BYLAW - Borrowing By law - 19690203 - 182769THE CORPORATION OF THE TOWN OF AURORA
BY -LAW NO. _1_8_2_7_-_6_9 __ _
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF $26,000.00 TO
PROVIDE FOR THE CONSTRUCTION OF FIRE HALL AND VICTORIA HALL
ADDITION.
WHEREAS THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA HAS
BY RESOLUTION AUTHORIZED THE CONSTRUCTION OF THE FIRE HALL _AND
VICTORIA HALL ADDITIONS.
AND WHEREAS IT IS DEK~ED EXPEDIENT TO BORROW FOR THE SAID PURPOSE
A SUM NOT EXCEEDING $26,000.00 UPON THE CREDIT OF THE CORPORATION
TO BE RAISED BY WAY OF PROMISORY NOTES;
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THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA
ENACTS AS FOLLOWS:
1. THAT A SUM NOT EXCEEDING $26 000.00 BE BORROWED FROM THE
TOWN OF AURORA WATERWORKS RES~VE FUND FOR THE PURPOSE AFQRESAID.
THAT THE LOAN OF $26,000.00 BE REPAID OVER A PERIOD NOT
EXCEEDING TEN YEARS.
3. THAT PROMISORY NOTES IN THE AMOUNTS SHOWN IN SCHEDULE "A",
ATTACHED TO AND PART OF THIS BY-LAW, BE DRAWN IN FAVOUR OF THE •
TOWN OF AURORA WATERWORKS RESERVE FUND, AND EACH OF THE SAID
-:.-BROMISORY,.;NOTES TOGETHER WITH INTEREST THEREON SHALL BECOME
DUE AND PAYABLE AS SHOWN IN THE SAID SCHEDULE "A".
·r~ 4.
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THAT EACH PROMISORY NOTE SHALL BE&q INTEREST AT THE RATE OF
6% PER ANNUM.
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. . _ 5. THE CORPORATION OF THE TOWN OF AURORA SHALL LEVY ON ALL THE
RATEABLE PROPERTY IN THE MUNICIPALITY AN A~OUNT OVER AND ABOVE
ALL OTHER RATES SUFFICENT TO MEET SUCH PAYMENT INCLUDING
.. ':INTEREST.
6. THAT EACH PROMISORY NOTE SHALL BE SEALED WITH THE SEAL OF THE
CORPORATION SIGNED BY THE HEAD OF THE COUNCIL OR BY SOME
PERSON AUTHORIZED BY BY-LAW TO SIGN THE SAME AND BY THE
TREASURER.
READ A THIRD TIME AND FINALLY PASSED THIS 3 DAY OFFEBRUARY 1969
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TOWN OF AURORA
' BY-LAW NUMBER ---1827-69
TERM 10 YEARS SCHEDULE "A"
YEAR PRINCIPAL INTEREST
1969 $1,800.00 $1,560.00
1970 2,000.00 1,452.00
1971 2,100.00 1,332.00
1972 2,300.00 1,206.00
1973 2,500.00 1,068.00
1974 2,600.00 918.00
1975 2,8oo.oo 762.00
1976 3,000.00 594.00
1977 3,200.00 414.00
1978 3,700.00 222.00
$26,000.00 $9,528.00
DATE DUE ANNUALLY AUGUST 1st
RATE 6%
TOTAL
$3,360.00
3,452.00
3,432.00
3,506.00
3,568.00
3,518.00
3,562.00
3,594.00
3,614.00
3,922.00
$35,528.00