BYLAW - Borrowing By law - 19671219 - 176567... , ;/!.
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BY-LAW NUMBER 1765-67
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
A BY-LAW TO AUTHORIZE THE BORROWING OF $4,092.54 FROM CENTRAL
MORTGAGE AND HOUSING CORPORATION AND TO PROVIDE REPAYMENT THEREOF.
WHEREAS A CONVERSION OF THE EXISTING ACTIVATED SLUDGE SEWAGE TREAT-
MENT PLANT IS NECESSARY WITHIN THE TOWN OF AURORA
AND WHEREAS on the 16th. day of November 1966, the Ontario Municipal
Board approved the Project at an estimated cost not to exceed :$25,000.00 ·
AND WHEREAS Central Mortgage and Housing Corporation has authorized a
loan in the amount of Two Thirds of the cost of the Sewage Disposal part
o fc the Project;
AND WHEREAS it is deemed necessary and expedient to repay the loan from
Central Mortgage and Housing Corporation is ·equal annual payments of
principal and interest during the twenty years next after the completion
of the Project;
THEREFORE the Council of the Corporation of the Town of Aurora ENACTS
as follows:
1. For the purpose aforesaid the Corporation shall borrow from Central
Mortgage and Housing Corporation the sum of $4,092.59 and shall issue a
Debenture therefore in the form as set out in Schedule "A" to this By-law.
This Debenture shall bear interest at the rate of 6.125 per cent computed
semi-annual.
2. The Debenture shall be dated the First day of November, 1967 and
shall be payable in Twenty (20) annual instalments on the First day of
November in each of the years 1968 to 1987 inclusive.
3. The Debenture shall be payable as to both principal and interest in
lawful money of Canada at the Band of Montreal in Aurora, or at the
principal office of said Bank in Toronto or Ottawa.
4. The Debenture shall be sealed with the Seal of the Corporation and
signed by the Head of the Council or be some other person authorized by
By-law to sign same and by the Treasurer.
5 • Commencing in the year 1968 and thereafter in each year in which a
payment of principal under this By-law and interest thereon becomes due,
the Council shall levy and raise in that year an amount sufficient to pay
the Principal and Interest by a special rate over and above all other
rates on all retable property in the Municipality.
6 . The Debenture may contain a Clause providing for the registration
thereof pursuant to Section 323 of the Ontario Municipal Act.
7. PROVIDED that this Corporation shall have the right, at its option,
~ of redeeming this debenture upon payment of the principal amount owing
hereunder together with interest accrued to the date of redemption and
upon giving previous notice of the intention of the Corporation to
redeem by advertising once in the Ontario Gazette and once in a daily
newspaper of general provincial circulation published in the City of
Toronto, and once in a local newspaper, such notice to be advertised as
aforesaid at least thirty days before the date fixed for redemption.
Notice of intention so to redeem shall also be sent by post at least
thirty days prior to the date set for such redemption to the person in
whose name the debenture so to be redeemed is registered at the address
shown in the Debenture Registry Book.
8. Pending the sale or disposition of the Debenture, the Head of the
Council and Treasurer may raise for the purpose aforesaid by way of a
loan on such Debentures any sum or sums of noney not exceeding in all
the sum hereby authorized to be borrowed and may hypothecate such
Debentures for such loan.
READ A FIRST AND SECOND TIME THIS~~~ DAY OF DECEMBER
C{,~~
MAYOR
READ A THIRD TIME AND FINALLY PASSED THIS ~DAY OF DECEMBER 1967.
MAYOR
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YEAR
(~ .. ,~ 1968
t -I 1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
I I '-----'
SCHEDULE "A"
BY-LAW NO. 1765-67
TOWN OF AURORA
REPAYMENT SCHEDULE
$4,092.59 - 6 1/4% - 1 to 20 YEARS
PRINCIPAL INTEREST
$ 108.68 $ 210.90
115.44 247.75
--122.62 240.57
130.24 232.95
138.34 224.85
146.95 216.24
156.08 207.11
165.79 197.40
176.10 187.09
187.05 176.14
198.68 164.51
211.04 152.15
224.16 139.03
238.10 125.09
252,91 110.28
268.64 94.55
285.35 77.84
303.09 60.10
321.94 41.25
341.39 21.80
$ 4,092.59 $ 3,127.60
TOTAL
$ 319.58
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363.19
363 .. 19
363.19
363.19
363.19
363.19
$ 7,220.19