HomeMy WebLinkAboutBy-law 4358/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NO. � � •y ' � �
A By-law to authorize the issue of a
Debenture in the principal amount of
$340,512.00 for the purposes referred
to in Schedule "A" attached hereto.
wHEREAS the Council of The Corporation of the Township of
Pickering now deems it expedient for the purposes set out in Schedule "A"
attached hereto to borrow money by the issue and sale to The Treasurer
of Ontario of a Debenture of this Municipality in the principal amount
of $340,512.00 bearing interest at the rate of 7� per annum payable
semi-annually, which is the amount of debt intended to be created by
this By-law.
NOW THEREFORE the Council of The Corporation of the Township of
Pickering enacts as follows:
1. THAT for the purposes aforesaid money shall be borrowed on the
credit of The Corporation of the Township of Pickering by the issue of a
Debenture of the Corporation in the principal amount of $340,512.00
bearing interest at the rate of 7� per annum payable semi-annually on the
lst day of May and the lst day of November in each year of the currency
of the Debenture, upon the principal amount from time to time remaining
unpaid.
2. THAT the said Debenture shall be dated the lst day of May, 1973
and shall be payable in 20 annual instalments of principal on the lst day
of May in the years 1974 to 1993, inclusive, and the respective amounts of
principal and interest payable in respect of such Debenture in the years
1973 to 1993, inclusive, shall be as set forth in Schedule "H" attached
hereto.
3. THAT the said payments of principal and interest 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 the City of Toronto.
4. THAT the said Debenture shall be sealed with the Seal of the
Corporation and shall be signed by the Head o£ the Council or by some
other person authorized by By-law to sign the same, and by the Treasurer.
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5. (a) THAT there sha11 be levied and raised in the years 1473 to
1993 inclusive, by a special rate su£ficient therefor, over and above
all other rates, upon all the rateable property in the municipality,
the specific sum required to pay off the instalments of principal of
the debenture and to pay interest thereon as set out in Schedule "B"
attached hereto, but no greater rate sha11 be levied in any year for
such purpose than is required to pay the principal and interest
falling due in such year after taking into account receipts from the
special rate provided for in Clause (b) hereof.
(b) For the 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 said special assessments with a sum sufficient
to cover interest thereon at the rate aforesaid shall be payable in
2� equal annual instalments and for that purpose the special annual
rates per foot frontage set forth in the said special assessment roll
are hereby imposed upon the lots entered in the said special assessment
roll according to the assessed frontage thereof over and above all
other rates and taxes, and the special rates shall be collected
annually by the Collector of Taxes for the Corporation at the same
time and in the same manner as other rates.
6. THAT the said Debenture be sold to The Treasurer of Ontario.
7. THAT the said Debenture shall contain a clause providing for
the registration thereof pursuant to Section 326 of The Municipal Act.
8. (a) The Corporation shall have the right, at its option, to
redeem the said debenture on any interest payment date prior to
maturity by payment of the unmatured principal amount thereof together
with interest accrued to the date set for redemption.
(b) The unmatured principal of the debenture shall become
due and payable on the date set for redemption thereof, and from and
after such date interest ceases to accrue thereon where provision is
duly made for the payment of the amount thereof.
(c) Notice of intention so to redeem shall be sent by post
at least thirty days prior to the date set for such redemption to the
person in whose name the debenture is registered at the address shown
in the Debenture Registry Book.
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(d) At least thirty days prior to the date set for such
redemption, notice of intention so to redeem shall be published
in The Ontario Gazette and in a newspaper of qeneral circulation,
iE any, in the municipality.
9. TxAT application shall be made to the Ontario Municipal
Board for approval of this By-law and for the certification of
the Debenture to be issued hereunder pursuant to Section 58 to 60
of The Ontario Municipal Board Act.
10. THAT Schedules "A" and "B" attached hereto, are hereby
declared to be and to form part of this By-law.
By-law read a First, Second and Third Time and PASSED in open
Council this � day oE ;%�� u , 1973.
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PAYMENT
NUMBER
THE CORPbRATION OF THE TOWNSHIP OF PSCI�3RING
SCHEDULE "B" TA BY-LAW NOY �d - ��%
r
2 3 4 5
QATE PAYMENTS
DUE N P T T T
Nov.
May
Nov.
May
Nov.
May
Nov,
May
Nov.
May
Nov.
May
Nov.
May
NOV.
May
Nov.
May
I3ov.
1Kay
NoV.
May
Nov.
May
Nov.
May
NOV.
May
Nov,
May
NoV.
May
Nov.
May
Nov.
i�lay
Nov.
May
Nov.
May
1/73
1/74
1/74
1/75
1:/75
1/76
1/76
1/77
1/77
1/78
1/78
1/79
1/79
1/80
1/80
1/81
1/81
1f82
1/82
1/83
1/83
1/84
1/89
1/85
1/85
1/86
1/86
1/87
1/87
1/88
1/88
1/89
1/89
1/90
1/90
1/91
1/91
1j92
1/92
1/93
8,512
9,000
10,000
10,000
11,400
12,QU0
12,000
13,000
14,000
15,000
16,000
18,000
19,060
20,000
21,000
23,000
25,000
26,000
28,000
30,000
340,512
11,917.92
11,917.92
11,620.40
11,620.00
11,305.00
11,305.00
10,955.00
10,955.00
10,605.00
10,605.00
10,220,00
10.22U.00
9,800.00
9,80A.00
9,380.00
9,380.00
8,925.00
8,925.00
6,435.00
8,435.00
7,910.00
7,91U.00
7�350.00
7,350.00
6,720.OQ
6,720.00
6,055.00
6,055.00
5,355.00
5,355.00
4,620.00
4,620.00
3,815.00
3,815.OU
2,940.00
2,940.00
2,030.00
2,030.00
1,050.00
1,050.00
302,015.84
11,917.92
20,429.92
11,620.00
20,620.00
11,305.00
21,305.00
10,955.�0
20,955:40
10,605.00
21,605.00
10,220.00
22,220.00
9,800.00
21,800.00
9,380.00
22,380.00
8,925.00
22,925.00
8,435.00
23,435.00
7,910.00
23,910.00
7,350.00
25,350.00
6,72U.00
25,720.00
6,055.00
26,055.00
5,355.p0
26,355.00
4,620.00
27.620.00
3,815.00
28,815.00
2,940.00
28,440.00
2,030.00
30,030.00
1,050.00
31,050.00
642,527.84
TOTAL ANNUAL
AMOUNT PAYABLE
11,917.92
32,049.92
31,925.00
32,260.00
3I,560.00
31,825.00
32�020.00
31,160.00
31,305.00
31,360.00
31�345.00
31,260.00
32,Q70.00
31,775.00
31,410.00
30�975.00
31,d35.00
31,755.00
30,970.a0
31,080.OA
31,050.00
642,527.89