HomeMy WebLinkAboutBy-law 3408 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3408
A By-law to authorize the issue of
Debentures in the aggregate principal
amount of $142,000 for the purposes
herein mentioned.
WHEREAS the Council of The Corporation of the Township
of Picketing has heretofore passed the following By-laws to
authorize the issue of Debentures dated the 15th day of
December, 1967, bearing interest at the rate of 7-1/2% per
annum payable annually and maturing in varying instalments of
principal on the 15th day of December in the following respec-
tive years~ namely:
By-law Principal Years of
..Number Amount Maturit~ Purpose
3387 $102,000 1968 to 1987 Municipal Office
3407 40,000 1968 to 1972 Industrial Sites.
AND WHEREAS no Debentures have been issued under the
authority of either of said By-laws;
AND WHEREAS, instead of borrowing money by the issue
and sale of Debentures under the said By-laws, the said Council
deems it desirable to provide for the borrowing of money for
the said purposes under the authority of this By-law by the
issue and sale of one series of Debentures in the aggregate
principal amount of $142,000 bearing interest at the rate of
7-1/2% per annum and payable in varying instalments of prin-
cipal in the years 1968 to 1987, both inclusive, which is the
amount of the debt intended to be created by this By-law.
NOW THEREFORE, the Council of The Corporation of the
Township of Picketing enacts as follows:
1. THAT the sums authorized to be borrowed by said By-
laws Numbers 3387 and 3407 are hereby consolidated into one
sum and, for the purposes referred to in said By-laws, money
shall be borrowed upon the credit of The Corporation of the
Township of Picketing at large by the issue and sale of one
series of Debentures of the Corporation in the aggregate prin-
cipal amount of $142,000 bearing interest from the 15th day of
December, 1967 at the rate of 7-1/2% per annum and having
coupons attached thereto for the payment of such interest
annually on the 15th day of December in each year of the currency
of the Debentures.
2. THAT the Debentures shall be dated the 15th day of
December, 1967, shall be payable in twenty annual instalments
on the 15th day of December in each of the years 1968 to 1987,
both inclusive, and the respective amounts of principal and
interest payable in each of such years shall be as set forth
in Schedule "A" attached hereto, which is hereby declared to
be and to form part of this By-law.
3. THAT the said Debentures shall be payable as to both
principal and interest in lawful money of Canada at the Canadian
Imperial Bank of Commerce in Picketing, Ontario, or at the
principal office of the said Bank in either of the Cities of
Toronto or Montreal, at the holder,s option.
4. THAT 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
or engraved, lithographed, printed or otherwise mechanically
reproduced. The signature of the Head of the Council may be
written or engraved, lithographed, printed or otherwise mechani-
cally reproduced, and, if such Debentures are countersigned
in writing by the Deputy Treasurer, the signature of the
Treasurer may be written or engraved, lithographed, printed
or otherwise mechanically reproduced.
5. THAT in each of the years 1968 to 1987, both inclusive,
the rates imposed by said By-law Number 3387, and in each of the
years 1968 to 1972, both inclusive, the rates imposed by said
By-law Number 3407, shall be levied and collected as provided
in said By-laws and shall be applied in payment of the respec-
tive aggregate amounts of principal and interest falling due
in each of such years on the Debentures to be issued under the
authority of this By-law as set forth in the fourth column of
said Schedule '~" attached hereto.
6. THAT the Debentures may contain a clause providing for
the registration thereof pursuant to Section 323 of The
Municipal Act.
READ a first, second and third time and finally passed
this ~th day of December, 1967.
Cle.r~ ' % ~
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 34O8
SCHEDULE "A"
TOTAL
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
1968 $ 9,000.00 $10,650.00 $ 19,650.00
1969 10,000.00 9,975.00 19,975.00
1970 11,000.00 9,225.00 20,225.00
1971 12,000.00 8,400.00 20,400.00
1972 12,000.00 7,500.00 19,500.00
1973 3,000.00 6,600.00 9,600.00
1974 4,000.00 6,375.00 10,375.00
1975 4,000.00 6,075.00 10,075.00
1976 4,000.00 5,775.00 9,775.00
1977 5,000.00 5,475.00 10,475.00
1978 5,000.00 5,1o0.00 lO, 10o.00
1979 5,000.00 4,725.00 9,725.00
198o 6,000.00 4,350.00 lO, 35o.0o
1981 6,000.00 3,900.00 9,900.00
1982 6,000.00 3,450.00 9~450.00
1983 7,000.00 3,000.00 lO, O0O.O0
198~ 7,000.00 2,475.00 9,475.00
1985 8,000.00 1,950.00 9,95O°00
1986 9,000.00 1,350.00 10,350.00
1987 9,000.00 675.00 9,675.00
$142, ooo.0o $107, o25.oo $249,025.00