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HomeMy WebLinkAboutBy-law 4056/71THE CORPORATION OF THE TOWNSHIP OF PICKERING By-Law # WU 6/-1/ 39.021 Being a by-law to a ori.ze the purchase of a acre industrial site and the borrowing of $355,000.00 in payment thereof. WHEREAS it is deemed advisable to purchase the lands hereinafter described William A. McKay and for the establishment industrial operations AND WHEREAS from Justine Holdings Limited and from Melba E. McKay for the purpose of a site and carrying on of industries and $358,212.00 for the sum of $428,202.80. it is deemed advisable for the purpose of purchasing the said lands to borrow a sum not exceeding the sum of $355,000.00 upon the credit of the Municipal Corporation and to issue debentures therefor bearing interest payable at the rate of 8 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 "A" hereto annexed and forming part of $358,212.00 this by-law for the sum of $428,262.68 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 $355,000.00 and shall issue debentures therefor in the amount of $355,000.00 payable in the manner and at the time hereinafter set forth and 3,212.00 shall pay the balance of the purchase price namely A8 to be paid from the general funds of the municipality. 3. Each debenture shall bear interest at the rate of 8 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 debentures is approved by order of the Ontario Municipal Board, may bear any date within such year - 2 - and shall be made payable in five annual instalments during the 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 debentures 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 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 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 purpose 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 323 of The Municipal - 3 - Act, R.S.O. 1960, c.249. 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 borrowed and may hypothecate such debentures for such loan. READ a first and second time and passed this day of , 1971. READ a third time and passed this day of ?GCZ^G97L 1971. 2 Reeve Clerk SCHEDULE "A" 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 6 Those parts of the west half of Lot 18 designated as Parts ,rd X 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 bearing of the West limit of the said Lot 18, Range 3, is North 17° 09' 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: BEGINNING at the North-East angle of the said Lot 18, Range 3; THENCE South 17° 11' 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 59' 30" West along the said parallel line, a distance of 66.0 feet; THENCE South 17° 11' East parallel to the said East limit of Lot 18, a distance of 1,340.86 feet; THENCE South 17° 15' 00" East and continuing parallel to the said East limit of Lot 18, a distance of 555.93 feet to the point of commencement. THENCE from the Point of Commencement and continuing South 17° 15' East parallel to the said East limit of Lot 18, a distance of 1,703.04 feet; THENCE South 720 25' 50" West, a distance of 381.16 feet; THENCE North 17° 35' 50" West, a distance of 361.62 feet; THENCE South 70° 44' 30" West to a point in line with a fence running northerly, a distance of 206.0 feet; THENCE North 170 08' 30" West along the said fence to a point of intersection with a line drawn on a bearing of South 720 59' 30" West from the said Point of Commencement, a distance of 1,353.25 feet; THENCE North 720 59' 30" East, a distance of 586.67 feet more or less to the Point of Commencement.