HomeMy WebLinkAboutBy-law 3854/70Qr: 0i [ I Ali
BY-LA!; PJL 9 }., 3354/70
Being a By-law to authorizo the borrowing of
$777124.60 upon debentures towards the cost of
construction of watermains and sanitary sowers
on Bayly Street and Toy Avenue
IYEREAS by By-law Number 3547/70 the Council of The
Corporation of the Township of Pickering authorized the construction
of watermains and sanitary sewers on Bayly Street from Toy Avenue
to the easterly limit of the Hydro-Electric Power Commission right-
of-way and on Toy Avenue from Bayly Street to a point 875 feet
north of Bayly Street under the provisions of Section 8 of The
Local Improvement Act, R.S.O. 19607 Chapter 223;
AND WHEREAS the said works have been constructed, special
assessment rolls drawn up and a Court of Revision duly held in
accordance with the relevant provisions of The Local Improvement
Act;
AND WHEREAS for the purpose aforesaid it is now expedient
to issue debentures in the amount of $77,124.60 payable in lawful
money of Canada on the terms hereinafter set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF PICKERING ENACTS AS FOLLOWS :
1. For the purpose aforesaid, there shall be borrowed upon
the credit of the Corporation at large the sum of $77,124.60 in
lawful money of Canada and the Corporation shall issue debentures
therefor in denominations of not less than $50 each.
2. The debentures shall be dated the 15th day of September,
19701-shall be issued at one time and shall be payable in twenty
annual instalments of principal on the 15th day of September in
each of the years 1971 to 1990, both inclusive, and shall bear
interest at the rate of nine and one-half per cent (9Y%) per annum
payable semi-annually. The debentures shall have coupons attached
for the payment of such interest on March 15 and September 15 in
each year. The _respective amounts of principal and :interest
payable in each of such years shall be as set forth in Schodulo "A''
hereto annexed and forming part of this by-law.
3. The debentures shall be payable aq to bosh principal and
interest in lawful money of Canada at. the office of the Canadian
Ul"Oor
Imperial Bank of Commence in the Vawn h p of Pickering or at 00
principal office of the said Bank in e_iiher of the Cities of
Toronto or Montreal., at the holder's option.
4. The debentures shall be sealed with the seal of the Corporatie
and signed by the head of the Council or by some other person author-
ized by by-law to sign them and by the Treasurer. The interest,
coupons shall be signed by the Treasurer and his signature to them
may be written or engraved, lithographed, printed or otherwise
mechanically reproduced. The signature of the Reeve may be written
or engraved, lithographed, printed or otherwise mechanically reproduce
5. (a) There shall be raised in each year in which an instalment
of principal and interest becomes due, by special rates on all the
rateable property in the Township of Pickering the amount set out
in the fourth column of Schedule "A" hereto, but no greater rate
shall be levied in any year for such purpose than is required to
pay the instalment as aforesaid after taking into account receipts
of special rates provided in clause (b) hereof;
(b) For the payment of the owners' portion of the cost and
interest thereon the special assessments set forth in the special
assessment rolls therefor are hereby imposed upon the lands liable
therefor as therein set forth, which special assessments with a sum
sufficient to cover interest thereon at the rate aforesaid shall be
payable in twenty equal annual instalments, and for that purpose
the special annual rates per foot frontage set forth in said
special assessment rolls for the said works are hereby imposed on
each lot entered in the special assessment rolls, according to the
assessed frontage thereof, over and above all other rates and taxes,
and the special rates shall be collected annually by the collector
of taxes for the Corporation at the same time and in the same mann^1-
as all other rates.
J
6. The said debenLures may contain any clause providinj
for the registration thereof, aul,horized by any statute relallwj
to municipal debontu.res in force at the time of issue thereof.
READ a FIRST AND SECOND time in open Council this ?wd
day of September, 1970.
READ a THIRD time and PASSED in open Council this
day of September, 1970.
$ 77,1 2'x.60
I'UiNN ItIP
I`1Ci:F.I:Ti7G
OF
(Provi.ucf, of Ontario)
9-1/2% 1)ehentures
To mature 1 to 20 years
SCil i?DitLE
DATE PRINCIPAL INTEREST TOTAL
15 March 1971 $ 3,663.42 $ 3,663.42
15 Sept. 1971 $ 1,124.60 3,663.42 4,788.02
15 March 1972 3,610.00 3,610.00
15 Sept, 1972 1,000,00 3,610.00 4,610.00
15 March 1973 3,562.50 3,562.50
15 Sept. 1973 2,000.00 3,562.50 5,562.50
15 March 1974 3,467.50 3,467.50
15 Sept. 1974 2,000.00 3,467.50 5,467,50
15 March 1975 3,372.50 3,372.50
15 Sept. 1975 2,000.00 3,372.50 5,372.50
15 March 1976 3,277.50 3,277,50
15 Sept. 1976 2,000.00 3,277.50 5,277.50
15 March 1977 3,182.50 3,182.50
15 Sept. 1977 2,000,00 3,182,50 5,182.50
15 March 1978 3,087.50 3,087.50
15 Sept. 1978 3,000.00 3,087.50 6,087.50
15 March 1979 2,945.00 2,945,00
15 Sept. 1979 3,000.00 2,945.00 5,945.00
15 March 1980 2,802.50 2,802.50
15 Sept. 1980 3,000.00 2,802.50 5,802.50
15 March 1981 2,660.00 2,660,00
15 Sept. 1981 4,000.00 2,660.00 6,660.00
15 March 1982 2,470.00 2,470.00
15 Sept. 1982 4,000.00 2,470.00 6,470.00
15 March 1983 2,280.00 2,280.00
15 Sept. 1983 4,000.00 2,280.00 6,280.00
15 March 1984 2,090.00 2,090.00
15 Sept. 1984 5,000.00 2,090.00 7,090,00
15 March 1985 1,852.50 1,852.50
15 Sept. 1985 5,000.00 1,852.50 6,852.50
15 March 1986 1,615.00 1,615.00
15 Sept. 1986 6,000.00 1,615.00 7,615.00
15 March 1987 1,330.00 1,330.00
15 Sept. 1987 6,000.00 1,330.00 7,330.00
15 March 1988 1,045.00 1,045.00
15 Sept. 1988 7,000.00 1,045.00 8,045.00
15 March 1989 712.50 712.50
15 Sept. 1989 7,000.00 712.50 7,712,50
15 March 1990 380.00 380.00
15 Sept. 1990 81000,00 `380.00 ` 81380.00
$ 77,_124.60 $ 981817.84 $ 1 75 936.44