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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. -. -2- 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