HomeMy WebLinkAboutBy-law 4090/71THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 4090/71
Being a by-law to consolidate
certain by-laws and to provide
for the issue of one series of
debentures in the amount of
$650,500
WHEREAS By-laws Numbers 4087/71, 4088/71 and 4089/71
of The Corporation of the Township of Pickering provide for
the issue of debentures of the Corporation dated the 15th day
of December, 1971 in the respective amounts of $355,000, $16,230
and $279,270;
AND WHEREAS none of the debentures authorized by
said by-laws has been sold or disposed of;
AND WHEREAS the Council is by Section 290 of The
Municipal Act, R.S.O. 1970, C.284, authorized to enact as
hereinafter set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF PICKERING ENACTS AS FOLLOWS:
1. The amounts authorized to be borrowed by By-laws
Numbers 4087/71, 4088/71 and 4089/71 are hereby consolidated
into one sum of $650,500 in lawful money of Canada and there
shall be issued one series of debentures therefor in the
aggregate principal amount of $650,500 in denominations of
not less than $50 each, payable both as to principal and
interest in lawful money of Canada.
2. The debentures shall be dated the 15th day of December,
1971, shall be issued at one time, be payable in twenty instal-
ments of principal on the 15th day of December in each of the
years 1972 to 1991, both inclusive, and shall bear interest pay-
able semi-annually. The debentures shall have coupons attached
for the payment of such interest on June 15th and December 15th
in each year. The debentures maturing during the years 1972 to
1981, both inclusive, shall bear interest at the rate of Seven
and One-Half Percent per annum, and the debentures maturing during
the years 1982 to 1991, both inclusive, shall bear interest at the
rate of Eight Percent per annum. The respective amounts of prin-
cipal 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 said debentures shall be sealed with the seal of
the Corporation and signed by the head of Council or by some other
person authorized by by-law to sign the same and by the Treasurer;
the signature of the head of the Council on the debentures may be
written or engraved, lithographed, printed or otherwise mechanically
reproduced on the debentures. The said interest coupons shall be
signed by the Treasurer and his signature thereon may be written,
engraved, lithographed, printed or otherwise mechanically reproduced.
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5. The rates imposed by said By-laws Numbers 4001//1,
4088/71 and 4089/71 shall be levied, collected and appllo,l
for the purpose of providing for the payment of the dehAnlures
issued under this by-law and the interest thereon.
6. The holder of any debenture of the denominaticiii of'
more than $1000 issued under the authority of this by-liw mrtY
exchange such debenture for debentures of the denominal.1101 of
$1,000 upon surrender of such debenture to the Treasurer 01 the
Corporation. Debentures issued in substitution for any nlic:h
debenture surrendered shall bear the same interest rate nnrl
maturity date and be the same in every respect except in de-
nomination to such debentures surrendered. Only one slit.), exchange
shall be permitted with respect to each debenture of tho de-
nomination of more than $1,000 issued hereunder and the oosts
of such exchange, including printing of the new denominallons
of debentures, shall be borne by the Corporation.
7. Pending the sale of the said debentures, or it, lieu
of selling them, the Council may by resolution authorize the
Reeve of the Corporation and the Treasurer thereof to rnlse
money by way of loan on the security of the said debentures or
upon the security of some part of them, and to hypothecal:e any
or all of the said debentures as security for the repayment of
the said loan.
8. The said debentures may contain any clause providing
for the registration thereof authorized by any statute i-olating
to municipal debentures in force at the time of the issut: thereof.
6th day of
READ a FIRST AND SECOND time in open Council this
December, 1971.
Reeve
READ a THIRD time and PASSED in open Counci his
6th day of December, 1971. /
Reeve
r
SCHEDULE "A" TO BY-LAW NUMBER 4090/71
$650,500.00
TOWNSHIP OF PICKERING
(Province of Ontario)
To be dated: 15 December, 1971
7-1/2% to mature: 15 December, 1972 to 1981
8.00% to mature: 15 December, 1982 to 1991
YEAR RATE PRINCIPAL INTEREST TOTAL
1972 7 112% $ 67,500.00 $ 49,782.50 $ 117,282.50
1973 7. 1/2% 73,000.00 44,720.00 117,720.00
1974 7 1/2% 78,000.00 39,245.00 117,245.00
1975 7 1/2% 85,000.00 33,395.00 118,395.00
1976 7 1/2% 91,000.00 27,020.00 118,020.00
1977 7 1/2% 10,000.00 20,195.00 30,195.00
1978 7 1/2% 10,000.00 19,445.00 29,445.00
1979 7 1/2% 12,000.00 18,695.00 30,695.00
1980 7 1/2% 12,000.00 17,795.00 29,795.00
1981 7 1/2% 13,000.00 16,895.00 29,895.00
1982 8% 14,000.00 15,920.00 29,920.00
1983 8% 15,000.00. 14,800.00 29,800.00
1984 8% 16,000.00 13,600.00 29,600.00
1985 8% 18,000.00 12,320.00 30,320.00
1986 8% 19,000.00 10,880.00 29,880.00
1987 8% 20,000.00 9,360.00 29,360.00
1988 8% 22,000.00 7,760.00 29,760.00
1989 8% 23,000.00 6,000.00 29,000.00
1990 8% 25,000.00 4,160.00 29,160.00
1991 8% 27,000.00 2,160.00 29,160.00
$ 650,500.00 $ 384,147.50 $ 1,034,647.50