HomeMy WebLinkAboutBy-law 2186 ? - ee
B Y - L A W N U M B E R 2 1 5 6
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO
AUTHORIZE THE BORROWING OF $S8,R34.92 UPON DEBENTURES FOR TILE
INSTALLATION OF A WATERWORKS SYSTEM.
WHEREAS under By-Law Number 2097 a Water area was created compriksirng
"all those lands in the Township of Pickering south of Highway
Number 401 and west of the Rouge aRiver":
AND WHEREAS under By-Law Number 0097 known as " The Construction
By-Law"; our Ergineers , Proctor, Redferr and Laughlin estimated
the cost of the proposed water system it the Water Area to be
`99,345.0011;
AND WHEREAS by agreement Chesterhi.ll Developments Limited will pay
for infiltration gallery and mains to built up area; also said
Company agrees to pay 7 10,000.00 being 500 of the cost, of mains
around the perimeter of their subdivision which reduces the
199,345.00 to $89,345.00;
by order dated
AND WHEREAS the Ontario Municipal Board/umAprxrdHi$Xiof May 16,1955,
have approved the expenditure of $89934r.00 for the purposes
authorized by By-Law Number 2097.
AND WHEREAS the net cost of installation of said waterworks, less
$101000.00 credit of Chesterhill Developments Limited , it $58,834.92;
AND WHEREAS it is expedient to borrow for the installing of the said
waterworks system i.n the Township of Pickering , a sum row exceeding
U8,R34.92 upon the credit of the Corporation to tissue debentures
therefore, bearing interest at the rate of 65 per annum, payable
annually and to provide the discount and expenses incidental to
regoti_ations and sale of such debentures ;
AND WHEREAS it is expedient to make the said debt repayable in anripal
instalmerts during the period of TWENTY(20) years next after the date
of issue of such debertures , and such amounts respectively that,
with the interest in respect of the debt, the aggregate amount. pay-
able for principal and interest each year shall be , rearly as
possible the same;
AND WHEREAS this Water Area has an assessment of $ 563,515.90 and the
assessment of the Township of Pickering is $12,402,361.24. The
debenture debt, together with this issue when sold is $1,483,415.47
and no part of the principal or bnterest. of any such debt is in
arrear;
THEREFORE the counCi.l of the Corporation of the Township of Pickering
ENACTS AS FOLLOWS:
1. For the purpose aforesaid, the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $88,834.92 , and
shall issue debentures therefor in sums of not less than $100.00
each ebenture shall bear interest at the rate of F;'ro per annum
payable annually, and shall have coupors attached thereto for the
payment of such interest.
?. All the debentures shall bear date of September 30,1956; shall be
issued at one time and within two years after the day on which
this By=.Law is passed; and shall be made payable it annual install-
ments durino the period of TWENTY(?0) years next after the date of
issue thereof; and the respectibe amounts of principal and interest
payable In each of such years shall be the amounts so desi.mrated in
Schedule "A" hereto annexed.
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3. The debentures shall be payable as to both principal and intere
in lawful. money of Canada, and may be made payable at the
Canadian BaA of Commerce in Claremont or at the principal offi
of the said Bank in the City of Toronto .
4. The said debentures shall be sealed with the Seal of the
Corporation and signed by the Read of the Council, or by some
other person authorized by by-law to sib the same, and by the
Treasurer. The said interest coupons 9' 11"be!signed by the
Treasurer and his signature thereon maye written, stamped,
lithographed, or engraved.,
5. (a) That there shall be raised, in each year'a'in which an
instalment becomes due, by a special rate on all the
rateable. property in the. M.UnIAipalQw"a-speoific sum At
sufficient to pay the said instalnrlnt whetD and as it
becomes due, but no greater rate shba ,and
in any
year, for such purpose, than is required,to pay the instal-,
ment after taking into account reoeip from the special
rate, provided in clause (b) hereof, or from any souece in
respect 19 the slid work.
(b)Commenein in the year 1957 and iii etch year thereafter in
which anf instalment of principal and interest becomes due,
the Corporation shall levy and raise fqr the payment of the ss
said principal and interest the specific sum shown for the
respective year on all the rateable property in Water Area
No. 1 as established by By-Law Nt*ber 2D97.
7-4?9 0
6. The said debentures may contain a clause providing for the
registration theredf pursuant to Seetiorij,3M-of the Municipal
Act. 3z3
7. Pending-the ,sa3.Epf the said debentures, Lke ,Read, of the Council
and the Treasurer may raise for the pu ifses aforesaid by way of
loan on Such debentures any sum or suns of money not exceeding
in all the sum hereby authorized to be borrowed and may hypthecate
such debenturs-for such loan
BY-LAW read a First -and Second time lhis n
day of January 1957
BY-LAW read a Third time and PASSED thi day of cosy,/ 1957
REEVE.
i?v; I, LLOY D TAYLOR JOHNSTON, Clerk of the Muri?.ity of-the
Township of Pickering, do hereby Certify thaforegoing
By-Law Number 2186 is a true copy of tho orig l- By-baw
read a First and Second time on the 28th Ay w_"January 1957.
DATED at Brougham this 30th day of Jannaly -19p :
?- - CLERK.
3<'.$MU w A " OF BI - Liky N1UtB8'8_..2186
$ 88,834.92
TOWNSHIP OF PIC[8BING S
i $2,33442 $59330.10 $7,665,02
2,500.00 50190.00 7,690.00
3,000.00 50040.00 80040.00
3,000.00 4,860.00 7,860.00
3,000.00 4,680.00 7,080.00
2- 30000.00 4,500.00 7,500.00
- 30000,00 4,320.00 7,320.00
3,500.00 4,140.00 7,640.00
4,000.00 3,930.00 7,930.00
i ( 4,000.00 3,690.00 7,690.00
41,500.00 3,450.00 7,950.00
4,500.00 3,180.00 7,650.00
I- 50000.00 2,910.00 7,910.00
59000.00 2,610.00 7,610.00
50500.00 2,310.00 7,810.00
- 80000.00 10980.00 7,980.00
60000.00 10620.00 7,620.00
60500,00 1,260.00 7,760.00
70000.00 870.00 7,870.00
7,500,00 450.00 7,950.00
$88,834,92 $68o320.L0 1155,155,02