MINUTES - Council - 19570729,;,-,
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MINUTES OF A SPECIAL MEETING OF THE COUNCIL HELD IN THE
CQU,NCIL CHAMBERS ON MONDAY JULY 29tll 1959 AT 8. 00 p.M.
:PRESENT: . ' . Mayor D. J. MuRRAY (in the chair)
Reeve C.F. DAVIS
. Dep.Reeve V. JONES . . .
Councillors BAILEY, DAVIDSON, NISBET &-STODDART
COMMITTEE REPORT
Councillor Stoddar6 presented the following report of the
Firlarroe Corluni ttee:
11 The Committee respectfully submit the following
The Committee met on Wednesday July 24th to discuss the
debenture position with Mr. J.s. Bro;.m of J.L. Gr.@am arid
Company.
121'
Mr• Brown reported on. the option gPanted to his Company
in .Jtine 1957 and,recommended to Counci11 that a part of the
1ssue ·be sold' to the' Ontario Municipal Improvement Corporation,
and.the b~lance to J.t. Graham & Co. '
Accord1ngly the Comm1ttee now recommends that the following
debentures be sold to the Ontario Mun1cipal Improvement.·
Corporation at the interest rates shown.
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• ·~24S;··.s.6o m. atur.ing 1958 to.· 1972· 18~'4.:30 '··. ' " · 1958 to' 1972
5, 300 " 1958 to 1972
'' f ' tThese debentures to be at the rates requtred by:·the o.M.I.C
'whidh are
· 1st five years
2nd five years
.3rd five years
and o.M.I.C• ~rill
~~/4%
64%
purchase them at par.
'"), '' It is further ';recommended that ·the' folliiwlng debentures
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be sold to J.L. Graham and Company at the price and interest
retes shown. ' .
$147;700 to be sold at par -.interest rate 6t%. (This consists of
.. the last five years of the 1-20 debenture
': ~ f. .)
$ '9,600 to be
$ .36,000 to be
$ 30;800 to be
sold at
sold at
sold at
being sold to O.M.I.C.) .·
97,.36 per 100~ Interest 6%.maturing 1958-72
97,.36 per 100. Interest 6%.maturing 1958-771
97 • .36 per 100. Interest 6%.maturing 1958-67)
The sale of these. debentures to J.L. Graham & Company is
.i• subject-to the·terms'and conditions.in the lettersof June 25th
and July 24th·l9S7 from J.L. Graham & Company.
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-2-July Jl;th 1957.
n · The Committee recommends the above procedure becaus'e
this will provide a me4ns of issuin!?i ~he outstanding debe.ntureB ·
in full at a slightly better rate than that contained in the
offer of J.L. Graham and Company when'they were granted the
option. · ·
It is further recommended that all necessary by-laws be
prepared to provide for the changes."
STODDART :
BAILEY:
. "That the report of t.he Finance Committee,
be approved and the Seal of the Oorporatiort
be attached"
CARRIED. ., .
OTHER BUSINESS •
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JONES:
STODDART:
BY-LAWS
11 That Mr •. ,Charles Pe.nfold be engaged as an.
Assistant Foreman.to work with :Mr• Gouldiltlg · ·
at the rate ot $1.30 per hour and .the .seale of
the Corpo:r:ation be attached hereto 11 , • , ••
CARRIED.
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BAILEY: 11 That leave be given to int~duce a By-law to enur
NISBET: into an agreement betw:een Sterling Drugaqq,.J>;urora
and that the same be now read a first tim~<<~'·
· · . · . ·· Carri•eq.
The by-law was then read a t:l.rst time.
:?TODDJ\RT: , ,That the By-law now befo.re. the Counc1l }?e;·.cread a second
JONES: time and that the Cilouncil dissolve itselfrint.o· a
Committee o.f the whole for that purpose".
· . . " Carried.
The by-law was then read a.second time in Committee of the whole
and the reading was then approved in Council, , .
BAILEY:
NISBET:
· 11 That leave .. •be given to introduce a By-law .to enter into
· an·agreement between Garden City. and Aurora and that the
same be now read a first time",
Carried •.
The by..,law was.,then read a first time.
STODDART .11 ~~t . the By-law· now before the Council be read a second
JONES: time and that Counci], dissolveitself intqa Committee
of.the whqle for that purpose". :
. . . Carried,
The by-law· was then read a second time in Committee of the ,.,hole and
·the reading was th~n .approved in Council. .. .
The agreement was then discussed at length with Mr. Berger and Mr.
Schwartz rep:r;-esentingGarden C41ty Aurora Ltd. · '_;_,-y ..
NISBET: That the Meeting now adjourn.
Carried. h;(j?;;~ The meeting then adjourned,
j..d.
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M'AYOR: ' -zJ "
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