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Order in Council 1298/1963

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Order in Council 1298/1963 12A. Approved and ordered this 24th day of I Lay , A.D. 19 63. Zo1,4 At the Executive Council Chamber, Nrictoria, lieutenant-Governor. PRESENT: The Honourable in the Chair. Mr. Bennett Mr. Petorson Mr. Black Mr. Bonner Mr. Kiernan Mr. tlartin Mr. Westwood Mr. Mr. Mr. Mr. Mr. Mr. Mr. Toffishrohour The Lieutenant-Governor in Council: The undersigned has the honour to report: THAT in accordance with the provisions of the Public Schools Act School District No. 40 (New Westminster) School Loan By-law Referendum No. 4, being a question relating to the borrowing of money for school purposes, received the assent of the owner- electors in the School District; AND THAT said question was registered in the Department of Education on the 28th day of March, 1962; AND THAT in pursuance of section 216(5) of the Public Schools Act the Board of School Trustees of School District No. 40 (New Westminster) may pass hp-laws, without further assent of the owner-electors, providing for the borrowing of money by the issue and sale of debentures to raise net sums not exceeding in the aggregate $1,151,000.00 of which no net sums have heretofore been raised to pay a portion of the cost of the projects set out in said question; AND THAT said Board of School Trustees desires to pass a by-law to provide for the borrowing of money by the issue and sale of debentures in the principal amount of $160,000.00 to raise the net sum of $160,000.00 presently required to pay a portion of the cost of the projects set out in said question; AND THAT in pursuance of section 218 of the Public Schools Act the said by-law, copy of which is attached hereto, has been submitted to and approved by the Minister of Education and is in all respects in accordance with the provisions of the Public Schools Act; AND TO RECOMMEND THAT, pursuant to the provisions of section 218 of the Public Schools Act consent be given to the Board of School Trustees of School District No. 40 (New Westminster) to enact said by-law providing for the borrowing of money by the issue and sale of debentures in the principal amount of $160,000.00 as provided in the by-law. DATED this day of 4x7 A.D., 1963 1‘1 o cat?on—s- APPROVED this 2 3--.G dny of A.D., 1963 c:61 Presiding ltber of the Ihsoutive Council 41 SCHOOL LOAN BY-LAW NO. 8 BOARD OF SCHOOL TRUSTEES SCHC€L DISTRICT NO. 40 (NEW WESTLIINSTER) A by-law to authorize the Board of School Trustees of School District No. 40 (New Westminster) to raise by way of loan the net sum of $160,000.00 to meet capital expenses for school purposes. * * * * * * * * * * * * * * * * * WHEREAS the Board of School Trustees of School District No. 40 (New Westminster) did submit to the owner-electors in the School District a question relating to the borrowing of money for school purposes not to exceed in the aggregate the net sum of $1,151,000.00 required for the projects referred to in the question; AND WHEREAS the question referred to as School Loan By-law Referendum No. 4, a true copy of which is hereto attached marked Schedule "A" to this by-lsv; has been approved by the Minister of Education, authorized by the Lieutenant-Governor in Council on the 26th day of February, 1962, assented to by the owner-electors in the School District, and is in all respects in accordance with the provisions of the Public Schools Act; AND WHEREAS the said question was registered in the Department of Education on the 28th day of March, 1962; AND WHEREAS no net sums have been raised by the issue and sale of debentures for any of the projects referred to in the question, leaving a net sum of $1,151,000.00 still to be raised for the projects referred to in the question; AND WHEREAS the Board of School Trustees deems it necessary to borrow money by the issue and sale of debentures of the Board in the Principal amount of $160,000.00 to raise the net sum of 93160,000.00 presently required to pay a portion of the cost of the projects set out in Schedule "A" to this by-law, after payment of discount, commission, brokerage, exchange and other expenses with respect to the issue and sale of the debentures; NOW, THEREFORE, the Board of School Trustees of School District No. 40 (New Westminster) enacts as follows: 1. That for the purposes aforesaid, money shall be borrowed by the issue and sale of debentures of the Board of School Trustees of School District No. GO (New lIestminste in the principal amount of One Hundred Sixty Thousand Dollars (t160,000.00). 2. The said debentures shall be in denominations of Eight Thousand Dollars ($8,000.00), and all such debentures shall have the corporate seal of the Board of School Trustees affixed thereto, and shall be signed by the Secretary-Treasurer of the Board, and shall bear the facsimile signature of the Chairman of the Board, and shall be eligible for guarantee as to principal and interest by the Province. 3. The said debentures shall be payable both as to principal and interest in lawful money of the United States of America at the office of the Bank of Montreal, West End Branch, at New Westminster, B.C., and at the principal office of the said Bank in the City of Victoria, B.C., Canada, at holder's option. G. The said debentures shall be dated the 15th day of May, 1963, and payable as follows: $8,000.00 on the 15th day of May in each of the years 1964 to 1983 inclusive. -2- .The said debentures shall have attached to them coupons for the payment of interest at the rate of Five per centum (5%) per annum, payable semi—annually on the 15th day of May, and the 15th day of November, in each year during the currency thereof, and the coupons shall bear the facsimile signatures of the Chairman and Secretary— Treasurer of the Board. 4 To meet payments of principal and interest during the currency of the debentures there shall be included each year in the estimates of the expenses of the Board the following amounts, which shall be provided from grants received from the Province for that purpose and from levies made upon the taxable values of all lands and improvements within the School District: Annual Annual Total Annual Principal Coupon Interest Principal anJ Year Retirement Rate Payments Interest Payments 1963 — 5% $ 4,000.00 $ 4,000.00 1964 rw 8,000.00 5% 7,800.00 15,800.00 1965 8,000.00 5% 7,400.co 15,400.00 1966 8,000.00 5% 7,000.J0 15,000.00 1967 8,000.00 5% 6,600.00 14,600.00 1968 8,000.00 5% 6,200.00 14,200.00 1969 8,000.00 5% 5,800.00 13,800.00 1970 8,000.00 5% 5,400.00 13,400.00 1971 8,000.00 5% 5,000.00 13,000.00 1972 8,000.00 5% 4,600.00 12,600.00 1973 8,000.00 5% 4,200.00 12,200.00 1974 8,000.00 5% 3,800.00 11,800.00 1975 8,000.00 5% 3,400.00 11,400.00 1976 8,000.00 5% 3,000.00 11,000.00 1977 8,000.00 5% 2,600.00 10,600.00 1978 8,000.00 5% 2,200.00 10,200.00 1979 8,000.00 5% 1,800.00 9,800.00 1980 8,000.00 5% 1,400.00 9,400.00 1981 8,000.00 5% 1,000.00 9,000.00 1982 8,000.00 5% 600.00 8,600.00 1983 8,000.00 5% 200.00 8,200.00 $160,000.00 $84,000.00 $244,000.00 MIN:=1112•111111111•1111ZON 11•1=9:111.10:1111111/ME 1•••■•211M111■11 .That the debentures authorized by this By—law be sold to British Columbia School Districts Capital Financing Authority at such price as the Authority obtains for a corresponding principal amount of Debentures of the Authority bearing the same date and rate of interest as the Debentures issued under authority of this By—law. .This by—law may be cited for all purposes as "School District No. 40 (New Westminster) School Loan By—law No. 8", and is in all respects in accordance with the provisions of the 'Public Schools Act". * * * * * * * * * * * * * * * * * * * * * * * ead a First Time the 13th day of May, 1963. ead a Second Time the 13th day of May, 1963. pproved by the /drdster of Education the 16th day of May, 1963. onsented to by the Lieutenant—Governor in Council the .... day of ) 19.. ead a Third Time, finally passed and adopted the .... day of , 19.. CHAIRMAN OF THE BOARD CORPORATE SEAL SECRETARY— TREASURER Schedule "A" THE BO...RD OF SCHOOL TRUSTEES OF SCHOOL DISTRICT NO. 40 (NEW WESTMINSTER) SCHOOL LCLN BY-LAW REFERENDUM NO. 4 * * * * * * * * * * * * * * * * * * * * * Question to be submitted to the owner-electors of School District No. 40 (New Westminster). "Are you in favour of the Board of School Trustees of School District No. 40 (New Westminster) borrowing money, without further assent of the owner-electors, at any time or from time to time, within three (3) years from December 31, 1961, by the issue and sale of debentures bearing interest at a rate or rates not exceeding Six (6) per cent per annum and payable over a period or periods not exceeding twenty years from the date or respective dates thereof, in such principal amounts as the Board may from time to time deem necessary to raise net sums not .exceeding in the aggregate One Million, One Hundred Fifty-one Thousand Dollars ($1,151,000.00), after payment of discount, commission, brokerage, exchange, and other expenses with respect to such issue or sale, for acquiring and developing school-sites and purchasing, constructing, reconstructing, furnishing, and equipping buildings for school purposes or use in connection therewith and other capital expenditures for school purposes?" The following in brief and general terms sets out substantially the proposed projects and the amount allocated for each, the amount specified as being within Provincial standards and eligible for Provincial grants, and the amount specified as being above Provincial standards and therefore not eligible for Provincial grants and for which the school district pays the full costs- Eligible for Not Eligible Provincial for Provincial Grants Grants Total (a)Acquiring and developing school-sites: Lester Pearson Sr.
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