HomeMy WebLinkAbout1275Being a By-Law to authorize the borrowing of $30,000.00 upon debentures for Public School purposes.
?~EREAS The Public School Board of Section i~1o.5
cf the Totmship of Clarke in the County of Durham
has requested Council to provide the sum of Thi try Thousand
An0 cq,..,rf~~.r~ ~;
Dollars 030,000.00) for the erectiof a sc ol~uilding;
AND WHEREAS it is expedient to borrow for the said
purpose a sum not exceeding Thirty Thousand Dollars (:30,000.00)
upon the credit of the Corporation, to issue debentures
thereof bearing interest at the rate shown in the third column
of Schedule "A" attached to this By-law and to provide for the
discount and the expenses incidental to negotiation and sale of
such debentures:
AND I~IiER~ S 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 amount of the whole rateable property
of the municipality according to the last revised assessment roll
thereof is ~p2,936,052.23;
AND "vJHEREAS the amount of the existing debenture debt
of the Corporation exclusive of local improvement debts secured
by special rates or assessments is NTL;
AND WHEREAS by Order dated the.. ~ ...day of. !/p~~17~ ~.~ ...195.E ,
The Ontario N~unicipal 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 Douncil of the Corporation of the Township
of Clarke ENACTS AS FOLLOi~~S:
1. For the purpose aforesaid the Corporation shall borrow upon
the credit of the Corporation a sum not exceeding Thirty Thousand
Dollars 030,000.00) and shall issue debentures thereof in sums of
not less than :50.00. Each debenture shall bear interest at the rates
shoUm in the third column of Schedule t'ATt attached to this by-law
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
bank of Commerce in Orono or at the principal office of the said
bank in the City of Toronto.
la.. 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.(a) That there shall be raised, in each year, in which an
instalment becomes due, by special rate on all the rateable property
in the municipality, a specific sum sufficient to pay the said
instalment when and as it becomes due, but no greater rate shall
be levied in any year, for such purpose, than is required to pay
the instalment after taking into account receipts from the special
rate, provided in clause (b) hereof.
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5(b). Commencing in the year 1957 and in each year thereafter in
which an instalment of principal and interest becomes due, the Corporation
shall levy and raise for the payment of the said principal and interest
the specific sum shown for the respective year on all the rateable
property in School Section No.S assessed to public school supporters.
6. The said debentures may contain a clause providing for the
registration thereof pursuant to Section 335 of The Municipal Act.
7. 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 l$th day of October 1956•
......................
~' Reeve
..... ~c C~ ~~.... .
Clerk
Read a third time and finally passed this ~3 day of 7'lw 195,x.
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. .. ............. .......
Reeve g~ ~
~ "~~ ~~-
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.~r-~... 'f~i~r .. ....... .
Clerk
Vi.
SC~IEDULE OF MATURITIES
TO'rJNSI-iIP OF CLARKS Ry-L~w No. 1.~'~l>
X30,000, 5~~, 1 to 20 years
YEAR PRINCIPAL INTEREST TOTAL PAYMENT
1 ~ 900.00 X1,650.00 X2,550.00
2 900.00 1,600.50 2,500.50
3 1,000.00 1,.551.00 2,551.00
4 1,000.00 1,496.00 2,496.00
5 1,100.00 1,441.00 2,541.00
6 1,100.00 1,380.50 2,480.50
7 1,200.00 1,320.00 2,520.00
8 1,300.00 1,254.00 2,554.00
9 1,300.00 1,182.50 2,482.50
l0 1,400.00 1,111.00 2,511.00
11 1,500.00 1,034.00 2,534.00
12 1,660.00 951.50 2,551.50
13 1,600.00 863.50 2,463.50
14 1,700.00 775.50 2,475.50
15 1,800.00 682.00 2,482.00
16 1,900.00 583.00 2,483.00
17 2,ooo.eo 478.50 2,478.50
18 2,100.00 368.50 2,468.50
19 2,200.00 253.00 2,453.00
20 2 00.00 132.00 2 32.00
X30,000.00 X20,108.00 X50,108.00