HomeMy WebLinkAboutBy-law 4200/72THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER x 00 72
Being a by-law to authorize
the purchase of a $0.160 acre
industrial site and the
borrowing of $476,128.00 in
payment thereof.
WHEREAS it is deemed advisable to purchase the lands
hereinafter described from Justine Holdings Limited and from
William A. McKay and Melba E. McKay for the purpose of a site
for the establishment and carrying on of industries and
industrial operations for the sum of $476,128.00;
AND WHEREAS it is deemed advisable for the purpose of
purchasing the said lands to borrow a sum not exceeding the sum
of $476,128.00 upon the credit of the Municipal Corporation and
to issue debentures therefor bearing interest payable at the
rate of 81 per cent per annum;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF PICKERING ENACTS AS FOLLOWS:
1. The purchase of those parts of Lot 18 in Range 3
described in Schedule "A0 hereto annexed and forming part of
this by-law for the sum of $476,128.00 be and the same is
hereby authorized.
2. For the purpose aforesaid, the Corporation shall
borrow upon the credit of the Corporation the sum of $476,128.00
and shall issue debentures therefor in the amount of $4769128.00
payable in the manner and at the time hereinafter set forth.
3. Each debenture shall bear interest at the rate of 81
per cent per annum and shall have coupons attached thereto for
the payment of the said interest.
4. All debentures shall bear the same date, shall be
issued at the one time and within one year after the day on
which the issue of the said debenture is approved by order of
the Ontario Municipal Board, may bear any date within such year
and shall be made payable in five annual instalments during the
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period of five years next after the date of issue thereof, and
the respective amounts of principal and interest payable in each
of such years shall be in such amounts respectively that, with
the interest in respect of the debt, the aggregate annual amount
payable for principal and interest shall be as nearly as possible
the same.
5. The debenture shall be payable as to both principal
and interest in lawful money of Canada, at the option of the
holder, at the Canadian Imperial Bank of Commerce in the Village
of Pickering or at the principal offices of the said Bank in the
Cities of Toronto and Montreal.
6. The said debenture 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 Council may be written or engraved,
lithographed, printed or otherwise mechanically 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.
7. That there shall be raised in each year in which an
instalment becomes due, by a special rate on all the rateable
property in the municipality, a specific sum sufficient to pay
the said instalment when and as it becomes due, but no greater
rate shall be levied in any year for such purposes than is required
to pay the instalment after taking into account receipts from the
sale of the said lands or part or parts thereof.
8. The said debentures may contain a clause providing for
the registration thereof pursuant to Section 326 (1) of the
Municipal Act, R.S.O. 1970, c.2¢9.
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9. Pending the sale of the said debentures, the Head of
the Council and the Treasurer may raise for the purpose aforesaid
by way of loan on such debentures any sum or sums of money not
exceeding in all the sum hereby authorized to be bot•rowed and
may hypothecate such debentures for such loan.
READ a first and second time this f3 day of
1972.
OCPAI
READ a third time and PASSED this /4 to day of
1972.
DeritI
SCHEDULE "A1°
ALL AND SINGULAR those certain parcels or tracts of lands and
premises situate lying and being in the Township of Pickering
in the County of Ontario and being composed of those parts of
Lot 18 in Range 3 of the said Township described as follows:
FIRSTLY
Those parts of the west half Qpf Lot 18 designated as Parts 4
and 5 on a plan deposited.in the Registry Office for the
Registry Division of the County .of Ontario as Number RD 448.
SECONDLY
PREMISING that the baring of the west limit of the said Lot 18,
Range 3, is North 17 091 00" West and relating all bearings
used herein thereto;
COMMENCING at a point in the said Lot 18, Range 3, which may
be located as follows:
$$GINNING at the North-East angle of the said Lot 18, Range 3;
THENCE South 170 111 00"East along the existing Easterly limit
of Lot 18 to a point of intersection with a line drawn parallel
to the said North Limit and distant Southerly therefrom 17.0
feet, a distance of 17.0 feet;
THENCE South 720 591 30" West along the said parallel line, a
distance of 66.0 feet to the Point of Commencement;
0
THENCE from the Point of Commencement South 17 111 East
parallel to the said East Limit of Lot 18, a distance of
1,340.86 feet;
THENCE South 170 151 001t East and continuing parallel to the
said east limit of Lot 18, a distance of 555.93 feet;
THENCE South 72 0 591 30" Vest to a point in line with a fence
running northerly, a distance of 586.67 feet;
THENCE North 170 081 30"11.1est along the said fence, a distance
of 556.09 feet to an angle therein;
THENCE North 170 0010011 West and continuing along the said
fence to its intersection with a line drawn parallel to the said
north limit of Lot 18 through the Point of Commencement, e
distance of 1,340.60 feet;
THENCE North 720 591 30?' East along the said parallel line, a
distance of 581.71 feet more or less to the Point of Commencement.