HomeMy WebLinkAbout2169A By-law to authorize the issue of Debentures in the principal amount of $110,800.00 for public school purposes.
WHEREAS the South Darlington Township School Area
comprises a portion of the Township of Darlington and a portio
of the Township of ClarY.e; j ~
F_ND If1HEREAS the South Darlington Township Area Public
School Board has applied to the Councils of the Townshigs of
Darlington and Clarke for the sum of x116,34$.68 to be raised. by
the issue of municipal debentures for permanent improvements, namely
the building and equipping of additions to two existing public
schools a.nd one new two-room school in the South Darlington Township
School Area.;
AND ~,y`HEREAS each of said Councils has approved of said
application;
AIv'D ~;u`HEREF+.S the Corporation of the Township of Darlington has
on hand a balance of 59,169.90 from the sale of a previous school
building project of the South Darlington Township School Area Board;
AND bdHEREAS the Ontario Municipal Board has approved the
application of the said surplus to reduce the amount of debenture issue
required;
AND WF:EREAS the Council of the Corporation of the Township
of Darlington has sold the said debenture issue, subject to the
approval of the Ontario Municipal Board, at a discount of y,3.30 per
one hundred dollars;
AND WHEREAS, after applying the aforesaid surplus, as well as
the amount required to provide for the aforesaid. discount to the final
estimate of cost, 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 principal amount of
'110,800.00 bearing interest at the rate of 54h per annum, which is the
atr:ount of the debt intended to be created by this by-law.
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NOW THEREFORE, the Council of The Corporation of the
Township of Darlington enacts as follows:
1, For the purposes aforesaid money shall be borrowed upon
the credit of The Corporation of the Township of Darlington by the
issue and sale of Debentures of the Corporation in the principal
amount of X110,800.00. The said Debentures shall bear interest at
the rate of 5~~ Per anr_um payable annually on the 1st day of June 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 1st day of
June, 1961, shall be payable in twenty annual instalments on the
1st day of June in each of the years 1962 to 1981, both inclusive,
and the respective amounts of irincipal and interest payable in
each of said years shall be as set out in Schedule t'A" hereto,
which is hereby declared to be and to form part of this By-law.
3. The said Debentures shall be payable as to both princi-
pal 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 in either of the Cities of Toronto or tontreal, at the holderTs
option.
~. 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-lafi* to sign the same, and by the Treasurer. The
interest coupons attached. to the Debentures shall be signed by
the Treasurer and his signature thereon may be written, stamped,
lithographed or engraved.
5. Commencing in the year 1962 and in each year thereafter
of the currency of the debentures all sums required. to pay off the
debentures and to pay interest thereon shall be raised by assessment
upon the property of ratepayers who are supporters of public schools
under the jurisdiction of The Public School Board of the Township
School Area of South Darlington in accordance with the ;orovisions
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 rates on all the taxable
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property of ratepayers who are supporters of public schools under the
jurisdiction of the said Board in the Township of Darlington at the
same time and in the same manner as other rates the share of the
Corporation of the Township of Darlington of the principal and interest
falling due in each such year and such share shall be determined under
the provisions of The Public Schools Act in that behalf.
6. The said Debentures may co
registration pursuant to Section 335
7. Pending the issue and sale
Reeve and Treasurer may agree with a
temporary advances from time to time
for the purposes aforesaid.
READ a first and second time the 17th day of November, 1960.
Main a clause providing for
of The Piunicipal Act.
of the said Debentures the
bank or other person for
to meet expenditures incurred
Reeve
of
~~~ ~` ~~fi~~-c~~~
Clerk
READ a third time and finally passed this '~T '" day
~~~y 1961.
~.,-AL~~(~f ,. f ~~1i`.' • ~/ ~L: x.14//
Reev
~~ ~~~
Clerk
. .
TOtn'1~ISHIP OF DARLINGTON
D
SCHEDULE rrpn
BY-LAYI NUMBER 2169
AN:Q[TAL
YEAR PRINCIPAL INTEREST PAYMENT
1962 X3,000.00 X6,371.00 ~r9,371.00
1963 3,ouo.oo 6,198.50 9,198.50
1964 3,500.00 6,026.00 9,526.G0
1965 4,000.00 5,824.75 9,$24.75
1966 4,000.00 5,594.75 9,594.75
1967 4,OD0.0o 5,364.75 9,364.75
1968 4,500.00 5,134.75 9,634.75
1969 4,500.00 1+,876.00 9,37b.00
1970 S,OOD.00 4,617.25 9,617.25
1971 5,000.00 ' 4,329.75/ 9,329.75`'
1972 5,500.00 4,04'2.25 9,542.25
1973 6,000.00 3,72b.00 9,726.00
1974 6,000.00 3,381.00 9,381.00
1975 b,5oo.00 3,036.00 9,536.00
1976 6,500.00 2,662.25 9,162.25
1977 7,o00.OD 2,2238.50 9,2$8.50
1978 7,500.00 1,886.00 9,386.00
1979 8,000.00 1,454.75 9,454.75
1980 8,500.00 994.75 9,494.75
1981 8,800.D0 506.00 9,306.00
x:110,$00.00 ';78,315.00 X189,115.00