HomeMy WebLinkAbout1124A by-law to raise the sum of $10,000.00 for the purposes of School Section No. 8 to meet the cost of building an addition to the school house and furnishing same.
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AND Vv'HEREAS it is expedient to grant the prayer of
said petition and borrow the said amount of 10,000. as requested;
AND ~NHEREAS the amount of the whole rateable property of
the municipality of the township of Darlington, according to
the last revised assessment roll is X2,385,270.
AND WHEREAS there is now no debenture debt of the
Corporation of the township of Darlington unpaid and outstanding.
BE IT THEREFORE ENACTED by the Municipal Council of the
Corporation of the Township of Darlington under and by virtue
of the powers granted to it by "The Public Schools Act, 1937"
and amendments thereto, and all other powers in it vested;
1. For the purposes mentioned in the preamble hereto,
there shall be borrowed on the credit of The Corporation of the
Township of Darlington the sum of X10,000. and debentures shall
be issued therefor on the instalment plan, in sums of not less
than "x'100. each, which debentures shall have coupons attached
thereto for the payment of the interest, which interest is at
the rate of
2. The debentures shall all bear the same date, and
shall be issued within two years after the date on which this
by-law is passed, and may bear any date within said two years,
and shall be payable in .ten annual instalments during the ten
years next after the date when they shall be issued, and the
respective amounts payable in each of said years shall be as
follows:
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3. The debentures as to both principal and interest
shall be expressed as payable in Canadian currency at the
agency of the Bank of Montreal in Boeaasnville, or at the
office of the Treasurer of tha township of Darlington, at
Hampton, Ontario.
4. The debentures and interest coupons shall be signed
and issued by the Reeve of the Township of Darlington, and
shall be signed also by the Treasurer of the said township,'
and the debentures shall be sealed with the seal of the said
Township of Darlington.
5. During the currency of the debentures there shall
be raised in each year the amount of the instalment. of
principal and interest payable in each year, amounting
to
6. The said sum of
shall be primarily
chargeable upon the taxable property of the public school
supporters of the said School Section number eight in the
said Township of Darlington.
7. The debentures may contain any provision authorized
by law for the registration of same.
$. .This by-law shall take effect on the day of the
passing thereof
PASSED this ~~` day of ~'1r~1945.
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Reeve of Darlington
lerk of Da ington