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BY-LAW NUMBER 1887-70
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
A BY-LAW TO AUTHORIZE THE BORROWING OF $255,185.02 UPON DEBENTURES TOWARDS PART
OF THE COST OF THE RECONSTRUCTION OF YONGE STREET CONNECTING LINK
WHEREAS by By-law 1806-68, ~he Corporation of the Town of Aurora authorized
the reconstruction of a portion of the Yonge Street Connecting Link Phase 1
AND WHEREAS the Ontario Municipal Board, under Order G 5721-68 dated July 19, 1968,
has approved the said works under The Ontario Municipal Board Act, R.S.O. 1960,
C. 274, Section 64, and the issue of debentures in the amount of $83,826.63;
AND WHEREAS, by By-law 1859-69 the Corporation of the Town of Aurora authorized
the construction of the Phase 2 of the Yonge Street Connecting Link
AND WHEREAS the Ontario Municipal Board, under Order G 7952-69 , dated August 21,1969,
has approved the said works under the Ontario Municipal Board Act, R.S.O, 1960
C. 274, Section 64, and the issue of debentures to the amount of $171,358.39;
AND WHEREAS it is now desireable to issue debentures in the amountof $255,185.02
on the terms hereanda~er set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA ENACTS AS FOLLOWS;
1. For the purposes aforesaid, there shall be borrowed upon the credit of the
Corporation at large the sum of $255,185.02 in lawful money of Canada and the
Corporation shall issue debentures therefore in denominations of not less than $1,000.
2. The debentures shall be dated the 1st day of July, 1970, sh.all be issued at one time
and shall be payable in ten annual instalments of principal on the 1st day of July in
each of the years 1971 to 1980, both inclusive, and shall bear interest at the rate
of Nine per cent (9%) per annum payable year+Y· The debentures shall have coupons
attached for the payment of such interest on July 1st. in each year. The respective
amounts of principal and interest payable in each of such years shall be as set
forth in Schedule "A" hereto annexed and forming part of this by::'l'law.
3. The debentures shall be payable as to both principal and interest in lawful money
of Canada at the principal 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 the holder's option.
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4. The debenture shall be sealed with the seal of the Corporation and signed
by the Mayor of the Corporation or by some other person authorized by by-law to
sign them and by the ~reasurer • The 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 Mayor on the debentures may be
written or engraved, lithographed, printed or otherwise mechanically repl)oduced.
5. Commencing in the year 1971 and thereafter in each year during the currency of the
said debentures, there shall be raised by a special rate sufficient therefore, over and
above all other rates on all the rateable property in the Town of Aurora the amount
of the instalment of principal and interest payable in that year as set forth in
Schedule "A" hereunto annexed.
6. The debentures may contain any provision £or their registration authorized by law.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS;f~AY 0F JUNE, 1970.
l~ ~' ------·--------------------------
MAYOR CLERK
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BY-LAW # 1887-70
SCHEDULE "A"
$255,185.02
TOWN OF AURORA
9% DEBENTURES
TO MATURE JULY,l., 1971 to 1980
JEAR PRINCIPAL INTEREST TOTAL
1971 $17,185.02 $22,966.65 $40,151.67
1972 18,000.00 21,420.00 39,420.00
1973 20,000.00 19,800.00 39,800.00
1974 22,000.00 18,000.00 40,000.00
1975 24,000.00 16,020.00 40,020.00
1976 26,000.00 13,86().00 39,860.00
1977 28,000.00 11,520,00 39,520.00
1978 31,000.00 9,000.00 40,000.00
1979 33,000.00 6,210.00 39,210.00
1980 36,000.00 3,240.00 39,240.00
$255,185.02 ~142,036.65 $397,221.67