HomeMy WebLinkAbout1174A by-law to amend By-law No. 1172 by changing the interest rate on the debenture issue of $90,000.00 to meet the cost of building an addition to the public schools in sections six and eight respectively, from 4 1/2 per cent per annum to 5 1/4 per cent per annum for twenty years.
that in order to sell the said debentures Por a sum
sufficient to meet the full cost oP the said buildings
and expenses involved it is necessary to raise the
interest rate on the said debentures Prom 4Q per
cent per annum to 54 per cent per annum for 20 years.
NO;: TI?EREFORu the Ddunicipal Council of the
Corporation oP the Township of Darlington $NACTS AS
FOhLB~R~S
l:. By-law No. 1172 oP this Corporation is heraby
amended as follows.
(a) 'r`ahereves• in the said by-law the interest
rate is set out at 4~ per cent per annum the said
figure oP 4~ shall be struck out and the figure 54
inserted in the place and stead thereof throughout
the whole by-law.
(b) Clause 2 of the said by-law be repealed
and the f ollo~aing clause inserted in its place and
stead
"2. The debentures shall be dated the 1st
day of February 1952 and sl'i&11 be payable in 20
annual instalments on the 1st day of February in each
oP such years 1953 to 1972, inclusive, and the
respective amounts of principal and interest payable
in each of such years shall be as set forth in
Schedule "A" hereto attached."
- 2 -
(c) Clause 6 of the said by-law be
amended by striking out the figure "1971" in the
second line thereof and inserting the figure "1972"
in the place and stead thereof.
(d) Schedule "A" of the said by-law be
revealed and Schedule "A" hereto attached be inserted
in the place and stead thereof.
2. In all other respects the said by-law is hereby
confirmed.
Read a first, seco d and thimmrd time and
finally passed this ,Z ~ l~day of /~G~ 195/ .
[~
Clerk,
S~I3EDtTLE "A"
Principal Interest Total
1. ~ 2,650.70 ~ 4,725.01 ~ 7,375.71
2. 2,789.87 4,585.84 7,375.71
3. 2,936.34 4,439.37 7,375.71
4. 3,090.49 4,285.22 7,375.71
5. 3,252.74 4,122.97 7,375.71
6. 3,423.51 3,952.20 7,375.71
7. 3,603.24 3,772.47 7,375.71
8. 3,792.42 3,583.29 7,375.71
9. 3,991.52 3,384.19 7,375..71
lo. 4,201.08 3,174.63 7,375.71
11. 4,421.63 2,954.08 7,375.71
12. 4,653.77 2,721.94 7,375.71
13. 4,898.09 2,477.62 7,375.71
14. 5,155.24 2,220.47 7,375.71
15. 5,425.89 1,949.82 7,375.71
16. 5,710.75 1,664.96 7,375.71
17. b,olo.56 1,365.15 7,375.71
18. 6,326.12 l,o4g.59 7,375.71
19. 6,658.24 ~ 717.47 / 7,375.71
20. 7,007.80 367.91 7,375.71
X90,000.00 X57,514.20 147,514.20