BYLAW - Borrowing of $370,000.00 - 19590706 - 141159r ,
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BY-LAW NO. 1/fl/
of the Corporation of the Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF $370,000,'00 UPON DEBENTURES
FOR THE PURPOSE OF ERECTING AND EQUIPPING A SIXTEEN ROOM PUBLIC SCHOOL
IN THE REGENCY ACRES SUBDIVISION, BLOCK M, PLAN 514, TOWN OF AURORA.
WHEREAS the Trustees of the Aurora Public School Board
have applied to the Town Council for the sum of $370,000,'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 Block M,
Plan 514, Regency Acres, Aurora, a sixteen room Public School.
AND WHEREAS it is necessary and expedient that the
Corporation of the Town of Aurora should raise the said sum of
$370,000.00 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
'"-];. ...
during a period of twenty years, namely during the years 1960
to 1979 both inclusive in the respective amounts set forth in
Schedule "A" hereto annexed.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOID~ OF AURORA ENACTS
AS FOLLOWS:
1 • For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation a sum not exceeding Three Hundred ,,,ft,
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and Seventy Thousand Dallars ($370,000.00), and shall issue debentures
therefore in sums of not less than $50.00 each. Each debenture shall
bear interest at tne rate of six per centum (6) per annum payable
annually and shall have coupons attached thereto for the payment
of such intere-st-:
2. All the debenture$ shall bear the ,same date, shall be~
issued at one time and within two years after the day on which
this by-law is paased, may bear any date within such two years
and shall be made payable in annual instalments during the period
'•\ of twenty years next aften the date of' issue thereof, and the
respective amounts of principal and interest payable in each of
such years ahall be the amounts so designated in Schedule "A"
hereto annexed.
3. The debentures
interest in lawful money
shall be payable as to both principal and ~
of Canada and may be made payable at The///A /
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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.
4. The said debentures shall be sealed with the Seal of
the Corporation and signed by the Head of the Council or by som~u;,
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 become duF, the Corporation shall levy and raise the .~
specific sum shown for the respective year in the fourth column 1~-,
of the said Schedule. 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.
6. The said debentures may
the registration thereof pursuant
contain a clause providing for ~
to section 336 of the Municipal
Act.
7. Pending the sale of the said debentures, the Head of
the Council and the Treasurer may
by way of,.,loan on such debentures
raise for the purposes aforesaid,u,(tf.
any sum or sums of money not ~if'
exceeding in all, the sum hereby authDrized to be borrowed and may
hypothecate such debentures for such loan. ,,
8. lf1Y-l
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This by-law shall take effect on the day of the final
passing thereof.
READ A FIRST AND A SECOND TIME THIS bDAY ' 1959.
READ A THIRD TIME AND FINALLY PASSED THIS DAY OF ' 1959.
MAYOR CLERK