HomeMy WebLinkAbout1321Being a by-law to authorize the borrowing of $75,000.00 upon de bentures 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 Seventy-five Thousand Dollars
(~75~000.00) for erecting and equipping two buildings. One to
be situated in Lot 8, Concession l~ and the other in Lot 30~
Concession 3, Township of Clarke;
AND WHEREAS it is expedient to borrow for
the said purpose a sum not exceeding Seventy-five Thousand
Dollars (~75~000.00) upon the credit of the Corporations to
issue debentures therefor 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 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 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:-
1. For the purpose aforesaid the Corporation
shall borrow upon the credit of the Corporation a sum not
exceeding Seventy-five Thousand Dollars (75,000.00) and shall
issue debentures therefor in sums of not less than $50.00.
Each debenture shall bear interest at the rate of Six Per
Centum (6~) per annum payable annually and shall have coupons
attached 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 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 and may be made
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 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 1960, 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 therefore at the same times and in
the same manner as other rates.
6. 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 19th
day of May, 1959•
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Aoting Reeve
~~ ~ . i ~ « ~~~~~~~~~~~~
Clerk
READ a third time and finally passed this
~~~'~~: day of Ju1Y , 1959 •
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Aotiag Reeve
Clerk
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Schedule "A" to By-law No. 1321 of 1959
TOWNSHIP OF CLARKS
X75,000, 6;~, 1 to 20 years
Year_ Prin_cipa,_1 Int_, Brest Total Patent
1960 ~ 2,000 ~ 4,500.00 ;~ 6,500.00
1961 2,aoo 4,380.00 6,380.00
1962 2,000 4,260.00 6,260.00
1963 2,000 4,140.00 6,14.00
1964 3,000 4,020.00 7,020.00
1965 3,000 3,84a.oo 6,8t~o.oo
1966 3,000 3,660.00 6,66o.oc
1967 3,000 3,180.00 6,l~80.00
1968 3,000 3,300.00 ~,?~~.~0
1969 3,000 3,120.00 6,12o.ao
19~ 4, 000 2, q4o, oo b, 94.0.oa
1971 4,00 2,700.00 6,700.00
1972 4,000 2,4.60.00 6,460.00
197 4,000 2,220.00 5,220.00
1974 5foeo i,~~`?0.00 6,980.00
1975 5,000 l,b~o.o~ 6,680.00
196 5,000 1,380.00 6,380.00
197 6,000 l,080.~~ 7,080.0
1978 6,000 72~.n~ 6, 72'1.00
1979 6, 000 ; 60. ^c~ 6, ~: b~. ao
~7~,000 ~56,220.~0 •~131,220.~0
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