HomeMy WebLinkAboutBy-law 3917/70THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3 V/1U
being a by-law to authoxize the
purchase of a .26.45 acre
industrial site and the borrowing
of $260,000.00 in payment thereof.
WHEREAS it is deemed advisable to purchase the lands
hereinafter described from Justine 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 industrial
operations fox the sum of $260,000.00;
AND WHEREAS it is deemed advisable for the purpose of
purchasing the said lands to borrow a sum not exceeding the sum
of $260,000.00 upon the credit of the Municipal Corporation and
to issue debentures therefor bearing interest payable at the rate
of 9Z 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
described in Schedule"A" hereto annexed and forming part of this
by-law for the sum of $260,000.00 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 $260,000.00 and
shall issue debentures therefor in the amount of $260,000.00 payable
in the manner and at the time hereinafter set forth and shall pay
the balance of the purchase pxice from the general funds of the
municipality.
3. Each debentur a shall bear interest at the rate of
91
,t per cent per annum and shall have coupons attached thereto
fox 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
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and shall be made payable 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
engraved, lithographed, printed or otherwise mechanically repro-
duced.
7. That there shall be raised in each year in which an
instalment 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 323 of The Municipal
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Act, R.S.O. 1960, c.249.
9. Pending the sale of the said debentures, the Head of
the Council and the Treasurer may raise for the purpose aforesaid
by way of loan on such debentures any sum or sums of money not
exceeding in all the sum hereby authorized to be borrowed and may
hypothecate such debentures for such loan.
o READ a first and second time and passed in open Council
this 0 day of 1970.
J Reeve
? r
Cle k
READ a third time and passed in open Council this ? t.(
day of Qp c , .
/ i 971
i
Reeve
1
`
Clerk
SCHEDULE "All
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 2 and
3 on a plan deposited in the Registry Office for the Registry
Division of the County of Ontario as number RD 448.
SECONDLY
Premising that the bearing of the west limit of the said Lot 18
Range 3, is North 170 09t 0011 West and relating all bearings
used herein thereto;
Commencing at a point in the said Lot 18, Range 3, which may be
located as follows:
Beginning at the North-East angle of the said Lot 18, Range 3;
Thence South 170 111 East along the existing easterly limit of
Lot 16 to a point of intersection with a line drawn parallel
to the said North limit and distant southerly therefrom 17.0
feet, a distance of 17.0 feet;
Thence South 720 591 301 West along the said parallel line,
a distance of 66.0 feet;
Thence South 170 111 East parallel to the said east limit of
Lot 18, a distance of 1,340.86 feet;
Thence South 170 151 0011 East and continuing parallel to the
said East limit of Lot 18, a distance of 2,258.97 feet to the
point of commencement;
Thence from the point of commencement and continuing South 170
151 East parallel to the said east limit of Lot 18, a distance
of 609.25 feet;
Thence South 160 50" East and continuing parallel to the said
East limit of Lot 18, a distance of 30.73 feet;
Thence South 72 35t 1011 West, a distance of 591.31 feet to a
point in line with a fence running northerly;
Thence North 170 061 30" West along the said fence, a distance
of 638.38 feet;
Thence North 720 251 5011 East, a distance of 598.98 feet more
or less to the point of commencement.