HomeMy WebLinkAbout1649A By-law to authorize the issue of a Debenture in the principal amount of $ 80,000.00 for public school purposes.
WHEREAS the school board named in Schedule "A" attached hereto applied
to the Council of The Corporation of the Township of Clarke
to provide the sum of $ 80,000.00 by
the issue of Debentures of the C,orporatian far the public school purposes set out
in Schedule "A" attached hereto and the Corporation approved of said application;
AND WHEREAS on the 1st day of January, 19b9 the School Board named in
Schedule "A" attached hereto was dissolved and the public school projects set out
in Schedule "A" attached hereto are now obligations of the divisional board which
has jurisdiction in the school division, namely The Northumberland
and Durham County Board of Education.
AND WHEREAS pursuant to such application the Ontario Municipal Board on
or before December 31, 1968 issued an Order or Orders approving of the said under-
takings and the issue of Debentures therefor by this Municipality.
AND WHEREAS for the purposes aforesaid the Council now deems it expedient
to borrow money by the issue and sale to The Ontario Education Capital Aid Corporation
of a Debenture of this Municipality in the principal amount of $ 80,000.00 bearing
interest at the rate of 73~ % per annum payable semi-annually, which is the amount
of the debt intended to be created by this Bp-law.
NOW THEREFORE The Council of The Corporation of the Township
of Clarke enacts as follows:
1. THAT far the purposes aforesaid money shall be borrowed on the credit of
The Corporation of the Township of Clarke
by the issue of a Debenture of the Corporation in the principal
f~ amount of $ 80,000.00 bearing interest at the rate of 7~ X per annum
payable semi-annually on the 1st day of May and 1st day of November
in each year of the currency of the Debenture, upon the principal amount from time
to time remaining unpaid.
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2.. THAT the said Debenture shall be dated the lst day of May 19 69~
and shall be payable in 4 annual instalments of principal on the 1st day of
~y in the years 19 70 to 19 73 ,inclusive, and the respective amounts
of principal and interest payable in respect of such Debenture in the years 19 69 to
19 73, inclusive, shall be as set forth in Schedule "B" attached hereto.
3. THAT the said payments of principal and interest shall be payable in lawful
money of Canada by cheques sent through the post to the registered address of the
registered owner of the Debenture and such cheques shall be payable at par in the City
of Toronto.
!~. THAT the said Debenture shall be sealed with the Seal of the Corporation
and shall be signed by the Head of the Council or by sane other person authorized by
By-law to sign the same, and by the Treasurer.
5. THAT all sums required to pay off the instalments of principal of the
Debenture to be issued hereunder and to pay interest thereon as set out is the sixth
column of Schedule "B" attached hereto, shall be levied and raised in the years 19 69
to 19 73, inclusive, upon all the property rateable for public school purposes in
the school division under the ,jurisdiction of The Northumberland
and Durham County Board of Education in accordance with
the provisions of The Secondary Schools and Boards of Education Act and the pertinent
provisions of The Public'Schools Act made applicable thereby; and accordingly in
each of such years there shall be levied and raised by a special rate sufficient
therefor, over and above all other rates, upon all the property rateable for public
school purposes in this Munic~.pality, at the same/ time and in the same manner as
other rates, this Municipality's share of the principal and interest falling due in
each such year~and such share shall be determined in accordance with the provisions
of The Secondary Schools and Boards of Education Act and the pertinent provisions
of The Public Schools Act made applicable thereby.
~,, THAT the said Debenture be sold to The Ontario Education Capital Aid
Corporation,
7. THAT the said Debenture shall contain a clause providing for the regis-
tration thereof pursuant to section 323 of The Municipal Act.
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$. THAT application shall be made to the Ontario Municipal Board for
approval of this By-law and for the certification of the Debenture to be issued
hereunder pursuant to sections 58 to 60 of The Ontario Municipal Board Act.
9. TfIAT Schedules "A" and "B" attached hereto, are hereby declared to be
and to form part of this By-law.
ENACTED this 7th
day of October ~ l9 69
,~~
....... ........
Clerk
. ~•
(Seal) ,,~ ~,
Div .-A3
S•
r .
THE CORPORATION OF THE TOWNSHIP OF CLARKS
BY-LAW N0. 1649
SCHEDULE "B"
1
PAYMENT
NUMBER 2
DATE
DUE
1 November 1, 1969
2 May 1, 1970
3 November 1, 1970
4 May 1, 1971
5 November 1, 1971
6 May 1, 1972
7 November 1, 1972
8 May 1, 1973
3 ~ 5 6
PATIENTS ANNUAL AMOUNT
PRINCIPAL INTEREST TOTAL LEVIED HEREUNDER
$ $ 2,900.00 $ 2,900.00 $ 2,900.00
18,000.00 2,900.00 20,900.00
2,247.50 2,247.50 23,147.50
19,000.00 2,247.50 21,247.50
1,558.75 1,558.75 22,806.25
21,000.00 1;558.75 22,558.75
797.50 797.50 23,356.25
22,000.00 797.50 22,797.50 22,787.50
$ 80,000.00 $ 15,007.50 $ 95,007.50 $ 95,007.50
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