HomeMy WebLinkAboutBy-law 3153 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NO. Jla3
A By-law to authorize the borrowing of
$98,59?.89 upon debentures to pay part
of the cost of construction of certain
works as set forth in Schedule "B"
attached hereto.
WHEREAS the Council of the Township of Picketing by By-law
No. 2,927 authorized the construction of certain ~orks as set forth
in Schedule "B" attached hereto.
AND WHEREAS the Ontario Municipal Board, by its Order
made on the 5th day of January, 1965, under file No. F5397-64,
approved the expenditure by the corporation of the sum of $269,516.00
in connection with the work described in the said By-law and the
borrowing of money for such purposes by the issue of debentures
repayable over a term not exceeding 20 years.
AND WHEREAS the portion of the cost to be borne by the
Corporation is nil and the portion of the cost to be borne by
the owners is $176,022.30.
AND WHEREAS special assessment rolls have been prepared
and certified.
AND WHEREAS the Minister of Municipal Affairs by his
commitment to make loan No. L 449 dated the 30th day of June, 1965
approved the making of a loan under The Municipal Works Assistance
Act in the amount of $131,463.85 bearing interest at the rate of
5~% per annum repayable over a term not exceeding 20 years.
AND WHEREAS the Council by an application for a payment
on a loan dated the 2nd day of February, 1966, has requested the
Minister of Municipal Affairs to make a payment on a loan in the
amount of $131,463.85.
AND WHEREAS the ~hinister of Municipal Affairs has
requested the Corporation to deliver to him a debenture of the
Corporation in the principal amount of $98,597.89 bearing interest
at the rate of 5~% per annum, certified as to validity by The
Ontario Municipal Board, as security for the repayment of the abov®
loan and it is now deemed expedient to authorize the issue and delivery
of such a debenture.
NOW THEREFORE the Council of the Corporation of the Township
of Picketing ENACTS AS FOLLOWS:
1. THAT money shall be borrowed on the credit of The Corporation
of the Township of Picketing at large by the issue of a debenture of the
Corporation in the principal amount of $98,597.89. The said Debenture
shall bear interest at the rate of 5~% per annum calculated yearly, not
Meat
in advance, and payable on the 1st day of June in each/of the currency
of the Debenture.
2. THAT the said Debenture shall be dated the 1st day of June,
1966 and shall be payable in 20 equal annual payments of principal and
interest combined of $8,080.32 each, on the 1st day of June in each of
the years 1967 to 1986 inclusive, and the respective amounts of principal
and interest payable in each of such years shall be as set forth in
Schedule "A" hereto which is hereby declared to be and to form part of
this By-law.
3. THAT the said payments of principal and interest combined
shall be payable in lawful money of Canada by cheques sent through the
post to the registered address of the registered owner of the Debenture
and such cheques shall be payable at par in Toronto or Montreal at the
option of the payee.
~. THAT the said Debenture shall be sealed with the Seal of the
Corporation and shall be signed by the Reeve or by some other person
authorized by By-law to sign the same and by the Treasurer.
5.(a)THAT there shall be raised in each of the years 1967 to 1986
inclusive, by special rate sufficient therefor, over and above all other
rates, on all the rateable property in the Township of Picketing, at the
same time and in the same manner as other rates, the total annual sums of
principal and interest payable in such years on the said debenture as is
set forth in the fifth column of Schedule "A" attached hereto, but no
greater rate shall be levied in any year for such purpose, than is
required to pay the instalment after taking into account receipts from
the special assessments provided in Clause (b) hereof or from any source
in respect to the said work.
5(b)For payment of the owners' portion of the cost and interest
thereon, the special assessments set forth in the special assessment
roll are hereby imposed upon the lands liable therefor as therein
set forth; which special assessments with a sum sufficient to cover
the interest thereon at the rate aforesaid, shall be payable in
twenty equal instalments, and for that purpose an annual rate per
foot frontage is hereby imposed upon each lot entered in the said
special assessment roll, according to the assessed frontage thereof,
over and above all other rates and taxes, and said special rates
shall be collected annually by the collector of taxes for the Corpora-
tion at the same time and in the same manner as other rates.
6. THAT the debenture be sold to the Treasurer of Ontario on
the condition that he shall not sell or otherwise dispose of the
debenture except after the expiration of six months from the dispatch
by the Treasurer of Ontario to the Treasurer of the Corporatio% by
registered mail, of a notice of intention to sell or otherwise
dispose thereof; but any subsequent holder, subject to compliance
with any conditions arising as a result of registration of the
debenture, may sell or dispose thereof without notice to the
Corporation.
7. THAT the said debenture shall contain a clause providing
for the registration thereof pursuant to section 323 of The Municipal
Act.
8. THAT application shall be made to The Ontario Municipal
Board for the approval of this By-law and for the certification of
the debenture to be issued thereunder pursuant to Part IV of The
Ontario Municipal Board Act.
9. THAT the Reeve and the Treasurer are hereby authorized
to do all things and to execute all documents and other papers in
the name of the Corporation in order to carry out the provisions of
this By-law and the Treasurer is authorized to affix the seal of
the Corporation to all such documents and papers.
READ a first, second and third time and finally passed
this JC~ day of .~z~_ 1966.
Clerk 3 'iF Reeve
THE CORPORATION OF THE TOWNSHIP OF PICKERING
Schedule "A" To By-law ~/5%
Loan Number L 449 5. Rate of Interest 52%
Amount of the Loan $ 131,463.85 6. Term 20
Amount of the forgiveness 32,865.96
Amount to be repaid 98,597.89
(z) (2) (3) (4) (5)
Payment
Number Date Due Principal Interest Total
I i June, 1967 2,903.93 5,176.39 8,080.32
2 i June, 1968 3,056.39 5,023.93 8,080.32
3 1 June, 1969 3,216.85 4,863.47 8,080.32
4 1 June, 1970 3,385.73 4,694.59 8.080.32
5 1 June, 1971 3,563.48 4,516.84 8 080.32
6 1 June, 1972 3,750.57 4,329.75 8 080.32
7 1 June, 1973 3,947.47 4,132.85 ~ 080.32
8 1 June, 1974 4,154.71 3,925.61 8 080.32
9 1 June 1975 4,372.84 3,707.48 8~080.32
l0 I June 1976 4,602.41 3,477.91 8~080.32
11 1 June. 1977 4,844.04 3 236.28 8.080.32
12 1 June, 1978 5,098.35 2 981.97 8.080.32
13 1 June~ 1979 5,366.01 2 714.31 8~080.32
14 1 June~ 1980 5,647.73 2 432.59 8 080.32
15 1 June, 1981 5,944.23 2 136.09 8 080.32
16 1 June, 1982 6,256.30 1 824.02 8 080.32
17 1 June, 1983 6,584.76 1 495.56 8 080.32
18 1 June, 1984 6,930.46 1 149.86 8,080.32
19 1 June, 1985 7,294.31 786.01 8,080.32
20 1 June, 1986 7~677.~2 , ~03.00 8,080.32
98,597.89 63,008.51 161,606.40
THE CORPO~ATION OF THE TOWNSHIP OF PICKERING
SCHEDULE "B" TO BY LAW NUMBER .~/~
Construction of WATERMAINS and Water Services Connections to the
Lot Lines, on:
1. FAIRPORT ROAD from So~urise Avenue to Lakecrest Boulevard
2. LAKEVIEW AVENUE from North Limit of Registered Plan 331 to
l0 feet south of south limit of Lot 30, Registered Plan 270
3. PARK CRESCENT from Fairport Road to West limit of Registered
Plan 364
PARK BOULEVARD from North limit of Registered Plan 364 to Park
Crescent
5. VICTORY DRIVE from North limit of Registered Plan 331 to Park
Crescer~t
6. HILLVIEW CRESCB~NT from North limit of Registered Plan 331 to
Park Crescent
7. HILLCREST ROAD from North limit of Registered Plan 331 to
Hillview Crescent
8. EASEMENT (to service Lots 31 to 37, Plan 270) from Park Crescent
to Lakeview Crescent
9. EASEMENT (to service Lots 7 to ll, Plan 270) from Lakeview Avenue
to Fairport Road
10. PINE AVENUE from Fairport Road to Park Crescent
ll. PARK STREET from Millview Crescent to West limit of Registered
Plan 331
SANITARY SEWERS and SANITARY SEWER SERVICE CONNECTIONS, to Lot
Lines, on:
12. FAIRPORT ROAD from Pine Avenue to 30 feet south of Sunrise
Avenue
13. LAKEVIEW AVENUE from North limit of Registered Plan 331 to 50
feet north of Park Street.
14. LAKEVIEW AVENUE from 50 feet south of Park Street to Park
Crescent
15. LAKEVIEW AVENUE from 30 feet south of Pine Avenue to l0 feet
south of Lot 30 Registered Plan 270
16. LAKEYIEW AVENUE from 100 feet south of Park Crescent to Pine
Avenue
17. PARK CRESCENT from Fairport Road to Pine Avenue
18. PARK BOULEVARD from North limit of Registered Plan 364 to
Park Crescent
19. VICTORY DRIVE from North limit of Registered Plan 331 to 50
feet north of Park Street
20. VICTORY DRIVE from 40 feet south of Park Street to Park Crescent
21. HILLVIEW CRESCENT from North limit of Registered Plan 331 to
feet north of Park Street
22. HILLVIEW CRESCENT from 50 feet south of Park Street to Park
Crescent
23. HILLCREST ROAD from North limit of Registered Plan 331 to 25
feet south of Lot 129, Registered Plan 331
24. EASEMENT (to service Lots 31 to 37, Plan 270, and south half of
Lot 38) from 80 feet east of Park Crescent to Lakeview Avenue
25. EASEMENT (to service Lots 7 to ll, Plan 270) from Lakeview Avenue
to Fairport Road
26. PARK CRESCENT, West side, from South limit of Lot 7, Plan 364
to North limit of Lot l, Plan 364
27. PARK CRESCENT, East side, from Centre line of Lot 38, Plan 270
to South limit of Pine Avenue
28. FAIRPORT ROAD, West Side, from South Limit of Lot 5, Plan 270
(Lakecrest Boulevard) to Pine Avenue