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HomeMy WebLinkAboutBy-law 2037BY - LAW N UMBER itp31 A BY-LAW OF THE MUNICIPALITY OF THE TOWNSHIP OF PICKERING TO RAISE BY WAY OF LOAN THE SUM OF $ 45,000.00 TO BE GRANTED TO THE AJAX-PICKERING TOWNSHIP HOSPITAL FOR CAPITAL COSTL), and TO REPEAL BY-LAW NO. 2030. WHEREAS the A'ax-Pickering Township Hospital has been erected at Ajax at a cost of 291,522.97; AND WHEREAS the total outstanding capital indebtedness, less accounts receivable, is 4 113,412.98, with a further expected grant of $ 14,000.00; AND WHEREAS there is now an order before the Judge of the County of Ontario to foreclose for non-payments of construction costs; AND WHEREAS the Municipalities of the Improvement District of Ajax and the Village of Pickering and the Township of Pickering have tentatively agreed to meet the $ 100,000.00 indebtedness by grants raised by Deb- entures; AND WHEREAS the outstanding Debentures of the Township of Pickering, as of J?,1954, are $ 1,078,969.61, and the assessment of the Township is $ 8,706,802.77, and no part of the principal or interest of any such debt is in arrear; AND WHEREAS the Ontario Municipal Board have given their approval to the By-Law dated the 23rd day of July, 1954, under Municipal Board File No. P.F.D. 1940; BE IT THEREFORE ENACTED by the Municipality of the Township of Pickering that: 1. For the purpose aforesaid, the Corporation shall borrow upon the credit of the Corporation a sum not exceeding $ 45,000.00k and shall issue Debentures therefor in sums of not less than 0100.00 each. Each Debenture shall bear interest at the rate of 4 per cent per annum, payable annually, and shall have coupons attached thereto for the payment of such interest. 2. All the Debentures shall bear the same date; shall be issued at lr one time and within two years after the date on which this By-Law is passed; may bear any date within such two years, and shall be made payable in annual instalments during the period of ten (10) years next, after the date of issue thereof, and the respective amounts of principal and interest payable in each of such years shall be the amounts so designated in SCHEDULE "A" hereto annexed. The Debentures shall be payable as to both principal and interest in lawful money of Canada, and may be made payable at such place, or places in Canada as shall be designated thereon. 4. 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 author- ized 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, stamped, lithographed or engraved. 5. Commencing in the year 1955 and thereafter in each year in which an ??- instalment of principal of the said debt and interest become due, the Corporation shall levy and raise the specific sum shown for the respective year in the fourth column of the said Schedule. Such sum shall be levied and raised by a special rate sufficient therefor, over and above all other rates, upon all the rateable property in the Township of Pickering and at the same time and in the same manner as other rates. 6. The said Debentures may contain a clause providing for the regis- tration thereof pursuant to Section 335 of the Municipal Act. - 2 - 7. Pending the sale of the said Debentures, the Head of the Council and the Treasurer may raise for the purposes aforesaid by way of loan on such debentures any sum or sums of money not eAceeding in all the sum hereby authorized to be borrowed and may hypothecate such Debenture for such loan. 8. The Corporation shall have the right, at its option, to redeem Debo entures maturing in the final year 1964 of such issue on any date prior to maturity at the places where and in the moneys in which the said Debentures are expressed to be payable, upon payment of the principal amount thereof together with interest accrued to the date of redemption and upon giving previous notice of said intention to redeem by advertising once in the "Ontario Gazette" and once in a daily newspaper of general Provincial circulation, published in the City of Toronto, and once in a local newspaper, such notice to be ad- vertised as aforesaid at least thirty days before the date fixed for redemption. Notice of intention so to redeem shall also be sent by post at least thirty days prior to the date set for such redemption to each person in whose name a Debenture so to be redeemed is regis- tered at the address shown in the Debenture registry Book. Z'?s ?7 9. By-Law Number 2030 be and the same is hereby repealed. BY-LAW read a FIRST and SECOND time this d day of 1954. BY-LAW read a THIRD time and PASSED this 3d day of August, 1954. Reeve S C H E D U L E " A" Attached to and Forming Part of By-Law No. tio3 1 t 45,000.00 - 4% - 10 year - last year callable Year Principal Interest Total 1955 3,$00.00 1,$00.00 51600.00 1956 3,900.00 1,64$.00 5,548.00 1957 42100.00 12492.00 5,592.00 1958 41200.00 11328.00 5,52$.00 1959 4,400.00 1,160.00 5,560.00 1960 41600.00 984.00 5,5$4.00 1961 42700.00 800.00 52500.00 1962 4,900.00 612.00 5,512.00 1963 5,100.00 416.00 5,516.00 1964 5,300.00 212.00 5,512.00 $ 45,000.00 $ 10,452.00 $ 55,452.00 Debentures to be issued in denominatives of even X1,000.00 and odd $100.00.