HomeMy WebLinkAbout2201A By-law to authorize the issue of debentures in the principal amount of $35,000.00 for public school purposes.
Y~T3ERE~.S School Section No. 7, is a public school section
lying wholly within the Township of Darlington;
AND hhIEREAS the Board of School Section No. 7, in the Township
of Darlington has applied to the Council of the Township of Darlington
for the sum of X35,000.00 to be raised. by the issue of municipal
debentures for permanent improvements, namely the building and e,,uipping
of a. new tt•~o-room school in School Section No. 7;
APJD G:HEREAS the Council of the Corporation of the Township
of Darlington has approved the said application;
AND ~aIIEREAS the Council of the Corporation of the Township of
Darlington deems it expedient for the purpose to borrow money by the
issue and sale of debentures of the Corporation in the princir;a.l amount
of ~E35,000.00 bearing interest at the rate of 5.' per annum, which is
the amount of debt intended to be created by this By-law.
NOk~ THEREFORE, the Council of the Corporation of the Township
of Darlington enacts a.s follows;
1. For the purposes aforesaid money shall be borrowed upon the
credit of the Corporation of the Tokmship of Darlington by the issue and
sale of debentures of the Corporation in the principal amount of ~35,000.OC
The said debentures shall bear interest at the rate of 5'..% per annum
payable on the first day of December in each year of their currency and
shall have coupons attached thereto for the payment of such interest.
2. The said debentures shall all be dated the first day of
December 1961, shall be payable in twenty annual instalments in each of
the years 1962 to 1981, both inclusive, and the respective amounts of
principal and interest payable in each of the said years shall be as set
out in Schedule "At', hereto, which is declares. to be and to form part of
this By-lat~r.
3. The said debentures shall be payable as to both principal and
interest in lawful money of Canada at the Bank of Montreal in the To*.an of
Bowmanville, or at the principal office of the said Bank in either of the
Cities of Toronto or P?ortreal, at the holders option.
- 2 -
/~, The said debentures shall be sealed with the seal of the
Corporation and. signed by the Reeve or by some other person authorized. by
by-law to sign the same, and his signature thereon may be written or
engraved, lithographed., printed or otherwise mechanically reproduced.,
and by the Treasurer, and his signature thereon, if countersigned in
writing by the Deputy Treasurer, may be written or engraved., lithographed,
printed or otherwise mechanically reproduced. The interest coupons
shall be signed by the Treasurer and his signature thereon may be
~*ritten or engraved, lithographed, printed or otherwise mechanically
reproduced.
5. Cocamencing in the year 1962 and. in each year thereafter of the
currency of the debentures all sums reciuired to pay off the debentures
and to pay interest thereon shall be raised by assessment upon the taxable
property of ratepayers who are supporters of public schools under the
jurisdiction of the Board of School Section No. 7, Tormship of Darlington
in accordance with the provisions of the Public Schools Act and
accordingly in each year of the currency of the debentures there shall
be levied and raised by a special rate sufficient therefor over and above
all other raates on all the taxable property of rate payers who are
supporters of public schools under the jurisdiction of the said Board,
at the same time and in the same manner as other rates, the amount of
principal and interest falling due in such year.
6. The said debentures may contain a clause providing for
registration pursuant to Section 323 of the Municipal Act.
7. Pending the issue and sale of the said d-ebentures the Reeve
and Treasurer may agree with a bank or other person for temporary
advances from time to time to meet expenditures incursc~o:for the
~_- _
purposes aforesaid..
READ A FIRST L.ND SECOND TIME THIS 21ST DAY -0F SEPTEMBER
1961. ~_
C,~ ~, ~ ~ ~~~L~
4"`G'(~f~ .mss I ° :S : ~ : '4.~~4-~,1r'~.
Reeve Clerk
READ A THIRD TIME AND FIPIALLY PASSED THIS ~TH`DAY OF
OCTOBER 1961. -
.,/ D~ /
Reeve Clerk ,
X35,000.00 5'~~0
TOWNSHIP OF DARLINGTO N
Schedule "P_". BY-LA41 N0. 2201
P. NY?UAL
YEAR PRINCIPAL INTEREST PAYh1ENT
1962 X1,000.00 X1,925.00 .a 2,925.00
1963 1,000.00 1,$70.00 2,$70.00
1x64 1,000.00 1,$15.00 2,$15.00
1965 1,000.00 1,760.00 2,760.00
1966 1,500.00 1,705.00 3,205.00
1967 1,500.00 1,622.50 3,122.50
196$ 1,500.00 1,540.00 3,0%0.00
1969 1,500.00 1,457.50 2,957.50
1970 1,500.00 1,375.00 2,$75.00
1971 1,500.00 / 1,292.50 / 2.,792.50
1972 1,500.00 1,210.00 2,710..00
1973 2,000.00 1,127.50 3,127.50
1974 2,000.00 1,017.50 3,017.50
1975 2,000.00 907.50 2,907.50
1976 2,000.00 797.50 2,797.50
1977 2,000.00 6$7.50 2,6$7.50
197$ 2,500.00 577.50 3,077.50
1979 2,500.00 440.00 2,940.00
19$0 2,500.00 302.50 2,802.50
1981 3,000.00 165.00 3,165.00
~w35,000.00 u23,595.00 558,595.00