HomeMy WebLinkAbout1553Being a By- law to authorize the borrowing of $50,695.00 upon debentures for Public School Purposes.
WHEREAS The Board of Trustees of the Township
School Area of Clarke in the County of Durham has requested
Council to provide the sum of Fifty Thousand, Six Hundred and
Ninety-five Dollars 050,695.00) for erecting and equipping 3
rooms, being 2 classrooms of 763 N.F.F.A. (Net Functional Floor
Area) each and 1 general purpose room of 1600 sq. ft. N.F.F.A.,
as an addition to School No. 13 at Kendal situated in Lot 9,
Concession 6, of the Township of Clarke;
AND WHEREAS it is expedient to borrow for the
said purpose a sum not exceeding Fifty Thousand, Six Hundred and
Ninety-five Dollars 050,695.00) upon the credit of the Corporation,
to issue debentures therefore bearing interest at the rate of Six
Per CEntum (6~) per annum payable annually and to provide for the
discount and the expenses incidental to negotiation and sale of
such debentures;
AND WHEREAS it is expedient to make the principal
and interest of the said debt repayable in an annual instalment
during the period of One (1) year next after the date of issue of
such debentures;
AND WHEREAS the Ontario Municipal Board has
approved the purpose of the said borrowing and the passing of
all requisite by-laws, including debenture by-laws;
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THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF CLARKE ENACTS AS FOLLOWS:-
l~ For the purpose aforesaid the Corporation shall
borrow upon the credit of the Corporation a sum not exceeding
Fifty Thousand, Six Hundred and Ninety five Dollars (50,695.00)
and shall issue debentures therefore in sums of not less than
X50.00. Each debenture shall bear interest at the rate of Six Per
Cent um (6~) per annum payable annually and shall have coupons
attached thereto for the payment of such interest.
2. If debentures are required, the said debentures
shall bear the same date, shall be issued at one time and within
one year after the day on which this by-law is passed, may bear
any date within such one year and shall be made payable in an
annual instalment during the period of One (1) year next after the
date of issue thereof, and the respective amounts of principal
and interest payable in sunh year shall be the amounts so
designated in Schedule riAu hereto annexed.
3, The debentures shall be payable as to both
principal and interest in lawful money of Canada and may be made
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payable at The Canadian^ Bank of Commerce in Orono or at the
principal office of the said Bank in the City of Toronto.
~,. The said debentures shall be sealed with the Seal
of the Corporation and signed by the Held of the Council or by
some other person authorized by bylaw 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, stamped,
lithographed or engraved.
In each year of the currency of the said debentures
commencing in 196$, the respective amount of principal and interest
set forth in Schedule "A'~ hereto shall be levied and raised
annually upon all the rateable property of ratepayers who are
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supporters of Public Schools in the said Township School Area of
the Township of Clarke, by a special rate, sufficient therefore,
at the same time, and in the same manner as other rates.
The said debentures may contain a clause providing
for the registration thereof pursuant to Section 335 of The
Municipal Act.
Pending the sale of the said debentures the Head
of the Council and the Treasurer may raise for the purpose
aforesaid by way of loan on such debentures any sum or sums of
money not exceeding in all the amount hereby authorized to be
borrowed and may hypothecate such debentures for such loan.
READ a first and second time this 30th day
of August, 1967
~~ e
Reev
.~.
Clerk
READ a third time and finally passed this ja~t
day of Q~.de,~/ 1967
Reev
S E A L •
_ 4'~'G
' Clerk
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X50,695.00
SCHEDUI~, ItA
TOWNSHIP OF C
SE!YIPCjt1~ P to BX-l tt
LARKS
aw No_ 1 ~,~~
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TntQrest
X3,041.70
T.~al Pa._.~
X53,736.70
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