BYLAW - Borrowing of $355,000.00 - 19610605 - 146961,.-""'-~-
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BY-LAW NUMBER 1469
of the Corporation of the Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF $355,000.00 UPON DEBENTURES
FOR THE PURPOSE OF ERECTING AND EQUIPPING A FOURTEEN ROOM PUBLIC
SCHOOL IN THE AURORA HEIGHTS SUBDIVISION, BLOCK A, PLAN 475.
WHEREAS the Aurora Public School Board has applied to
the Town Council for the sum of $355,000.00 to be raised by the
iss 1lll e of MWlicipal Debentures, the said sum being required
by the said Board for the purpose of erecting on Block A,, Plan
475, Aurora Heights, Aurora, a fourteen room Public School.
AND WHEREAS it is necessary and expe-dient that the
Corporation of the Town of Aurora should raise the said sum of
$355,ooo.oo required by the said Board for the purpose aforesaid
by the issuance of debentures of the Corporation bearing interest
at the rate hereinafter mentioned.
AND WHEREAS it is expe~dient that the principal of the-
said debt shall be payable in yearly instalments of principal
during a period of twenty years, namely during the years 1962 to
1981 both inclusive in the respective amounts set forth in
Schedule 11 A11 hereto annexed.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN
OF AURORA ENACTS AS FOLLOWS:
L. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation in a sum not exceeding three
Hundred and Fifty-five Thousand Dollars ($355,ooo.oo), 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 cent
(6%) per annum payable annually and shall have coupons attached
thereto for the payment of such interest~
2. All the debentures shall bear the same date, shall be
issued at one time and within the year 1961 after the day on
which this by-law is passed, may bear any date within such year
and shall be made payable in annual instalments during the period
of twenty years next after the date of issue thereof, and the re-
spective amounts of principal and interest payable in each of
such years shall be the amounts so designated in Schedule 11 A11
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 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 some
other person authorized by By-Law to sign the same, and by the
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Treasurer. 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 1962 and 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. 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. Pending the sale of the said debentures, the Head of
the Council and the Treasurer may raise for the ~purpose afore-
said by way of loan on such debentures any sum or sums of money~~·
not exceeding in all, the sum hereby authorized to be borrowed ~
and may hypothecate such debentures for such loan.
7· This By-Law shall take effect on the day of the
final passing thereof.
READ A. ~~~J~ SEC~~ ~ <~~ ;rH 11/isl.tc r
6 THIS
Mayor
READ A THIRD TIME AND FINALLY PASSED
·zf;4~ ,____.--Mayor
,F EG/f'v J9,.p ;/
DAY OF ;mm, 1961
~~ . Cl rk
I, William Johnson, Clerk of the Corporation of the Town of Aurora
do hereby certify that the foregoing is a true copy of By-Law
Number 1~69 which has received first and second readings and
passed by at least 2/3 of the members of the Council of the said
Corporation. c::?~
I William Johnson, Clerk of the Corporation of the Town of Aurora.do
h4reby certify that the foregoing is a true copy of By-law 1469 ~h~ch
has received three readings oy tne aouncil of the above Corporat~on
· and which three readings were approved by a vote of at least three-
fourths of the Council and finally passed this 5 dayof June 1961.
June 6, 1961 -----------------------------------------------------Date CLERK
BY-LAW 1469 • • • • • • • • •
of the Corporation of the Town of Aurora
A BY-LAW TO AUTHORIZE THE BORROWING OF $355POO,OO UPON DEBENTURES
FOR THE PURPOSE OF ERECTING AND EQUIPPING A FOURTEEN ROOM PUBLIC
SCHOOL IN THE AURORA HEIGHTS SUBDIVISION, BLOCK A, PLAN 475,
WHEREAS the .f'rlii.:Stce.e:s of tee Aurora Public School Board
have applied to the Town Council for the sum of $355,000.00 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 A
Plan 475, Aurora Heights, Aurora, a fourteen room Public School.
AND WHEREAS it is necessary and ezpedient that the
Corporation of the Town of Aurora should raise the sais sum of
$355,000,00 required by the said Board for the purpose ~ 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 payable in yearly instalments of principal
during aperiod of twenty years, namely during the years 1962 to
1981 both inclusive in the respective amounts set forth in Schedule
"A" hereto annexed,
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN 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
and Fifty-Five Thousand Dollars ( $355,000,00., and shall 'iss;ue \ · /n
debentures therefore in sums of not less than $50,00 each, Each :1·
debenture shall bear interest at the rate of six and one. quarter c~fit ·
( 6i) per annum payable annually and shall have coupons attached·
thereto for the payment of such interest,
2. All the debentures shall bear the same date, shall be
issued at one time and within two years after the day on which this
by-law is passed, may bear any date within such two years and shall
be .made payable in annual instalments during the period of twenty
. years next after the date of issue thereof, and the respective ~,,\()'
amounts bf principal and interest payable in each of such years Q
shall be the amounts so 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
~ank of Monteal, Aurora, Ontario or at the principal office of
said bank iri the City of To ron to 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. The said interest'-CI:o.upons shall be signed by the ~ ~
Treasurer and his signature thereon may be written, stamped, W
lithographed or engraved.
5. Commencing in the year 1962 and 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. Such sum shall be le~ied 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. Pending ;(;he 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 sum hereby authorized to be borrowed and ~
may hypothecate such debentures for such loan.
7. This by-law shall take effect on the day of the final
passing thereof.
READ A FIRST AND SECOND TIME THIS ~
READ A THIRD TIME AND FINALLY PASSED THIS f DAY OF ~ 1961.
l\1AYOR
THE CORPORATION OF THE TOWN OF AURORA
1469 BY-LAW NUMBER ••••••••••
SCHEDULE "A"
TOTAL
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
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1962 $ 9,500.00 $21,300.00 $30,800.00 l i -"'~··' 1963 10,500.00 20,730.00 31,230.00
1964 11,000.00 20,100.00 31 ,100. 00
1965 11,500.00 19,440.00 30,940.00
1966 12,500.00 18,750.00 31,250.00
1967 13,000.00 18,000.00 31 ,ooo. 00
1968 13' 500.00 17,220.00 30,720.00
1969 14,500.00 16,410.00 30,910.00
1970 15,500.00 15,!)40.00 31,040.00
1971 16,000.00 14,610.00 30,610.00
1972 17,500.00 13,650.00 31,150.00
1973 18,500.00 12,600.00 31 ,100. 00
... ,.,
[ 1974 19,500.00 11,490.00 30,990.00
1975 20,500.00 10,320.00 30,820.00
1976 22,000.00 9,090.00 31,090.00
1977 23,000.00 7,770.00 30,770.00
1978 24,500.00 6 ;390.00 30,890.00
J-979 26,000.00 4,920.00 30,920.00
1980 27,500.00 3,360.00 30,860.00
1981 28,500.00-1,710.00 30,210.00
$355,000.00 $263,400.00 $618,400.00
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ONTARIO
THE ONTARIO MUNICIPAL BoARD
TELEPHONE· EM. 3 -I 2 IJ
Mr. W. Johnson,
Clerk-Treasurer,
AURORA, Ontario.
Dear Sir: Re:
145 QUEEN ST. WEST
ToRoNTO
l:Jlune 1, 1961
PLEASE QUOTE FILE NO·
P .F .E. 6508-61
Town of Aurora -proposed capital expendi-
ture of $355,000 for the construction and
equipment of a new public school
Further to our letter of the 30th of May, 1961 and
enclosure, I am enclosing herewith duplicate original of the
Board's Order pursuant to Section 64 of The Ontario Municipal
Board Act, dated the 29th of May, 1961.
/ml
Enc. 1
RECEIVED J!JN -2 1961
Yours truly,
B.vrf!i
ACTING SECRETARY
,: .
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ONTARIO
THE ONTARIO MUNICIPAL BOARD
(b) that the Corporation of the Town of Aurora may
pass all requisite by-la>vs, including debenture by-laws,
and may borrow money to the extent sufficient to provide
an amount not exceeding $355,000 for the said purpose,
repayable over a term not exceeding twenty years.
ACTING SEGlU;TAR.Y
JUJ'.ll 1961
7J~A/~
Acting Secretory, Ontario Municipcl Beard
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P.F.E. 6508-61
ONTARIO
THE ONTARIO MUNICIPAL BOARD
IN THE MATTER OF Section 61, of
The Ontario .r<lunicipal Board Act
(H.s.o. 196o, c. 274), and
Section 63 of The Public Schools
!g1 (IL;:i,O. 1960, c, 330)
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IN 'l'HE I•'!A TTER OF an appli cation
by the Corporation of the Town of
Aurora for approval of:
(a) the construction and equipment
by The Aurora Public School Board
of a new_public school, at a
cost of $355,000, and
(b) the borrowing by the applicant of
the sum of $355,000 for such purpose
B E F 0 R E : )
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J'. R. TURNBULl.,
VICE-CHAIRlflAN
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C.F. NUNN,
lii[EJYlt1ER
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£fJONDAY,
the 29th duy of
May, 1961.
UPON THE APPLICATION of the Corporation of
the T01~n of Aurora and upon considerat1.on of the material
filed;
THE BOARD ORDER~l, under and in pursuance of
the legislation above referred to and of any and all other
powers vested in the Board, that the said application is
h0reby granted; and
(a) that The Aurora ?ublic School Boarc ,~y now
proceed with the undertaking and exercise all of its powers
in connect ion therewith ; and