HomeMy WebLinkAboutBy-law 4087/71
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 4087/71
Being a by-law to authorize the
borrowing of $355,000 upon de-
bentures towards the purchase of
lands for an industrial site.
WHEREAS by By-law Number 4056/71 the Council of The
Corporation of the Township of Pickering authorized the purchase
of certain lands described therein from William A. McKay and
Melba E. McKay for the purpose of an industrial site;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $355,000 pay-
able 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 $355,000
in lawful money of Canada and the Corporation shall issue de-
bentures therefor in denominations of not less than $50 each.
2. The debentures shall be dated the 15th day of December,
1971, shall be issued at one time and shall be payable in five
annual instalments of principal on the 15th day of'December in
each of the years 1972 to 1976, both inclusive, and shall bear
interest at the rate of Seven and One-Half Percent (7-1/2%) per
annum payable semi-annually. The debentures shall have coupons
attached for the payment of such interest on June 15 and
December 15 in each year. The respective amounts of principal
and interest payable in each of the years 1972 to 1976 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 en-
graved, lithographed, printed or otherwise mechanically
reproduced. The signature of the Reeve on the debentures
may be written or engraved, lithographed, printed or other-
wise mechanically reproduced.
5. There shall be levied and raised in each year
in which an instalment of principal and interest becomes
due, by a special rate on all the rateable property in the
Township of Pickering, the amount set out in the fourth
column of Schedule "A" hereto.
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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 rate of interest on such debentures referred to
in said By-law Number 4056/71 shall be changed from 8% to 7-1/28
and the said By-law is hereby amended accordingly.
READ a FIRST AND SECOND time in open Council this
6th day of December, 1971.
AND READ a THIRD time and PASSED in open Council this
6th day of December, 1971.
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SCHEDULE "A" TO BY-LAW NUMBER 4087/71
$355,000.00
TOWNSHIP OF PICKERING
(Province of Ontario)
7-1/2% Debentures
To be dated: 15 December, 1971
To mature: 15 December, 1972 to 1976
YEAR PRINCIPAL INTEREST TOTAL
1972 $ 61,000.00 $ 26,625.00 87,625.00
1973 66,000.00 22,050.00 88,050.00
1974 70,000.00 17,100.00 87,100.00
1975 76,000.00 11,850.00 87,850.00
1976 82,000.00 6,150.00 88,150.00
$ 355,000.00 $ 83,775.00 $ 438,775.00