BYLAW - Authorize the Borrowing of $17,000.00 - 19470811 - 97747BY-LAW NUMBER j]]
of the MUnicipal corporation of the
Town of .Aurorae.
BY::Law .AUTHORIZING THE BORROWING OF SEVEl~TEEH THOUSAND DOLLARS UPON ·DEBEli!'.l'URES
FOR SCHOOL PuRPOSES.
WHEREAS the Aurora Pllblic School Board has made application
to the Council to borrow money for the purchase of properties for the en-
largement of the site of the .Aurora l'llblic .School and for other incidental
expenses connected with the school site and building.
;tlW ·IVHEREAS it is expedient to borrow for sucli purposes the
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sum of Seventeen Thousand ($17.000.00) Dollars upon the credit of the Cor-
poration, to issue debentures therefor bearing interest at the rate of
per centum ( %J per annum p8lfable annually and to provide for the discount
and the expenses incidental to negotiation and sale of such debentures;
.AN.D WHEREAS it is expedient to make the principal of t.he said
debt repayable in annual instalments during the period of years next
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after the date of issue of such debentures, of such amounts respectively
that, with the interest in respect of the debt, the aggregate amount payable
for principal and interest in each year shall be, as nearly as possible,the
srune; subject to the statutory proviso that each instalment of principal may
be for an even ~loo.oo, $5oo.oo or ~1000.00 or multiple thereof, and, that
notwithstanding anything herein contained, the annual instalments of principal
and interest may differ in amount sufficient to adllli t thereof;
i!.N.D WHEREAS the amount of the whole rateable property of the
municipality, according to the last revised assessment roll thereof is ;~
AND WHEREAS the amount of the existing debenture debt of the Cor-
poration, exclusive of local improvement debts secured by special rates or
assesSJUents, is ~165.766.75 and no part of the principal or interest of sudh
debt is in arrear;
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AND WHEREAS by Order dated the 16th day of July, l947,the
ontario Munic~pal Board has approved the purpose of the said borrowing and the
passing of all requisite by-laws, including debenture by-laws:
THEREEDRE the MUl'/IOIPAL COiJ.NOIL OP THE CORFOR.ATIOl'l OF THE TOWN OF
AURORA ENACTS AS IDLLOIVS:
lo For the purpose aforesaid the_ Corporation shall borrow upon the
credit of the Corporation a sum not exceeding Seventeen Thousand ($17.000.00) Dollars,
and shall issue debentures therelll'dr in sums of not less than :j/50.00 each. Each
debenture shall bear interest at the rate of per centUJll ( %! per annum payable
annually and shall have coupons attached thereto for the payment of such interest.
2. All the debentures shall bear tne same date, shall be issued at one
time and within two years after the day on which this By-Law is passed,may bear
any date within such two years and shall be made payable in annual instalments during
the period of years next after the d.ate of issue thereof, and the respective·
amounts of principal and interest payable in each of such years shall be the amounts
so designated in Schedule "A" hereto aunexed.
The debentures shall be payable as to both principal and .interest in
lawful money of Canada and may be made payable at such place or places in Ganad.a
as shall be designated thereon,
4. !i'he said debenture shall be sealed with the Seal of the Corporation
and signed by the head of the Countil, 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 may be written, sta1nped, lithographed or
engraved.-
5o Commencing in the year 19 and thereafter in each year in which an
instalment of principal of the saidJebt and interest become due, the Cerporation sbal.l
levy and raise the specific sum shown for the respective year in the fourth column
of the said ~chedule. &~ch sum shall be levied and raised by a special rate sufficient
therefor, over and above all other rates, upon all the rateable property in the
municipality.
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6. The said debentures may contain a clauss providing for the reg-
istration thereof pursuant to Bection 336 of The MUnicipal Act.
7. Pending the sale of the said aebentures, the head of the Council
and the Treasurer may raise for the puxposes aforesaid by ~Y of loan on such
debentures any sum or sums of money not exceeding in all the sum hereby auth-
orized to be borrowed and may hypothecate such debenture for such loan.
a. The Corporation shall have the right, at its option, to redeem
the said aebentures either in whole or in part on any date prior to maturity
at the places where and in the moneys in which the said debentures are expressed
to be payable, upon payment of the principal amount thereof together with
interest accrued to the date of redemption and upon giving previous notice of
said intention 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
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prior to the date set for such redemption to each person in whose name a debenture
so to be redeemed is registered at the address sho;~ in the Debenture Registry
Book. Where only a portion of the debentures of this issue is so to be redeemed,
such portion shall comprise only the d'ebentures that have the latest maturity
dates and no debenture of this issue shall be call·ed for such redemption in priority
to any sudh debenture that has a later maturity date.
Dated at the Town Hall, Aurora, this II day of /9UCU ~T
1947.
Passed at the Town Hall, Aurora, this 11 day of /)LA{}. U ST
1947.
MAYOR CLERK