HomeMy WebLinkAbout2101A by-law to authorize the borrowing of $45,000.00 upon debentures for public school purposes.
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AND WHEREAS by Order dated the 24th day
of April, 1959, the Ontario Municipal Board has approved the
purpose of the said borrowing and the passing of all requisite
by-laws, including debenture by-laws;
THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TO1rJNSHIP OF DARLINGTON ENACTS AS FOLLOWS:-
1. For the purpose aforesaid the Corporation
shall borrow upon the credit of the Corporation the sum of
X45,000.00 and shall issue debentures therefor in sums of
not less than ~a50.00. Each debenture shall bear interest at
the rate of 54% per annum, payable annually and shall have
coupons attached thereto for the payment of such interest.
2, The debentures shall be dated the lst
day of April, 1959, shall be issued at one time, shall be
payable together with interest in twenty (20) annual
instalments on the 1st day of April in each of the years
1960 to 1879, both inclusive and the respective amounts of
principal and interest payable in each of such years shall
be as set forth in Schedule "A" to this by-law.
3. The debentures shall be payable as to
both principal and interest in lawful money of Canada at
the Bank of Montreal in the Town of Bowmanville or at the
principal. office of the said bank ir. either of the Cities
of Toronto or Montreal, at holder's option.
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.
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5• In each year of the currency of the
debentures, all sums required to pay off the debentures
falling due and to pay interest thereon shall be raised by
assessment on all the property of the ratepayers who are
supporters of Public Schools in School Sections Number 1~ 2~
3, ~+, 5, 6, ~, 9, 11 and 12 in the Township of Darlington
and School Sections Number 23 and 25 in the Township of Clarke
in accordance with the provisions of The Public Schools Acts
from time to time in force; and, accordingly, in each year of
the currency of the debentures there shall be levied and raised
annually by special rates sufficient therefor, over and above all
other rates, on all the rateable property of the ratepayers who
are supporters of Public Schools in that part of the said
Township School Area within the Township of Darlington, and
at the same time and in the same manner as other rates, the
respective amounts falling due for principal and interest in
that year as set forth in said Schedule "A", provided that the
respective amounts to be raised annually as.aforesaid shall
be reduced in each year by the respective amounts raised by
the Corporation of the Township of Clarke and paid over in such
year to the Corporation of the Township of Darlington, and by
such amount as may be made available for such purpose in such year to
the Corporation of the Township of Darlington by virtue of the
General Legislative Grant from the Government of the Province
of Ontario to the said Township School Area.
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
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or sums of money not exceeding in all the amount hereby
authorized to be borrowed and may hypothecate such debentures
for such loan.
8, This by-law comes into effect upon the
final passing thereof.
READ a first and second time this 22nd
,`~ day of Jizl~z 1958.
READ a third time and finally passed this
7th day of Mays 1959
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Clerk
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SCHEDULE "A" TO BY-LAW NUMBER 2101
TOWNSHIP OF DARLINGTON
X45,000.00
54~ Debentures
Year
_ 1960
1961
1962
1963
1964
1965
1966
1967
1968
lg6g
1970
1871 ~
1972
1973
1g74
1975
1976
1977
1g78
1979
Princi al Interest Total
1,000.00 ~ 2,587.50 ~ 3,567.50
1,000.00 2,530.00 3,530.00
1,000.06 2,472.50 3,472.50
.1,000.00 2,415.00 3,415.00
2,000.00 2,357.50 4,357.50
2,000.00 2,242,50 4,242.50
2,000.00 2,127.50 4,127.50
2,000.00 2,012.56 4,012.50
2,000.00 1,897.50 3,897.50
2,000.00 1,782.50 3,782.50
2,000.00 1,6h7.50 3,667.50
2,000.00 ~~ 1,552.50 / 3,552.50 1
2,000.00 1,437.50 3,437.50
3,000.00 1,322.50 +,322.50
3,000.00 1,150.00 4,150.00
3,000.00 977.50 3,977.50
3,000.00 805.00 3,805.00
3,000.00 632.50 3,632.50
4,000,00 460.00 4,460.00
4,000.00 230.00 4,230.00
~45,ooG.oo X32,660.00 ~77,66o.oU