BYLAW - Borrowing $85,000.00 - 19620430 - 152362r·=-...
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.. , '" 152.3 ·--' ·--.BY-LAW'/~ ••••••••••
A .BY-LAW TO AUTHORIZE THE .BORROWING OF $85,000.00 UPON DEBENTURES
FOR THE PURPOSE OF ERECTING AND JlJQUIP,ING A FOUR ROOM ADDITION
TO THE REGENCY ACRES PUBLIC SCHOOL,BLOOK M, PLAN 514, M>WN OF AURORA.
WHEREAS the Aurora Public School Board has applied to
the Town Council for the sum of $85,000.00 to be raised by the
issue of Municipal Debentures, the said sum being required by
the said Board for the purpose of erecting/a four room addition
to the Regency Acres Public School. and equiping
AND WHEREAS it is necessary and expedient that the
Corporation of the Town of Aurora should raise the said sum of
$85 ,ooo.oo required by the said lioa.rd for the purpose aforesaid
by the issuance of debentures of the Corporation bearing interest
at the rate hereinafter mentioned.
AND WHEREAS it is expedient that the principal of the
said debt shall be p~able in yearly instalments of principal
dur:i,ng a period of twenty years, namely during the years 1963 to
1982 both inclusive in the respective amounts set forth in
Schedule 11 A" hereto anaexed.
THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA
ENACTS AS FOLLOWS: .
1. For the purpose aforesaid the Corporation shall borrow
upon the credit of the Corporation in a sum not exceeding(Eighty-
FiveiThQusand dollars C$,85~ooo.oo), and shall issue dllltben~es
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 ~-t
p~able annually and shall have coupons attached thereto for the .lrJ'
p~ent of such interest.
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2. All the debentures shall bear the same date, shall be { l . -.
issued at one time and/within the year 1962 /after the d~ on
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which this by-law is passed, m~ bear any date witht_~such year
and shall be made p~able in annual instalments.(during'the period
of twenty years next after the date Gf issue thereof;> and the
respective amounts of principal and interest paJ-able in each of
such years shall be the amounts so designated in Schedule 11 A11
here_to annexed.
3. The debenture 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
Corpor_ation 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 m~ be written, stamped, li~ographed or engraved.\
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5. Commeneing in the year ,l963 and thereafter in each
year in which an insta.lment 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
.·f ·. special rate sufficient therefor, over and above aJ.l other rates,''""
1 upon the rateable property in the municipality assessed to Public ~·~·
~-School Supporters. ·
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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 l.oan oa such debentures any sum or sums of money
not exceeding in all, the sum hereby authorized to be borrowed \il1· and may hypothecate such debentures for such loan.
This by-law shall. take effect on the day of the final t.Jlt1 ~
passing thereof. ~·~f
llBAD A FiliB< JBJ> ~ <D<E miS 3, ~l\<Y 0> rJ-1962,
-------------------------------1\'IAYO CLERK
READ A THIRD TIME AND FINALLY PASSED THIS DAY OF 1.962.
-----------------------------------------------------------1\'IAYOR CLERK