HomeMy WebLinkAboutBy-law 1288B Y- L A W N 0. 1 2 8 8
OF THE MUNICIPAL CORPORATION OF THE TOWNSHIP OF PICKERING
A_BY-LAW to authorize a contract with the Hydro-Electric Power Com-
mission of Ontario for the lighting of the highways in the Police
Village of Claremont, and to authorize the borrowing of $269.00
upon debenture-,, to assist in defraying the cost of procuring and
installing such service.
WHEREAS the said Corporation has entered into a Rural Power Contract
with the Hydro-Electric Power Commission of Ontario, hereinafter
called the "Commission", which contract bears date, the 4th day of
August, A. D., I- and is for the purpose of Rural distribution of
Electrical Power or Energy within the territorial limits of the said
Township of Pickering.
AND WHEREAS petition has been made to the Corporation by the majority
o the resident freeholders residing within the limits of the Police
Village of Claremont (the area described in the said petition and
situate within the said Township) under the provisions of Part 2(a)
of the Power Commission Act, R.S.O., 1914, Chapter 39, and amendments,
now Part 3 of The Power Commission Act, 1927, for Street Lighting
on highways within the area therein defined.
AND WHEREAS at the close of the Special Meeting required by the said
Acts sufficient names of petitioners remain on the Petition to con-
stitute a majority of the resident freeholders in the area described
in the Petition, such area being the full extent of the Police Village
of Claremont.
AND WHEREAS the said Corporation and the Trustees of the said Police
vTflage have applied to the said Commission for such Street Lighting
and the Commission has indicated its willingness to undertake sane
under and in connection with the said Rural Power Contract between
the Corporation and the Commission, which bears date, the 4th day of
August, A.D., 1925.
AND WHEREAS the Trustees of the said Police Village have requested and
authorize the said Corporation to borrow the sum of $269.00 on the
credit of the said Corporation and to issue Debentures therefor,
bearing interest at the rate of six per cent per annum, repayable
within a term of two ,years, to provide funds to assist in defraying
the cost of procuring, and installing such Street Lights, and have
requested and authorized the said Corporation to defray the balance
of the cost thereof from the general rates and revenues of the said
Police Village in the present year.
AND WHEREAS the Council of the said Corporation deem it advisable
t Fiat the prayer of the said resident freeholders should be granted
and the said requests of the Trustees of the said Police Village
complied with.
AND WHEREAS the whole amount of the rateable property of the said
Municipal-corporation of the Township of Pickering, according to the
last revised assessment roll, is $3,748,358.73•
AND WHEREAS the amount of the existing debenture debt of the said
orpora on, exclusive of Local Improvements secured by special rates
or assessments, is $106,692.96, and no part of the principal or in-
terest is in arrear.
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AND WHEREAS $269.00 is the amount of the debt intended to be created
by this By-Law.
NOW
Council of the
1 Corporation of the
1. That the said Municipal Corporation do request and authorize and
it does hereby request and authorize the said Commission to instal
Street Lighting as required from time to time in the area described
in the aforesaid petition, namely: The area comprised in the Police
Village of Claremont.
2. That the said Corporation guarantees payment to the said Com-
mission of the cost of such installation.
3. That to assist to defraying the cost of installing such Street
Lights Mere shall be borrowed on the credit of the said Municipal
Corporation of the Township of Pickering at large, the sum of Two
Hundred and Sixty-nine dollars ($269.00) and Debentures shall be
issued therefor, bearing interest at the rate of Six per cent per
annum, and having coupons attached thereto for the payment of the
interest.
4. That the Debentures
December, 1927, and shall
o _pr ncipal and interest
the years, 1928 and 1929,
interest payable in each
to say:
In the year 1928:
For the year 1929:
shall all be dated as of the 15th day of
be payable in two equal annuTfnstallments
on the 15th day of December in each of
and the respective smo-mss of principal and
of such years shall be as follows, that is
For principal 130.58
For interest 16.1
$ 11146.72
For principal 138.42
For interest 8.31
$ 146-73
5. That the Debentures, as to both principal and interest, shall be
expressed in Canadian currency, and shall be payable at the Standard
Bank of Canada at Claremont, Ontario.
6. That the Reeve of the said Corporation shall sign and issue the
said a entures, and the Debentures and interest coupons shall be
signed by the Treasurer of the said Corporation, and the Debentures
shall be sealed with the Seal of the (;orporation.
7. That during two years, the currency of the
of One Hundred and Forty-six and 73100 dollars
raised annually for the payment of the debt and
Rate sufficient therefor over and above all oth
rateable property within the limits of the said
Claremont.
Debentures, the sum
($146.73) shall be
interest by a especial
3r rates, on all the
Police Village of
8. THAT in compliance with the request and authority of the Trustees
of the said Police Village of Claremont, the balance of the cost in
the present year of installation of Street Lights as aforesaid in
the said Police Village shall be defrayed from the General Rates and
revenues of the said Police Village in the present year.
9. THAT this By-Law shall take effect on the day of the final
PASSI G Ehereof.
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DATED and finally PASSED in Council this 16th day of SEPTEMBER,
A.D., 1927.
..:G..AC..F085YT?:.....••.
Reeve
..".D41 Clerk
BY-LAW No. 1288 was registered in the negistr7-Office for the county
of Ontario on the 30th day of September, 1927, at 10:10 A.M. as No.
355 in Book "A" for By-Laws.
Clerk