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BYLAW - Borrow Money - 19221129 - 55322Copy of DEBENTURE BY --LAW NO 553. By—law to provide for the borruwing of ,23, 900. 00 Dollars, upon debentures, to pay for the construction of storm sewers, curb and gutter and part of pavement on that part of Wellington Street, in the Town of Aurora., from a point where it is intersected by the East limit of Yonge Street, to Ross Street. WHEREAS pursuant to construction Hy --laws Numbers 540, 541. and 5472 passed on the third day of April and nineteenth day of May respectively, P storm sewers, curb and gutter and pavement have been constructed on that past of r,ellington Street in the Town of Aurora, from a point where the r _ said Wellington Street is intersected by the East limit of Yonge Street to Boss Street, as a local improvement under the provisions of "The Local Improvement Act". AND WHEREAS the total cost of the work is *19,900.00 of which n1e, 1.20. 00, is the Corporations portion, of the cost, and 1, 00. 00 is the pwner's portion of the cost, for which a special assessment roll has been duly made and certified. AND WHEREAS the ectima.ted lifetime of the work is twenty years. AND WHEREAS it is necessary to borrow the said sum of $19, 900.00, on the credit of the Corporation, and to issue debentures therefor, bear— ing interest at the rate of five and one half per cent per annum, which the amount of the debt intended to be created by this By—law. AND WHEREAS it is expedient to make the principal of the said debt re —payable in yearly sums during the period of twenty years, of such amounts respectively, that the aggregate amount' payable for principal and interest in any year shall be equal, as equally may be to the amount so payable for principal and interest in each of the other years. AND ;IHEREAS it will be necessary to raise annually the sum of $1, 665.25 during the period of twenty years, to pay the said yearly sums of principal and interest, as they become due of which 41, 551.. 0, is required to pay the Corporation t s portion of the cost and interest thereon, arid, SM.27, is required to pay the owners portion of the costs and interest thereon. AND !�,'HEREAS the amount of the whole rateable property of the Mun— icipality according to the last revised assessment roll is a, 374, gOO.00. AND WHERECS the amount of the existing debt of the Corporation (ex clusive of Local. Improvement debts secured by special rates or assess — ments) is ."- 0, 4&.7g, an no part of the principal or interest is in arrears. THEREFORE THE VNICIPAL COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA, ENACTS AS FOLLOWSj_ (7) That fur the purpose aforesaid, there shall be oorrowea on the credit of the Corporation at large the sum of Nineteen -Thousand Nine Hundred Dollars, q?, 900. 01 ), and debentures shall be issued therefor in sums of not less than One Hundred Dollars Q1.00) each bearing interest at the rate of five and one half per cent per annum, and having cvuputis attached thereto, for the payment of the interest. (2) The debentures shall a.11 near the same date and shall be issued within two years, after the date on which this By—law is passed, and may bear any crate within such two years, ana shall be payaole in twenty annual instalments during the twenty years, next after the time when the some are issued, and the respective amounts of principal and interest payable in each of such years, shall be as in schedule attached. (3) The debentures us to both principal and interest may oe expressed in Canadinn Currency or in Sterling money of Great Britain, at the rAte of one pound .Merlin;, for each 4862/3c, and shall be paya.uie at the office of the Treasurer of the Town of Aurora.. (4) The Mayor of the Corporation -shall sign and issue Ke debentures and interest cuupons and the some shall also be si;ned uy the Treasurer of the Corp oration. (5) During the twenty years, the currency of the debentures, the sum of 01., 665. 25 shall be raised annually for the payment of the debt and interest as follows: — The sutra of 4115;1.95 shall oe raise, annually for the payment of the Curpora.tion' s portion of the costs and the interest thereon and shall be levied and raised vnnua,lly by a special rate sufficient therefor over and above all other rates on all the rateable property in the Muni.cin"ity 2 at the s ve time nd the some manner as Aher rates. For the payment of the owner's portion of the cost and interest thereof the special assessment set forth in the said special assessment roll is hereby imposed upon the lands liable therefor as therein set forth; which s=id special assessment with a, sum sufficient to cover interest thereon, at the rate aforesaid, shall be payable in twenty equal annual instalments of fp3. 07, each, and for that purpose an equal annual special rate of 19 8 )10 cents per foot frontage, from the East limit of Yonge Street to a point Easterly two hundred and fifty five feet and at the rate of a 2/1n cents per foot frontage, from a point two hundred and fifty five feet East of the East limit of Yonge Street to Ross Street, is hereby imposed upon each lot entered in the said special assessment roll, according to the assessed frontage thereof, and above all other rates and taxes and which said special rate shall be collected annually, oy the Collector of Taxes for the Corporation, at the same time and in the sane mariner as other rates. The debentures may contain any clause provir: ng for the registration thereof, authorised by any Statute relating to the Municipal debentures in force at the time of the issue thereof. The amount of the loan authorised by this By—law may oe consolidated with the amount of any other loans authorised by other local improvement By—laws by including the same with such other luaus, in a, Consolidating By —low, authorising the borrowing of the aggregate thereof, is one loaf;, pursuant to the provision of the Statute in tha Oeha.lf. This By—law shall taKe effect on the date of the final passing thereof. DATED at the Town Hall, Aurora,, this 20th day of November, 1922. Passed at the Town Hall. Aurora, this loth day of November, 192Z. "C. A. Pet ch " Clerk. "C. H. Sheppard" Mayor. I HEREBY CERTIFY that the within is a, true copy of By—law No 553 passed by the Municipal Council of the Corporations of the Town of Aurora on the ^?th day of November A. D. 1922. Cleric.