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HomeMy WebLinkAboutBy-law 4237/72THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER T 105>_Z being a by-law to authorize the purchase of a 50.16 acre indust- rial site and the borrowing of $500,000.00 in payment thereof. WHEREAS it is deemed advisable to purchase the lands hereinafter described from Justice Holdings Limited and from William A. McKay and Melba E. McKay for the purpose of a site for the establishment and carrying on of industries and indust- rial operations for the sum of $500,000.00; AND WHEREAS it is deemed advisable for the purpose of purchasing the said lands to borrow a sum not exceeding the sum of $500,000.00 upon the credit of the Municipal Corporation and to issue debentures therefor bearing interest payable at the rate of 6/1, per cent per annum: NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICKERING ENACTS AS FOLLOWS: 1. The purchase of those parts of Lot 18 in Range 3 des- cribed in Schedule "A" hereto annexed and forming part of this by-law for the sum of $500,000.00 be and the same is hereby authorized. 2. For the purpose aforesaid, the Corporation shall borrow upon the credit of the Corporation the sum of $500,000.00 and shall issue debentures therefor in the amount of $500,000.00 pay- able in the manner and at the time hereinafter set forth and shall pay the balance of the purchase price from the general funds of the municipality. 3. Each debenture shall bear interest at the rate of per cent per annum and shall have coupons attached thereto for the payment of the said interest. 4. All debentures shall bear the same date, shall be issued at the one time and within one year after the day on which the issue of the said debentures is approved by order of the Ontario Municipal Board, may bear any date within such year and shall be made payable - 2 - in five annual instalments during the period of five years next after the date of issue thereof, and the respective amounts of principal and interest payable in each of such years shall be in such amounts respectively that, with the interest in respect of the debt, the aggregate annual amount payable for principal and interest shall be as nearly as possible the same. 5. The debentures shall be payable as to both principal and interest in lawful money of Canada, at the option of the holder, at the Canadian Imperial Bank of Commerce in the Village of Pickering or at the principal offices of the said Bank in the Cities of Toronto and Montreal. 6. The said debentures shall be sealed with the seal of the Corporation and signed by the Head of the Council or by some other person authorized by by-law to sign the same, and by the Treasurer. The said interest coupons shall be signed by the Treasurer and his signature thereon may be written or engraved, lithographed, printed or otherwise mechanically reproduced. The signature of the Head of Council may be written or engraved, lithographed, printed or otherwise mechanically reproduced, and, if such debentures are countersigned in writing by the Deputy- Treasurer, the signature of the Treasurer may be written or en- graved, lithographed, printed or otherwise mechanically reproduced. 7. That there shall be raised in each year in which an in- stalment becomes due, by a special rate on all the rateable property in the municipality, a specific sum sufficient to pay the said instalment when and as it becomes due, but no greater rate shall be levied in any year for such purpose than is required to pay the instalment after taking into account receipts from the sale of the said lands or part or parts thereof. 8. The said debentures may contain a clause providing for the registration thereof pursuant to section 326 of the Municipal SCHEDULE "A" ALL AND SINGULAR those certain parcels or tracts of lands and premises situate, lying and being in the Township of Pickering in the County of Ontario, and being composed of those parts of Lot 18 in Range 3 of the said Township described as follows: FIRSTLY Those parts of the west half of Lot 18 designated as Parts 4 and 5 on a Plan deposited in the Registry Office for the Registry Division of the County of Ontario as Number RD 448. SECONDLY ALL AND SINGULAR that certain parcel or tract of land and premises situate, lying and being in the Township of Pickering in the County of Ontario, and being composed of that part of the east half of Lot 18 in Range 3 of the said Township described as follows: PREMISING that all bearings herein are related to the North 72 degrees 59 minutes 30 seconds East of the northerly limit of said Lot 18; then COMMENCING at the intersection of a line drawn 17.00 perpendicular to and southerly from and parallel to the northerly limit of said Lot 18 with a line drawn 66.00 feet perpendicular to and measured perpendicular to and westerly from and parallel to the easterly limit of said Lot 18; THENCE South 17 degrees 11 minutes 00 seconds East, a distance of 1,340.86 feet; THENCE South 17 degrees 15 minutes 00 seconds East, a distance of 555.93 feet; THENCE South 72 degrees 59 minutes 30 seconds West, a distance of 586.67 feet more or less to a point in the existing limit between the east and west halves of said Lot 18; THENCE North 17 degrees 08 minutes 30 seconds West along the last mentioned limit, a distance of 556.09 feet to an angle therein; - 2 - THENCE North 17 degrees 00 minutes 00 seconds West, continuing along the said westerly limit, a distance of 1,340.60 feet more or less to the intersection thereof with the said line drawn parallel to and distant 17.00 feet measured perpendicularly from the northerly limit of Lot 18; THENCE North 72 degrees 59 minutes 30 seconds East along the last mentioned parallel line, a distance of 581.71 feet more or less to the POINT OF COMMENCEMENT. - 3 - Act, R.S.O. 1970, c.284. 9. Pending the sale of the said debentures, the Head of the Council and the Treasurer may raise for the purpose afore- said by way of loan on such debentures any sum or sums of money not exceeding in all the sum hereby authorized to be borrowed any may hypothecate such debentures for such loan. 10. And that By-Law 4200/72 is hereby repealed. READ a first and seco?n?d, ?tiime and passed in open Council this ?"/-day of _ f 1972. v? ( f; Reeve Clerk READ a third time and passed in open Council this / AIL day of 7Ziv 1972. 11