2097. Approved and ordered this 19th day of August A.D. 1955. 4[. At the Executive Council Chamber, Victoria, Lieutenant-Governor. PRESENT: The Honourable in the Chair. Mr. Bennett Mr. Williston Mr. Bonner Mr. Kiernan Mr. Wicks Mr. Martin Mr. Chant. Mr. Mr. Mr. Mr. To His Honour The Lieutenant-Governor in Council: The undersigned has the honour to report: -kW eVe THAT in pursuance of section 55(2) of the Public Schools Act the Board ia oWehoo ,xmitein School District No. 61 (Greater Victoria) did on the 15ti,....,(44 obtain the assent of the electors in the said School ';.‘,1/2-S- District to a question authorizing the said Board of Sthool Trustees to borrow money for school purposes not to exceed in the aggregate the net sum of $ 3,129,000.00; A?) THAT in pursuance of section 60(2) of the Public Schools Act the said question was registered in the office of the Superintendent of Education on the 114th day of December, 1954; AND THAT the said Board of School Trustees has enacted by-laws in pur- suance of section 55(5) of the Public Schools Act to provide for the borrowing of money by the issue and sale of debentures in the principal amount of $ 500,000.00 to raise the net sum of $ 500,398.59, leaving the net sum of $ 2,628,60141 yet to be raised; AND THAT in pursuance of section 55(5) of the Public Schools Act the said Board of School Trustees of the said School District desires to enact a by-law to provide for the borrowing of money by the issue and sale of debentures in the principal amount of $ 900,000.00 for the purposes set forth in the said question; I* AND THAT in pursuance of section 55(7) of the Public Schools Act the said by-law, copy of which is attached hereto, has been submitted to and approved by the Superintendent of Education and is in all respects in accordance with the provisions of the Public Schools Act; AND TO RECOMUEND THAT, pursuant to the provisions of section 55(7) of the Public Schools Act, consent be given to the Board of School Trustees of School District No. 61 (Greater Victoria) to enact the said by-law to provide for the borrowing of money by the issue and sale of debentures in the principal amount of $ 900,000.00. DATED this day of A.D., 1955. Ni ste/-14- 1of Education. APPROVED this day of 1.D., 1955. Presiding I.:ember of the Executive Council. SCHOOL LOAN BY-LAW NO. 11 BOARD OF SCHOOL TRUSTEES SCHOOL DISTRICT NO. 61 (GREATER VICTORIA) A by-law to authorize the Board of School Trustees of School District No. 61 (Greater Victoria) to raise by way of loan the net sum of Eight Hundred Ninety-one Thousand Dollars ($ 891,000.00) to meet capital expenditures for school purposes. * * * * * * * * * * * * WHEREAS the Board of School Trustees of School District No. 61 (Greater Victoria) did on the 15th day of November, 1954, cause to be prepared detailed esti- mates of the sums required to meet capital expenditures for school purposes which said estimates totalled Three Million, One Hundred Twenty-nine Thousand Dollars ($ 3,129,000.00); AND WHEREAS a question referred to as School Loan By-law Referendum No. 2, a true copy of which is hereto attached marked Schedule "A" to this by-law, was approved by the Superintendent of Education on the 16th day of November, 1954, was authorized by the Lieutenant-Governor in Council on the 16th day of November, 1954, tnd was assented to by the electors in the School District entitled to vote thereon on the 11th day of December, 1954; AND WHEREAS the said question was registered in the office of the Superin- tendent of Education on the 14th day of December, 1954; AND WHEREAS no net sums have been raised by the issue and sale of deben- tures for any of the projects referred to in said question save and except the aggregate net sum of Five Hundred Thousand, Three Hundred Ninety-eight Dollars and Fifty-nine Cents ($ 500,398.59) previously raised to pay a portion of the cost of the projects set out in said question, leaving a net sum of Two Million, Six Hundred Twenty-eight Thousand, Six Hundred One Dollars and Forty-one Cents ($ 2,628,601.41) still to be raised for the projects referred to in said question; AND WHEREAS the Board of School Trustees deems it necessary to borrow oney by the issue and sale of debentures of the said Board of School Trustees in the principal amount of Nine Hundred Thousand Dollars ($ 900,000.00) to raise the net sum of Eight Hundred Ninety-.one Thousand Dollars ($ 891,000.00) presently required to 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 l'aeYspect to the issue and sale of said debentures; NOW, THEREFORE, the Board of School Trustees of School District No. 61 (Greater Victoria) 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. 61 (Greater Victoria) in the principal amount of Nine Hundred Thousand Dollars ($ 900,000.00). 2. The said debentures shall be in denominations of not less than One Thousand Dollars ($ 1,000.00) 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 Canada at the office of the Bank of Montreal at Victoria, B.C., and at the principal office of the said Bank in any of the Cities of Vancouver, Edmonton, Calgary, Regina, Winnipeg, Toronto, Ottawa, London, Montreal, Quebec City, Halifax, Fredericton, Saint John, Charlottetown and St. John's, Canada, at holder's option. 2 4. The said debentures shall be dated the 15th day of September, 1955, and payable as follows: $ 45,000.00 on the 15th day of September in each of the years 1956 to 1975 inclusive. 5. The said debentures shall have attached to them coupons for thepayment of interest at the rate of Three and One-quarter per centum (3i%) per annum, payable semi-annually on the 15th day of March, and the 15th day of September, in each year during the currency thereof, and the coupons shall bear the facsimile signatures of the Chairman and Secretary- Treasurer of the Board. 6. 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 and Year Retirement Rate Payments Interest Payments 1956 $ 45,000.00 3 $ 29,250.00 $ 74,250.00 1957 45,000.00 3 27,787.50 72,787.50 1958 45,000.00 3 26,325.00 71,325.00 1959 45,000.00 3 24,862.50 69,862.50 1960 45,000,00 3 23 p1400.00 68,400.00 1961 45,000.00 3 21,937.50 66,937.50 1962 45,000.00 3 20,475.00 65,475.00 1963 45,C00,00 3 19,012.50 64,012.50 1964 /45, 000,00 3 17,550.00 62,550.00 1965 145, 000 ,00 3 16,087.50 61,087.50 1966 45,000,00 3 14,625.00 59,625.00 1967 45,000.00 3 13,162.50 58,162.50 1968 45,000,00 3 11,700.00 56,700,00 1969 45,000.00 3 10,237.50 55,237.50 1970 45,000,00 3 8,775.00 53,775.00 1971 45,000,00 3 7,312.50 52,312.50 1972 45,000,00 3 5,850.00 50050.00 1973 45,000.00 3 4,387.50 49,387.50 1974 45,000.00 3 2,925.00 47,925.00 1975 45 000.00 3 1,462.50 46.462.50 $ 900,000.00 $ 307,125.00 $1,207,125.00 7. This by-law may be cited for all purposes as "School District No. 61 (Greater Victoria) School Loan By-law No. 11", and is in all respects in accordance with the provisions of the "Public Schools Act". * * * * * * * * * * * * * * Read a First Time the 10th day of August, 1955. Read a Second Time the 10th day of August, 1955. Approved by the Superintendent of Education the 11th day of August, 1955, Consented to by the Lieutenant-Governor in Council the day of , 1955. Read a Third Time the day of 1955. Reconsidered, finally passed and adopted the day of '1955. CHAIRMAN OF THE BOARD CORPORATE SEAL SECRETARY- TREASURER SCHEDULE "A" THE BOARD OF SCHOOL TRUSTEES OF SCHOOL DISTAICT NO. 61 (GREATER VICTORIA) SCHOOL LOAN BY-LAW REFERENDUM NO. 2. Question to be submitted to the electors entitled to vote on money by-laws requiring the assent of the electors of School District No.