HomeMy WebLinkAboutBy-law 4006/71THE CORPORATION O1-' T111 TOWNfAlt1' OI' PTCKI?RiNC
-T.AW NUM11PH 4006/71
Being a by-law to authorize the borrowing
of $ 7,610.06 upon debentures towards
the cost of construction of a watermain
on Toy Avenue
WHEREAS by By-law Number 3696/69 the Council of The
Corporation of the Township of Pickering authorized the construction
of a watermain on Toy Avenue from 880 feet north of the north
street line of Bayly Street to 1500 feet north of the north
street line of Bayly Street;
AND WHEREAS the said work has been constructed as a
local improvement, a special assessment roll drawn up and a Court
of Revision duly held in accordance with the relevant provisions of
The Local Improvement Act, R.S.O. 1960, Chapter 223;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $ 7,610.06
payable in lawful money of Canada on the terms hereinafter set
forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF PICKERING ENACTS AS FOLLOWS:
1. For the purpose aforesaid, there shall be borrowed
upon the credit of the Corporation at large the sum of $ 7,610.06
in lawful money of Canada and the Corporation shall issue deben-
tures therefor in denominations of not less than $1,000 each.
2. The debentures shall be dated the 15th day of June,
1971, shall be issued at one time and shall be payable in ten
annual instalments of principal on the 15th day of June in each of
the years 1972 to 1981, both inclusive, and shall bear interest semi-
annually on the 15th days of June and December in each year at the
rate set out in Schedule "A" attached hereto and forming part of
this By-law. The debentures shall have coupons attached for the
payment of such interest,,and the respective amounts of principal
and/or interest payable in each of the vears•1971 to 1981 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 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 them and by the Treasurer. The
interest coupons shall be signed by the Treasurer and his signature
to them may be written or engraved, lithographed, printed or other-
wise mechanically reproduced. The signature of the Reeve on the
debentures may be written or engraved, lithographed, printed or
otherwise mechanically reproduced.
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5. (a) There shall be levied and raised in each year in which
an instalment of pr.inci.pal and/or interest becomes clue by r.pecial rate
sufficient therefor, over and above all other rates, on all rateable
property in the area as defined in By-law Number3696/69 , the
respective amount set forth in Column 6 of Schedule "A" hereto,
but no greater rate shall be levied in any year than is required
after taking into account receipts from the special rate imposed
by clause (b) hereof;
(b) For the payment of the owner's portion of the cost and
interest thereon the special rate per foot frontage provided for by
By-law Number 3696/69 is hereby imposed upon the lands liable there-
for as set forth in said By-law Number 3696/69 , which special rate
with a sum sufficient to cover interest thereon shall be payable in
ten equal annual instalments and for that purpose the said special
rate per foot frontage is hereby imposed on the said lands described
in the said By-law according to the assessed frontage thereof, over
and above all other rates and taxes, and the special rate shall be
collected annually by the collector of taxes for the Corporation at
the same time and in the same manner as all other rates.
6. 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 issue thereof.
7. The reference to the rate of interest on such deben-
tures referred to in By-law Number 3696/69 shall be deleted and the
said by-law is hereby amend ed accordingly.
READ a FIRST AND SECOND time in open Council this
day of 1971.
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A??Wt? k-6"
eve
L 2
Clerk
AND READ a THIRD time and PASSED in open Council this
day of , 1971.
00
eeve 1 r
Clerk
SCHEDULE "A" TO BY-LAW NUMBF]i
$7,610.06
TOWNSHIP OF PICKERINC
jrrovtnce of Ontario)
8-1/6% Debentures
To be dated: 15 June, 1971
To mature: 15 June, 1972 to 1981
PAYMENT # DATE RATE PRINCIPAL INTEREST TOTAL
1 Dec. 15, 1971 8-1/8% $ 309.16 $ 309.16
2 June 15, 1972 8-1/8% $ 610.06 309.16 919.22
3 Dec. 15, 1972 8-1/8% 284.37 284.37
4 June 15, 1973 8-1/8% 500.00 284.38 784.38
5 Dec. 15, 1973 8-1/8% 264.06 264.06
6 June 15, 1974 8-1/8111 500.00 264.07 764.07
7 Dec. 15, 1974 801/8% 243.75 243.75
8 June 15, 1975 8-1/8% 500.00 243.75 743.75
9 Dec. 15, 1975 8-1/8% 223.44 223.44
10 June 15, 1976 8-1/84 500.00 223.44 723.44
11 Dec. 15, 1976 8-1/8% 203.12 203.12
12 June 15, 1977 8-1/8% 1,000.00 203.13 1,203.13
13 Dec. 15, 1977 8-1/8% 162.50 162.50
14 June 15, 1978 8-1/84 10000.00 162.50 1,162.50
15 Dec. 15, 1978 8-1/8% 121.87 121.87
16 June 15, 1979 8-1/8% 10000.00 121.88 1,121.88
17 Sec. 15, 1979 8-1/8% 81.25 81.25
18 June 15, 1980 8-1/8% 1,000.00 81.25 1,081.25
19 Dec. 15, 1980 8-1/8% 40.62 40.62
20 June 15, 1981 8-1/87 1,000.00 40.63 1,040.63
$ 7,610.06 $ 3,868.33 $ 11,478.39