BYLAW - Community Centre Debenture - 19670328 - 172567.• .
BY-LAW NUMBER 1725-67
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINCIPAL AMOUNT OF $624,085.
FOR THE CONSTRUCTION OF A COMMUNITY CENTRE.
WHEREAS THE CORPORATION OF THE TOWN OF AURORA HAS UNDJtRTAKEN THE CONSTRUCTION OF A
COMMUNITY CENTRE.
AND WHEREAS THE ONTARIO MUNICIPAL BOARD HAS AUTHORIZED THE SAID UNDERTAKING BY ITS
ORDER OF JUNE 28,1966.
AND WHEREAS FOR THE PURPOSES AFORESAID THE COUNCIL NOW DEEMS IT EXPEDIENT TO BORROW
MONEY BY THE ISSUE AND SALE OF DEBENTURES OF THIS MUNICIPALITY IN THE PRINCIPAL
AMOUNT OF $624,085. ,BEARING INTEREST AT THE RATE OF ~% PER ANNUM PAYABLE ANNUALLY,
WHICH IS THE AMOUNT OF DEBT INTENDED TO BE CREATED BY THIS BY LAW. . -'
AND WHEREAS THE CORPORATION IS AUTHORIZED TO BORROW SUCH MONEYS, PURSUANT TO SECTION
377, SUBSECTION 69, OF THE MUNICIPAL ACT, R.S.O. 1960, CHAPTER 249.
NOW 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 $624,085. AND SHALL ISSUE DEBENTURES THEREFOR IN SUMS
OF NOT LESS THAN $100. EACH, ALL OF WHICH SHALL BE DATED THE FIRST DAY OF MAY, 1967,
AND SHALL BEAR INTEREST AT THE RATE OF 6~% PER ANNUM. THE FIRST PAYMENT OF INTEREST
SHALL BE MADE ON THE FIRST DAY OF MAY, 1968,f) THEREAFTER INTEREST SHALL BE PAYABLE
ANNUALLY ON THE FIRST DAY OF .MAYc;, DURING THE CURRENCY OF THE DEBENTURES ,0 EACH
DEBENTURE SHALL HAVE COUPONS ATTACHED THERETO FOR THE PAYMENT OF SUCH INTEREST.
2. THE DEBENTURES SHALL BE PAYABLE IN TWENTY INSTALMENTS OF PRINCIPAL ON THE FIRST
DAY OF MAY IN EACH OF THE YEARS 1968 TO 1987, BOTH INCLUSIVE, AND THE RESPECTIVE
AMOUNTS OF PRINCIPAL AND INTEREST PAYABLE IN EACH OF THEYEARS 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 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
AND BY THE TREASURER. THE SAID INTEREST COUPONS SHALL BE SIGNED BY THE TREASURER
AND HIS SIGNATURE TO THEM MAY BE WRITTEN OR ENGRAVED, LITHOGRAPHED, PRINTED OR OTHERWISE
MECHANICALLY REPRODUCED. THE SIGNATURE OF THE HEAD OF THE COUNCIL MAY BE WRITTEN OR
ENGRAVED, LITHOGRAPHED, PRINTED OR OTHERWISE MECHANICALLY REPRODUCED AND, IF SUCH
DEBENTURES ARE COUNTERSIGNED IN WRITING BY THE DEPUTY TREASURER, THE SIGNATURE OF
THE TREASURER THEREON MAY BE WRITTEN OR ENGRAVED, LITHOGRAPHED, PRINTED OR OTHERWISE
MECHANICALLY REPRODUCED.
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 RATEABLE PROPERTY IN THE
TOWN OF AURORA, THE RESPECTIVE AMOUNTS FALLING DUE FOR PRINCIPAL AND INTEREST AS SET
FORTH IN SAID SCHEDULE "A'!:
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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 A 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 LOANS~.
7. THE DEBENTURES MAY CONTAIN A CLAUSE PROVIDING FOR THE REGISTRATION THEREOF
AUTHORIZED BY ANY STATUE RELATING TO MUNICIPAL DEBENTURES IN FORCE AT THE TIME
OF ISSUE THEREOF.
READ A FIRST AND SECOND TIME THIS 13TH DAY OF FEBRUARY, 1967.
READ A THIRD TIME AND FINALLY PASSED THIS 2.8 DAY OF MARCH, 1967
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TOWN OF AURORA
Repayment Schedule
$624,085.00 -6~ - 1 -20 years
~ PrinciEal Interest Total
1968 $16,085.00 $40,565.52 $56,650.52
1969 17,000.00 39,520.00 56,520.00
1970 18,000.00 38,415.00 56,415.00
1971 19,000.00 37,245.00 56,245.00
1972 21,000.00 36,010.00 57,010.00
1973 22,000.00 34,645.00 56,645.00
1974 24,000.00 33,215.00 57.215.00
1975 25,000.00 31,655.00 56,655.00
1976 27,000.00 30,030.00 57,030.00
1977 28,000.00 28,275.00 56,275.00
1978 30,000.00 26,455.00 56,455.00
1979 32,000.00 24,505.00 56,'S05.00
1980 34,000.00 22,425.00 56,425.00
1981 36,000.00 20,215.00 56,215.00
1982 39,000.00 17,875.00 56,875.00
1983 41,000.00 15,340.00 56,340.00
1984 44,000.00 12,675.00 56,675.00
1985 47,000.00 9,815.00 56,815.00
1986 50,000.00 6,760.00 56,760.00
1987 511,000.00 3,510.00 57,510.00
$624,085.00 $509,150.52 $1,133,235.52
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