HomeMy WebLinkAbout1375A By-law to authorize the borrowing of $45,000.00 upon debentures for Public School purposes.
WHEREA.B The Board of Trustees of the Township
School Area of Clarke in the County of Durham has requ ested
Council to provide the sum of Forty-fiv® Thousand Dollard
045,000.00) for erecting and equipping one building to be
situated in Lot ~, Concession 6, of the Township of Clarke;
AND W~REAS it is expedient to borrow for
the said purpose a sum not exoaeding Forty--five Thousand Dollars
045,000.00) upon the credit of the Corporation, to issue
debentures therefor bearing interest at the rate of Six Per
Centum (6~0) per annum payable annually and to provide for the
discount and the expenses incidental to negotiation and sale
of such debentures;
AND ~4~EREAS it is expedient to make the
principal of the said debt repayable in annual instalments
during the period. of Twenty (20) years next 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 same;
AND GVBERFAS 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 COIINCTL OF Tt3E.CORPORATION OF
TT~E TOWNSHIP OF CLA,RKE ENACTS AS FOLLOWS: -
1, ~.''or the purpose aforesaid the Corporation
shall borrow upon the afedit of the Corporation a sum not
exceeding Forty-five Thousand Lollars 045,000.00) and shall issue
debentures therefor in sums of not less than50.00.
Each debenture shall bear interest at the rate of Sia Per Centum
(6~0) per annum payable annually and shall have coupons attaohed
thereto for the payment of such interest.
2. All the debentures shall bear the 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 Twenty (20) years neat after the date of
issue thereof, and the respeotive 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 and may be made
payable at The Canadian Bank of Commerce in Grano or at the
principal office of the said Bank in the City of Toronto.
4. The said debentures shall be sealed with
the Seal of the Corporation and signed by the 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 and his signature thereon may be
written, stamped, lithographed or engraved.
5, In each year of the currency of the said
debentures commencing in 1962, the respective amount of
principal and interest set forth in Schedule ".A," hereto shall
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be levied and raised annually upon all the rateable property
of ratepayers who are supporters of Public Schools in the
said Township School Area of the Township of Clarke, by a
special rate, sufficient therefor, 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 I~~'.`unicipal Act.
Pending the sale of the said debentures
the dead of the Council and the Treasurer may raise for the
purpose aforesaid by way of loan on suoh debentures any sum
or sums of money not ezeeeding in all the amount hereby
authorized to be borrowed and may hypothecate such debentures
for such loan.
READ a first and seoond time this /j
day of /Y)ARC// ~9~0/ .
~~
peeve
~~
lerk
READ a third time and finally passed this
.?"'~ day of ~.9 Y ~ 96 / ,
Reeve
_~ .
Cler
Township of Clark®
Schedule to Bylaw No.
X45,000, 6~, 1 to 20 Yeas
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
~-I•
15
16
17
18
19
20
Principal
~ 1,000
1,000
1,000
1, 000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
3,000
3, 000
3,000
3,000
3,000
4,000
4,000
X45,000
Interest
2,700.00
2, 640 x,00
2,580e00
2,520.00
2,460.00
x,340.00
2,220000
2,100.00
1,980.00
1,860.00
1,740.00
1,620.00
1,500.00
1,380.00
1,200.00
1,020.00
840,00
660.00
480.00
240.00
X34,080.00
Tot a1 Payment
3,700.00
3,640.00
3,58odoo
3,520.00
4,460.00
4,340.00
4,22000
4,100..00
3,980„00
3,860,00
3, 740+-00
3,62000
3,500~~00
4,380.00
4,200.00
4,020.00
3, 840 Q o0
3,660.00
4,480.00
4,240.00
X79,080.00
-L, C)
.. Law N 1971-S.
A I-)y-1 aw o"' the Corporation
of the Tovmsl�lr of Clarke
to au.t.horize the borrowino
of "''45, 000.00 ,-,pcn debentures
for Public School PurT)oscs .
P,(-ad a first second tirr-e-
13 March
Read a third time F pass(--d-
P- Yay
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