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HomeMy WebLinkAboutBy-law 2527 THE CORPORATION OF THE TOWNSHIP OF. PICKERIN_____~G By-law No. ~ ~Z A By-law to authorize the borrowing of Two thousand three hundred and fifty dollars and seventy-one cents ($2,350o71) upon debentures for the installation of a water main extension on Island Road from Rouge Hills Drive easterly to a point One hundred and forty (140') feet distant west of ~ivc~Jrd? ~ve in Water Area #1. WHEREAS under By-laws 2097 and 2360 all the lands in Pickering Township lying west of the Rouge River were created into Water Area #1; AND WHEREAS By-law 2412 was passed authorizing the construction of a Water main extension on Island Road from Rouge Hills Drive easterly to a point One hundred and forty feet (140') distant west of R~.'y~-rsid~ve for the sum of Two thousand four hundred an~sixty~lars ($2~460.00)~ the said by-law having been amended by by-law to conform ~ith the Notice of Intention dated July lOth~ 1959 and published July 24th, 1959~ and the said by-law 2412 having been approved by the Ontario Municipal Board by order dated August 19th, 1959~ and by the Ontario Water Resources Board by order #59B335 dated June 15th, 1959; AND WHEREAS the above work has now been completed at a cost of Two thousand three hundred and fifty dollars and seventy-one cents ($2,350o71) as compared to the estimates of Two thousand four hundred and sixty dollars 152,460.00); AND ~HEREAS it is expedient to borrow for ~ e installa- tion of the said water main extension the sum of Two thousand three hundred and fifty dollars and seventy-one cents ($2~350.71) upon the credit of the Corporation of the Township of Pickering and to issue debentures for the said sum bearing interest at the rate of Six and one quarters per cent (6¼%) per annum payable annually and to provide the discount and expenses incidental to negotiations and sale of such debentures; AND WHEREAS the said water area has an assessment of Two million seven hundred and forty-four thousand eight hundred and ninety dollars ($2,744,890.00), the assessment of the Township of Picketing is Sixteen million six hundred and twenty-seven thousand one hundred and eighteen dollars and fourteen cents ($16,627,118.14}, the total debenture debt including the debentures to be issued under this By-law is Two million eight hundred and ten thousand three hundred and seventy-seven dollars and ninety-four cents ($2,810,377.94) and no part of the principal or interest of such debenture debt is in arrear; AND WHEREAS a special assessment roll has been duly made and certified in respect of the said work; THEREFORE the Municipal Council of the Corporation of the Township of Picketing ENACTS AS FOLLOWS: 1. FOR the purpose of financing the water main extension on Island Road from Rouge Hills Drive easterly to a point One hundred and forty feet {1~0'} distant west of Riverside Drive in the Township of Picketing, the said Corporation shall borrow upon the credit of the Corporation Two thousand three hundred and fifty dollars and seventy-one cents ($2,350.71) and shall issue debentures therefor. 2. EACH debenture shall be for the sum of not less than One hundred dollars ($100.00) and shall bear interest at the rate of Six and one quarter per cent (6¼~) per annum payable annually and shall have coupons attached thereto for the payment of such interest. 3. ~LL the debentures shall bear the same date~ and shall be issued at one time and within one year after the day on which the purpose of the said borrowing is approved by Order of the Ontario Municipal Board~ may bear any date within such year and sha±l be payable in annual instalments during the period of twenty (201 years next after the date of issue thereof~ and the respective amounts of principal an~ interest payable in each of such years shall be the amounts so designated in Schedule ',A" hereto annexed, which said schedule is hereby declared to form part of this By-law. 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 Bank of Commerce in the Village of Claremont, in the Township of Picketing or at the principal officesof the said Bank in the City of Toronto and the City of Montreal. 5. 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, stamped, lithographed or engraved. 6. THE amount of the said debenture debt to be paid by the Corporation is to be the sum of One thousand and fifty- four dollars and ninety cents ($1,05~1~.90) and there shall be set aside in each year in which an instalment becomes due out of the general revenues received by the Corporation a specific sum sufficient to pay the Corporation's liability towards the said instalment of principal and interest when and as it becomes due. 6. THE balance of the said debenture debt being the amount of One thousand two hundred and ninety-five dollars and eighty one cents ($1,295.81) is to be pa±d by special annual assess- ment upon the lands abutting directly upon the said water main extension and for that purpose, the special assessments set forth in the said special assessment roll are hereby imposed upon the lands liable therefor, unless payment is commuted~ which said special assessments with a sum sufficient to cover interest thereon at the rate aforesaid shall be payable in each year coramencing in the year 1961 at a special annual rate per foot frontage of Twenty seven and fifty-five one hundredths cents ($0.2755) and for that purpose the special annual rate set forth in the said special assessment rolls is hereby imposed upon each lot mentioned in the said special assess- ment rolls according to the assessed frontage thereof over and above all other rates and levies, which sums shall be collected annually by the collector of taxes for the Corpora- tion at the same time andin the same manner as other taxes. 8. THE said debentures may contain a clause providing for the registration thereof pursuant to Section 33~ of The Municipal Act. 9. PENDING the sale of said debentures, the Head of the Council and the Treasurer may raise for the purpose afore- said by way of loan on such debenture 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. By-law read a first and second 1960.time this '~O~day °~~'~/ .. ~~ Clerk By-law read a third time ~nd passed this~/~day o ~~ 1960. .eeve Clerk $ C H E D_,~ ~ E "A " TO BY-LAW NUMBER 2527 TOWNStIIP OF PICKETING $ 2.350...,71.-.. 6~ - 1..to 20 sear Debenture Year _. _Princioal ~n~ergst Total 1961 ~ 100.00 ~ 146.92 ~ 246.92 1962 100.00 140.67 240.67 1963 100,00 134.42 234.42 1964 100,00 128.17 228.17 1965 100,00 121.92 221.92 1966 100 O0 115.67 215.67 1967 100,00 109.42 209.42 1968 100 O0 103.17 203.17 1969 100 O0 96.92 196.92 1970 100 O0 90.67 190.67 1971 100,00 84.42 184.42 1972 100.00 78,17 178.17 1973 100,00 71.92 171.92 1974 100,00 65.67 165.67 1975 100,00 59.42 159.42 1976 100,00 53.17 153.17 1977 200.00 46.92 246.92 1978 200.00 34.42 234.42 '1979 200.00 21.92 221.92 1980 150.7! 9,42 160,13 ~ 2~350.71 ~ 1~713.40 ~ 4~064.11