HomeMy WebLinkAboutBy-law 1872B Y- L A W N U M B E R 1 8 7 2
of the Corporation of the Township of Pickering to amend
By-law No. 1844.
WHEREAS By-Law No. 1844, dated January 15th, 1951, approved
January 29th, 1951, by the Municipal Board and passed March
lst, 1951, provided for the borrowing of 49,000. - 3i -
20 year instalment debentures.
AND WHEREAS the funds from the sale of such debentures were
not r- aged until July or August 1951 and such debentures
have not been sold.
AND WHEREAS the price of bonds has dropped sharply so that
17 now requires approximately a four percent (4%) coupon to
bring the same price per bond that a 31% coupon produced
some months ago.
BE IT THEREFORE ENACTED by the Municipal Council of the
Township o Pickering :-
(a) That Clause 1 of By-law No. 18L44 reading "Each
debenture shall bear interest at the rate of 3-41%
per annum payable annually, and shall have interest
coupons attached thereto for the payment of such
interest", shall be amended to read :-
"Each debenture shall bear interest at the
rate of Four Percent (4%) per annum, payable
annually, and shall have interest coupons attached
thereto for the payment of such interest."
(b) That the preamble reading "....to issue debentures
therefor bearing interest at the rate of 3% per
annum payable annually, ......" be amended to read
" ..... to issue debentures therefor bearing
interest at the rate of four per cent (4%.) per
annum payable annually,......".
2. That Schedule "A" as stated to be annexed in Clause
2, be amended to Schedule "B" hereto attached.
V 3. That this amendment to By-law No. 1844 be effective
on approval of the Municipal Board.
BY-LAW read a first time this ?'foi7 day of 1951
BY-LAW read a second time this ???CA-f day of 1951
BY-LAW read a third time
and IPASED his day of
1951•
'•7 ?2feeve.
Reeve.
Clerk.
Clerk.
SCHEDULE "B".
(Attached to and forming part of By-law No. 1972)
$49,000. Township of Pickering Debentures - 4% -
due in twenty (20) equal (to $100.) payments of
principal and interest in the years 1952 to 1971
Year Principal Interest TOTAL
1952 1,600. 1,960. 3,560.
1953 1,700. 1,896. 3,596.
1954 1,800. 1,828. 3,628.
1955 1,900. 1,756. 3,656.
1956 1,900. 1,680. 3,580.
1957 2,000. 1,604. 3,604.
1958 2,100. 1,524. 3,624.
1959 29200. 1,1440. 3,640.
1960 2,300. 1,352• 3,652.
1961 2,300. 1,260. 3,560-
1962 2,400. 1,168. 3,568.
1963 2,500. 1,072. 3,572•
1964 2,600. 972. 3,572•
1965 2,800. 868. 3,668.
1966 2,900. 756. 3,656.
1967 3,000. 640. 3,64o.
1968 3,100. 520. 3,620.
1969 3,200• 396. 3,596.
1970 3000. 268. 3P566-
1971 3,4oo. 136. 3,536•
$49,000. $23,096. $72,096.
Bonds to be issued in $1,000, denominations and as far
as possible balance in one bond.