HomeMy WebLinkAboutBy-law 4182/72THE CORPORATION OF THE TOWNSIIP OF PICKERING
BY-LAW NUMBER 4182/72
Being a by-law to consolidate certain
by-laws and to provide for the issue of
one series of debentures in the amount
of $470,000
WHEREAS By-laws Numbers 4179/72, 4180/72 and 4181/72
of The Corporation of the Township of Pickering provide for the
issue of debentures of the Corporation in the amounts of
$400,000; $30,000 and $40,000 respectively;
AND WHEREAS none of the debentures authorized by
said by-laws has been sold or disposed of;
AND WHEREAS the Council is by Section 290 of The
Municipal Act, R.S.O. 1970, C.284, authorized to enact as herein-
after set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF PICKERING ENACTS AS FOLLOWS:
1. The amounts authorized to be borrowed by By-laws
Numbers 4179/72, 4180/72 and 4181/72 are hereby consolidated
into one sum of $470,000 in lawful money of Canada and there
shall be issued one series of debentures therefor in the aggre-
gate principal amount of $470,000 in denominations of not less
than $1,000 each, payable both as to principal and interest in
lawful money of Canada.
2. The debentures shall be dated the 15th day of May,
1972, shall be issued at one time, be payable in twenty instal-
ments of principal on the 15th day of May in each of the years
1973 to 1992, both inclusive, and shall bear interest payable
semi-annually. The debentures shall have coupons attached for
the payment of such interest on May 15 and November 15 in each
year. The debentures maturing during the years 1973 to 1982,
both inclusive, shall bear interest at the rate of Eight and
One-Quarter Percent per annum, and the debentures maturing dur-
ing the years 1983 to 1992, both inclusive, shall bear interest
at the rate of Eight and One-Half Percent per annum. The res-
pective amounts of principal and/or interest payable in each of
the years 1972 to 1992 shall be as set forth in the said
Schedule "A".
3. The debentures shall be payable as to both principal
and interest in lawful money of Canada at the office of the
Canadian Imperial Bank of Commerce in the Village of Pickering
or at the principal office of the said Bank in either of the
cities of Toronto or Montreal, at the holder's option.
4. The said debentures shall be sealed with the seal of
the Corporation and signed by the head of Council or by some
other person authorized by by-law to sign the same and by the
Treasurer; the signature of the head of the Council on the deben-
tures may be written or engraved, lithographed, printed or
otherwise mechanically reproduced on the debentures. The said
interest coupons shall be signed by the Treasurer and his signa-
ture thereon may be written, engraved, lithographed, printed or
otherwise mechanically reproduced.
5. The rates imposed by said By-laws Numbers 4179/72,
4180/72 and 4181/72 shall be levied, collected and applied for
the purpose of providing for the payment of the debentures issued
under this by-law and the interest thereon.
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6. The holder of any debenture of the denomination of
more than $1,000 issued under the authority of this by-law
may exchange such debenture for debentures of the denomination
of $1,000 upon surrender of such debenture to the Treasurer of
the Corporation. Debentures issued in substitution for any
such debenture surrendered shall bear the same interest rate
and maturity date and be the same in everv respect except in
denomination to. such debentures surrendered. only one such
exchange shall be permitted with respect to each debenture of
the denomination of more than $1,000 issued hereunder and the
costs of such exchange, including printing of the new denomina-
tions of debentures, shall be borne by the Corporation.
7. Pending the sale of the said debentures, or in lieu
of selling them, the Council may by resolution authorize the
Reeve of the Corporation and the Treasurer thereof to raise
money by way of loan on the security of the said debentures or
upon the security of some part of them, and to hypothecate any
or all of the said debentures as security for the repayment of
the said loan.
8. The said debentures may contain any clause providing
for the registration thereof authorized by any statute relating
to municipal debentures in force at the time of the issue thereof.
READ a FIRST AND SECOND time in open Council -t is
day of May, 1972.
??„JMReeve C erk
READ a
day of May, 1972.
THIRD time and PASSED in open Council this
"I JReeve ?_
SCHEDULE "A" TO BY-LAW NUMBER 4182/72
$470,000.00
TOWNSHIP OF PICKERING
(Province of Ontario)
To be dated; 15 May, 1972
8-1/4% to mature: 15 May, 1973 to 1982
8-1/2% to mature: 15 May, 1983 to 1992
YEAR RATE PRINCIPAL INTEREST TOTAL
15 Nov. 1972 8-1/4% $ 19,791.25 $ 19,791.25
15 May, 1973 8-1/4% $ 10,000.00 19,791.25 29,791.25
15 Nov. 1973 8-1/4% 19,378.75 19,378.75
15 May, 1974 8-1/4% 11,000.00 19,378.75 30,378.75
15 Nov. 1974 8-1/4% 18,925.00 18,925.00
15 May, 1975 8-1/4% 12,000.00 18,925.00 30,925.00
15 Nov. 1975 8-114% 18,430.00 18,430.00
15 May, 1976 8-1/4% 13,000.00 18,430.00 31,430.00
15 Nov. 1976 8-1/4% 17,893.75 17,893.75
15 May, 1977 8-1/4% 14,000.00 17,893.75 31,893.75
15 Nov. 1977 8-1/4% 17,316.25 17,316.25
15 May, 1978 8-1/4% 15,000.00 17,316.25 32,316.25
15 Nov. 1978 8-1/4% 16,697.50 16,697.50
15 May, 1979 8-1/4% 16,000.00 16,697.50 32,697.50
15 Nov. 1979 8-1/4% 16,037.50 16,037.50
15 May, 1980 8-1/4% 17,000.00 16,037.50 33,037.50
15 Nov. 1980 8-1/4% 15,336.25 15,336.25
15 May, 1981 8-1/4% 19,000.00 15,336.25 34,336.25
15 Nov. 1981 8-1/4% 14,552.50 14,552.50
15 May, 1982 8-1/4% 20,000.00 14,552.50 34,552.50
15 Nov. 1982 8-1/2% 13,727.50 13,727.50
15 May, 1983 8-1/2% 21,000.00 13,727.50 34,727.50
15 Nov. 1983 8-1/2% 12,835.00 12,835.00
15 May, 1984 8-1/2% 23,000.00 12,835.00 35,835.00
15 Nov. 1984 8-1/2% 11,857.50 11,857.50
15 May, 1985 8-1/2% 25,000.00 11,857.50 36,857.50
15 Nov. 1985 8-1/2% 10,795.00 10,795.00
15 May, 1986 8-1/2% 28,000.00 10,795.00 38,795.00
15 Nov. 1986 8-1/2% 9,605.00 9,605.00
15 May, 1987 8-1/2% 30,000.00 9,605.00 39,605.00
15 Nov. 1987 8-1/2% 8,330.00 8,330.00
15 May, 1988 8-1/2% 33,000.00 8,330.00 41,330.00
15 Nov. 1988 8-1/2% 6,927.50 6,927.50
15 May, 1989 8-1/2% 36,000.00 6,927.50 42,927.50
15 Nov. 1989 8-1/2% 5,397.50 5,397.50
15 May, 1990 8-1/2% 39,000.00 5,397.50 44,397.50
15 May, 1990 8-1/2% 3,740.00 3,740.00
15 Nov. 1991 8-1/2% 42,000.00 3,740.00 45,740.00
15 Nov. 1991 8-1/2% 1,955.00 1,955.00
15 May, 1992 8-1/2% 46,000.00 1,955.00 47,955.00
$ 470,000.00 $ 519,057.50 $ 989,057.50