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HomeMy WebLinkAboutBy-law 4088/71 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 4088/71 Being a by-law to authorize the' borrowing of $16,230 upon deben- tures towards the cost of construction of a sanitary sewer and watermain with connections on Sunrise Avenue. WHEREAS by By-law Number 3860/70, the Council of The Corporation of the Township of Pickering authorized the construction of a sanitary sewer and connections and a water- main with connections, on Sunrise Avenue, as more particularly described in said By-law Number 3860/70; AND WHEREAS the said works have been constructed as local improvements, special assessment rolls drawn up and a Court of Revision duly held in accordance with the relevant provisions of The Local Improvement Act, R.S.O. 1970, Chapter 255; AND WHEREAS for the purposes aforesaid it is now expedient to issue debentures in the amount of $16,230 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 purposes aforesaid, there shall be borrowed upon the credit of the Corporation at large the sum of $16,230 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 twenty annual instalments of principal on the 15th day of December in each of the years 1972 to 1991, both inclusive, and shall bear interest semi-annually on the 15th days of June and December in each year at the rates 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 res- pective amounts of principal and interest payable in each of the years 1972 to 1991 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 otherwise mechanically reproduced. The signature of the Reeve on the debentures may be written or engraved, lithographed, printed or otherwise mechanically reproduced. - 2 - 5. (a) There shall be levied and raised in each year in which an instalment of principal and interest becomes due by a special rate sufficient therefor, over and above all other rates, on all rateable property in the area as defined in By-law Number 3860/70, the respective amount set forth in Column 5 of Schedule "A" hereto, but no greater rate shall be levied in any year than shall be required after taking into account receipts from the special rates imposed by clause (b) hereof; (b) For the payment of the owner's portion of the cost and interest thereon the special rates per foot frontage pro- vided for by By-law Number 3860/70 are hereby imposed upon the lands liable therefor as set forth in said By-law Number 3860/70, which special rates with a sum sufficient to cover interest thereon shall be payable in twenty equal annual instalments and for that purpose the said special rates per foot frontage are hereby imposed on the said lands described in the said By-law according to the assessed frontage there- of, 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 all other rates. 6. The said debentures may contain any clause providing for the registration thereof, authorized by any statute re- lating to municipal debentures in force at the time of issue thereof. 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. I SCHEDULE "A" TO BY-LAW NUMBER 4088/71 $16,230.00 TOWNSHIP OF PICKERING (Province of Ontario) To be dated: 15 December, 1971 7 1/21 to mature: 15 December, 1972 to 1981 8.00% to mature: 15 December, 1982 to 1991 YEAR RATE PRINCIPAL INTEREST TOTAL 1972 7 1/2% $ 230.00 $ 1,267.25 $ 1,497.25 1973 7' 1/2% 500.00 1,250.00 1,750.00 1974 7 1/27, 500.00 1,212.50 1,712.50 1975 7 1/2ti 500.00 1,175.00 1,675.00 1976 7 1/2% 500.00 1,137.50 1,637.50 1977 7 1/2% 500.00 1,100.00 1,600.00 1978 7 1/2% 500.00 1,062.50 .1,562.50 1979 7 1/2% 1,000.00 1,025.00 2,025.00 1980 7 1/2% 1,000.00 950.00 1,950.00 1981 7 1/2% 1,000.00 875.00 1,875.00 1982 8% 1,000.00 800.00 1,800.00 1983 8% 1,000.00 720.00 1,720.00 1984 8% 1,000.00 640.00 1,640.00 1985 8% 1,000.00 560.00 1,560.00 1986 8% 1,000.00 480.00 1,480.00 1987 8% 1,000.00 400.00 1,400.00 1988 8% 1,000.00 320.00 1,320.00 1989 8% 1,000.00 240.00 1,240.00 1990 8% 1,000.00 160.00 1,160.00 1991 8% 1,000.00 80.00 1,080.00 $ 16,230.00 $ 15,454.75 $31,684.75