BYLAW - Authorize the Borrowing of $28,000.00 - 19480202 - 99348i
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of the 1\tm.iei:pal-Corporation of the
Town of Aurora.
A BY-LAW TO AUTHORIZE THE BORROWING OF TWENTY-EIGHT THOUSAND DOLLAliS
llOR J?AY!.1ENT OF FLOATIUG IN.DE!!TE;DNESS Wlll'OSES.
WHEREAS 1t is e:x:;pedient to borrow for the :pa,yment of a
Floating Indebtedness a SQm not exceeding Twenty-eight Thousand ($28.000.00)
Dollars upon the credit of the Cor:porahon of the Town of Aurora· to issue
debentures therefor at the rate of t'Wo~,,-and three-quarters :per centum ( 2 3/4%)
:per annu.m payable annually and to :provide for the_ di S?ount and the expenses
incidental to negotiation ani sale of such debentures;
AND WHEREAS it is expedient to ma.k:e the principal of the
said ebt repayable in annual instalments during the :period of ten years
next fter the date of issue of such debentures, of such amounts respectively
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that, with the interest in respect of the debt, the aggregate amount :payable
for :p inci:pal and interest in each year shall be, as nearly as :possible, the
same; subject to the statutory :proviso .that each instalment of :principal ma.v
be f an even $loo.oo, ill50o.oo or $1,000.00 or multiple thereof, and, that
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notwi hstanding anything herein contained, the annual instalments of· principal
and i terest may differ in amount sufficient to admit thereof;
Al!J1l WHEREAS the amount of the whole rateable :property of the
munici ality, according to the last revised assessment roll thereof is :;,j 7J7,..<. 7....2.._
Al.'ID WHEREAS the amount of the existing .debenture debt of the
Corpor tion, exclusive of local improvement debts secured by special rates or
assess ants is $...58; 5''7..:( . ..s~ , and llO :part of the :principal or interest
of sue debt ·is in arrear;
AND WHEREAS by Order dated the <X,i.j,lleday of Mi9/9'C:k ·· l94;f,
the On S2'iO Municipal Board has !!PProved the :purpose of the said borrowing and the
:passi of all requisite by.o.laws, including debenture by-laws;
THE ONTARIO
'!iUNIClPAL BOARD
R s: er::;:' v e: n
FEB 11 1948
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I .THEREFOBE the c:~a:l of the Corporation of the Town of
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Aurora enacts as followsa
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1.1 For the pur:r)ose aforesaid, t.he Corporation shall borrow upon
thl credit of the Corporat .. ion a sum not exceeding Twenty-eight Thousand ($26.000.00)
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Dollars, and ~hall issue debentures therefor in sums of not less than $50.00
e~ch. Each debenture shall bear interest at the rate of two and thrse-quarter
(2£%) :percentum per annum P!Wable annually and shall have coupons attached
thereto. for the peyment of su.ch interest.
2. All the debentures slilall bear the Sal!le date, sha1l.l be issued at
one time and within two years after the da;r on which this by-law is passed,
Ill!!¥ bear any date within such two year/and sll!all be made P!Wable in annual instal-
ments during the period of ten years next after the date 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 annexed.
3. The debentures shall be payable as to both principal and interest
in lawful money of Canada 8lld may be made payable at the Toivn of Aurora, in the
Province of Ontario.
4. The said debentures shall be sealed with the Seal of the Corporation
and signed by tba head of the· Council, 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 8lld his signature thereon lll!l¥ be written, stamped,litho-
graphed or engraved.
5. Commencing in the year 1949 and thereafter in each year in which an
instalment of principal of the said debt and interest become due, the Corporation
shall levy and raise the specific sum shown for the respective year in the fourth
column of the said schedule. Such sum shaJI.l be levied and raised by a special rate
sufficient therefor, over and above all other rates, upon all the rateable prop~rty
in the municipality.
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iHE Oi\iiJ-IRIO
!iUNICIPAL BOARD
RM::<f'""!~IVED
FEB -1.! 1948
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6. The said debentures shall contain a clause providing for the reg.;.
istration thereof pursuant to section 336 of The Municipal Aat.
7. Pending the sale of the .said debentures, the head of the Council and
the Treasurer ·may raise for the purposes aforesaid by way of loan on suah
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 loan.
a. The Corporation shall have the right, at its option, to redeem·the
said debentures either in whole or in .part on any date prior to matui:tty at the
places where and in the moneys in which the said debentures are e:x;pressed to be
payable, upon payment of the principal amount thereof together with interest accrued
to the data of redemption and upon giv,ing previous notice of said intention to redeem
ny 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 news•
paper, such notice to be adverti!lled 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 each person 1~ whose name a debenture
so to be redeemed is registered at the address shown in the Debenture Registry BOok.
Where only a portion of the debentures ot· this issue is so to be redeemed, such portion
shall oompri se only the debentures that nave the latest maturity dates and no debenture
of this issue shall be called for suoh radell!Ption in prior to any such debenture
that has a later maturity date.
READ a first and second time this ,;<.-1 day of February, 1948
READ a third time and passed this
CLERK.
day of May, 1948.
ihE ONTi1RlO
!iUNICIPAL BOARD
R e;::cr-' VV::r)
FEB .l" 1948
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ONTARIO
THE ONTARIO MUNICIPAL 60ARI>
P.F. B-7793
consequent upon this approval, and for such purposes may
pass all requisite by~laws 1. including debenture by-laws •
provided however, that the term for repayment of the
debentures which may be issued here'Under shall not exceed
ten years.
AND IT IS HEREBY FURTHER ORDERED that the de-
bentures contemplated hereby shall be issued and solei,
unless otherwise directed by the Board, not later.than
one year from the date of this Order .•
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AND THE BOARD FURTHER ORDERS, under and in
-pursuance of the provisions of Section 305• Subsection
(15) (d) of "The Municipal Aot;:;'!,J,.!}.\\£1~~~ .ll.937, Chapter
Jt"J_;.·~il~t;S~il1+. -·
266) 1 that the manner of giving· .Notice of the Council's
intention to redeem all or any portion of the debentures
as provided in the said proposec By-law Number 993l
be and the same is hereby 4pproved.
AND THE BOARD ORDERS, under and in pursuance of
the provisions of subsection (2) o:f Se.ction 315 of "The
Municipal Act" (R.s.o. 1937 1 Chapter 266), that the
Corporation of the Town of Aurora be allowed to contract
further debt amounting to $28,000 •. 00 for the purpose
aforesaid and to levy any additional rate necessary to
discharge thA ~~m~
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ONTARIO
THE ONTARIO MUNICIPAL SOARD
tuesday, th~ 'l'hirte~nth day of July, A.D., 19-4$ •
UPON THE APPLICATION OF the said Ct:lrpora.tion and
upon ~onsideration of' the material filed,
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THE B001D or~DERS, under and in pul'suane,e of the-
provisions e£ Section 64 of Part IV ct "The Ont>\l'io Municipal
Board Aet11 (l:t.s.o. 19:37, Chapter 60), that its tilai.d By .. law
· "Uillber 993 intituled; "By ... law Ntllllbe~: 993 of the f-hmieipal
c.orpora,tion of the Town o! AWi'ora. A By-law to )iiUthor.he the
"borrowinE; of 'l'wenty .. ei,ght thou;~~and dollara for payment of
Floating Indebtedness Purp()seett * be and the same is hereby
approna.
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P,F, B•7793
QNTAR:lO
THE ONTARIO MUNICIPAL BOARD
Wednesaay 1 the Twenty-Fourth day of March, A, D., 1948,
) IN THE MATTER OF Section 59 (d)
) of "The OntEjrio Municipal Board
R. s. Colter, Esq •• K.C., ) Act" (R.s.o, 19.37, Chapter 60)
CHAIRJ.V>AN, ) AND IN THE I<lATTER OF Section 70
B E F 0 R E :
) of "The Ontario Municipal Board w. P. Near, Esq., .B.A.sc.,)· Act; (R.s.o. 1937, Chapter 60)
VICE-CHJUR1MN, and ) (as re-enacted by o.s. 1946 1 -) Chapter 66), and
W. J,. Moore, Esq., O.L,S,1 l IN THE I'i.AT'l'ER OF' Section .305 1 IliEJ.\,ffiER. . subsection (15) (d) of "The
) Municipal Act" (R,s.o. 19.37 1 ) Chapter 266), and
) IN THE P,i.ATTER OF Section .315,
} subsection (2) of 11 The Municipal
)'Act" (R.S.O,l9.37 1 Chapter ·
) 266)1 ··and
) IN THE ~i.ATTER OF an application
) of the Corporation of the Tow~
) of Aurora for approval of the
) undertaking of a capital
) expenditure of $28,000.00 for a
) certain floating indebtedness,
) AND IN THE MATTER OF the said.
) Corporation's By-law Number
) 99.3.
UPON THE APPLICATION OF the said Corporation and
up()n consideration of the material filed,
THE BOARD ORDER&, under and in pursuance of the
provisions of paragraph (d) of Section 59 of "The Ontario
Municipal Board Act" (R,S.O, 19371 Chapter 6o)·; that the issue
of debentures by the Corporation of the Town of Aurora for
a certain floating indebtedness be and the same is hereby
authorized,
AND THE BOARD FURTHER ORDERS, under and in
pursuance of the provisions of Section 70 of "The Ontario
Municipal Board Act" (R,S.O, li9.37r Chapter 60), that the
undertaking by the said Corporation of the Town of Aurora
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SO HE IDLE
$2a.ooo.oo a.t. 2 3/4'/, £or Ten Years.
Year Principal Interest Total
1 $25oo·.oo. $770.00 $3270.00
2 2500.00 . 701.25. 3201.25
3 26oo.oo· 632.50 3232.50
4 Z'i'OO.OO. 561.00 3261.00
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5 2'100.00 . 486.75. 3186 •. 75 '
6 2800.00· 412o50· 32l2o50·
7 29oo.oo.
f,
335.110' 3235.50.
8 3000.00'
!5 255.70' 3255.75
9 . :..-, 3100.00 !'73.25· 3273.25 .··
10 3200.00·· 88.00 3288.00
TOTAL $28000.00.
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READ a thir4. q.me and finally passed this .;J ,, '.,
day o:f' )-;nC<-e.j . 1948.
J.\fAYOR
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