HomeMy WebLinkAbout1803A by-law to provide for the borrowing of $110,000 upon debentures for public school purposes.
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+ -attached thereto for the Ya a ent of the interest ,.,-or in •the alternative
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b the, issuance of twenty debentures , of of combined principal and intere,st,'
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b e r to rinci al in each of the ears duritg the
one due and pays 1 as p p Y
irrenc of said debentures , and interest payable in each year , on each
debenture at the rate of 5 and 3 -percentuu per annum. '
2. The' debentures shall all be , dated in 19611 sh all bear . the : carne date,
and shall be issued durin g the ,year ear ] 961 after - the passing of this by-law:
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3* ' The debenture as to both principal and interest shall ,be payable in
Canadian` currency and may be •payable at • any place or plyacea in Canada
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shall be designated thereon:
The ' rinci 1 of the 'debt phall be repaid in. twenty annual � nsta11-
b. p Pa
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aentis after the date of the issue of such debentures with interest
. annually n the balances from time to time remaining unpaid. Th
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s ctive. amounts of principal to' be repaid ,:and interest to be paid fn
etch of such twont years shall be amounts so designated in Schedule "A"'
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hereunto annexed end forming part of this by-law.
5. . The debentures ' shall be sealed with the seal of the Corporation, and
signed by the head of the council or by some other person authorised
by by-law to sign the same and by , the treasurer. - The saidintereet `
eou one shall be signed by the treasurer ; and his signature to them
,gut ,be written or engraved , lithographed, printed or otherwise mach•
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anieall re roduced a The signature of the head-, of the council may be
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written or engraved , ' lithographed, printed or otherwise 'mechanically
reproduced and, if. such debentures are countersigned in writing by the
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deputym treasurer, the signature of the treasurer thereon may be written
. .or engraved, lithographed , printed or otherwisa mechanically reproduced .,
f�. Commencing in the year 19629 and thereafter in each year . during the
currency of the said debentures 'or any of then there shall be levied
and raised in each ear ' in •which •an instalment ' be coves due. by a special
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rate sufficient therefor, over and above all 'other rates on all th•
rateable
property in the Municipality assessed to supporters of public
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sahools the amount of the instalment of principal and interest payable
in that year as set forth in schedule "A" hereunto annexed and forming
pan of this br-lawe
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