BYLAW - $62,250.00 for New Public Library - 19621118 - 152562i' c'
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THE CORPORATION OF THE TOWN OF AURORA
By-law Number 1525
A By-law to authorize the
issue of debentures in the
principal amount of $62,250.00
for the purpose of erecting
and equipping a new public
library building.
WHEREAS The Public Libraries Act, R.S.O. 1960,
Chapter 325, Section 43 authorizes the council of a
municipality to issue debentures for the aforesaid
purpose upon request of the Public Library Board,
subject to the approval of the Ontario Municipal Board;
AND WHEREAS the Aurora Public Library Board
has requested the Council to raise the sum of $62,250.00
f0r the purpose of erecting and equipping a new public
library building on part of Lots 2, 3 and 4, Plan 68
in the Town of Aurora;
AND WHEREAS the Council deems it necessary and
expedient that the request of the Aurora Public Library
Board be granted;
NOW 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 a sum
not exceeding $62,250.00 and shall issue debentures
therefor in sums of not less than $100.00 each all of
which shall be dated the lst day of December, 1963
and shall bear interest at the rate of 5 3/4% per
annum. The first payment of interest shall be made
on the lst day of June, 1964 to cover the period
from the lst day of December, 1963. Thereafter
interest shall be payable annually on the lst day
of June during the currency of the debentures.
Each debenture shall have coupons attached thereto for
the payment of such interest.
2. The debentures shall be payable in fifteen
instalments of principal on the lst day of June in
each of the years 1964 to 1978, both inclusive, and
the respective amounts of principal and interest payable
in each of such years shall be as set forth in Schedule
''A'' hereto which is declared to be part of this by-law.
3. The debentures shall be payable as to both
principal and interest in lawful money of Canada at the
office of the Bank of Montreal in the Town of Aurora
or at the principal office of the said Bank in either
of the Cities of Toronto or Montreal, at holder's option.
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.
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5. In each year of the currency of the debentures,
there shall be levied and raised annually by a special rate
sufficient therefor, over and above all other rates, and at
the same time and in the same manner as other rates, on all
the rateable property in the Town of Aurocra, the respective
amounts falling due fo~ principal and interest in that year
as set forth in said Schedule "A".
6. , 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 sum hereby authorized
to be borrowed ~nd may hypothecate such debentures for such
loano r
7. The debentures may contain a clause providing for
the registration thereof authorized by any statute relating
to municipal debentures in force at the time of the issue
thereof.
READ a first and second time the 28th day of May,
1962.
READ a third time and finally passed this
of November, 1963.
Clerk
SCHEDULE "A" TO BY LAW NUMBER 1525
5i% Debentures
TOWN OF AURORA
l£62, 250.
1 -20 years