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.
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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