BYLAW - Borrowing of $124,000.00 - 19590406 - 140459\ :
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THE CORPQRATION OF THE TOWN OF .AURORA
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By-law Number II/-0 t./,.
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A By-law to authorize the l;iorrow-
ing of $124,000.00 for the/ purpose
of the .construction of watermains,
a well, install pumps and apparatus
in connection therewith as set
forth in construction By-law
Number
WHEREAS it is expedient to borrow the sum
of $124,000.00 for the installation of the above-mentioned works
on the credit of the Corporation of the Town of Aurora, to
issue debentures therefor, bearing interest at the rate shown
in Schedule "A" attached hereto, payable annually, and to
provide for the discount and the expenses incidental to negotia-
tion of sale of such debentures;
AND WHEREAS the amount of the whole rateable
property of the Municipality, according to the last revised
assessment roll thereof is $8,814,030.00;
AND WHEREAS the amount of the existing
debenture debt of the Corporation is $1,867,200.00 and no
part of the principal or interest of such debt is in arrears;
.AND WHEREAS the said works have been
approved by the Department of Health for the Province of
Ontario;
AND WHEREAS by Order dated the 2nd day
of May, 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;
THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TGWN OF AURORA ENACTS .AS FOLLOWS:-,
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1. For the purpose aforesaid the Corporation
shall borrow upon the credit of the Corporation a sum not
exceeding One Hundred and Twenty-four Thousand Dollars ($124,000.00)
and shall issue debentures therefor in sums of not less than $50.00.
-?O<S Each debenture shall bear interest at the rate of 6% per annum
payable annually and shall have coupons attached thereto for
the payment of such interest.
2. The debentures shall be dated the 30th
day of April, 1959, shall be issued at one time, and shall
be payable with interest in twenty annual instalments during
the years 1960 to 1979, both inclusive, and the respective
amounts of principal and interest payable in each of such
years shall be as designated in Schedule "A" hereto attached,
which is hereby declared to be and form part of this by-law.
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 either the
City of Toronto or the City of Montreal.
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. 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 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 shown for the respective year in the
fourth column of Schedule 11 A11 • Such sum shall be levied and
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raised by a special rate sufficient therefor over and above all
other rates upon all the rateable property in the Town of Aurora.
6. The said debentures may contain a clause
providing for 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 the
purpose aforesaid by way of loan on such debentures any sum
or sums of money not exceeding in all the amount hereby
authorized to be borrowed and may hypothecate such debentures
for such loan.
8. By-law Number 1311 is hereby repealed.
READ a first, second and third time and
finally passed this 6th day of April, 1959.
TOWN . OF AURORA
Schedule "A" to B:/-iaw No. 1!-J..tJ.'-)
$124,000 6% Debentures
·-YEAR PRINCIPAL INTmEST TOTAL
1 1960 $ 3,000 $ 7,440-$ 10,440
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1961 3,000 7 ,260· 10,260
1962 4,000 7,080· 11,080
1963 4,000 6,84o . 10,840
1964 5,000 6,6oo. 11,600
1965 5,000 6,300" 11,300
1966 5,000 6,ooo. 11,000
1967 5,000 5,700-10,700
1968 5,000 5,400. 10,4oo
1969 6,000 5,100. 11,100
1970 6,000 4, 740. 10,740
1971 6,000 4,380. 10,380
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I I 1972 7,000 4,020. 11,020 ,._,
8,000 3,600. 1973 . 11,600
.... :1974 7,000 3,120• 10,120 -
.. ·1975 8,000 2,700· 10,700
1976 8,000 2,220. 10,220
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.1977 1,740· 9,ooo 10,74o ..
" -1978 10,000 1,200. 11,200 -" ... :: .. : 1979 10,000 600/ 10,600
'" ,_, ,_, ,., "' $124,000 $92,040 $216,040 .. -.
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' Dated April 6th
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A.D.l959
.THE CORPORATION OF THE
TOWN OF AURORA
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BY'-LAvv 1404
Lorne c. Lee,Q.c.,
Barrister, etc.,
AURORA, Ontario
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