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
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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;
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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.
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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.
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