000 2,28o 11,280
1977 9,000 1,74o 10, 74o
1978 10,000 1,200 11,200
1979 10,000 6oo 10,6oo
$ 125,000 $ 92,94o $ 2l7,94o
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