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HomeMy WebLinkAboutBy-law 3853/70BY--LA'`J N, j! iBFht 3±;53 70 Being a By-law to authorize the borrowing of $84,095.25 upon debentures towards the cost of con sLiuction of watermai_ns in the Glendale Area. WHEREAS by By-law Number 3695/69 the Council of The Corporation of the Township of Pickering authorized the construct- ion of watermains at the following locations : on Glendale Drive from Highway No. 2 to Finch Avenue; on Liverpool. Road from Highway No. 2 to Finch Avenue; on Glenanna Road from Glendale Drive to Liverpool Road; and on Finch Avenue from Glendale Drive to Liverpool Road; AND WHEREAS the said works have been constructed, 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. 1960, Chapter 223; AND WHEREAS for the purposes aforesaid it is now expedient to issue debentures in the amount of $84,095.25 payable in lawful money of Canada on the terms hereinafter set forth; NOW THERFFORF !'HE 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 $84,095.25 in lawful money of Canada and the Corporation shall issue debentures therefor in denominations of not less than $50 each. 2. The debentures shall be dated the 15th day of September, 1970, shall be issued at one time and shall be payable in twenty annual instalments of principal on the 15th day of September in each of the years 1971 to 1990, both inclusive, and shall bear interest at the rate of nine and one-half per cent (9Y%) per annum payable semi-annually. The debentures shall have coupons attached for the payment of such interest on March 15 and September 15 in each year. The respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto annexed and forming part of this By-law. 3. The debentures shall be payable as to both principal and interesk 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 Corpor- ation 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 may ba written or engraved, lithographed, printed or otherwise mechanically reproduced. - -- `;. (a) There shall he levied and raised in _:ach year in whIM an instalment or principal and interest becom- s due by special rates sufficient therefor, over and above all other rates, on all rateable property in the local improvement area as defined in By-law Number 2OW/69, the respective amounts set. for T in Column 4 of Schedule "A" hereto, but no greater rate shall be levied in any year than is required after taking into account receipts from the special rate imposed by clause (b) hereof; (b) For the payment of the owner's portion of the cost and interest thereon the special rate of 91 cents per foot frontage provided for by By-law Number 3695/69 is hereby imposed upon the lands liable therefor as set forth in said By-law Number 3695/69, which special rate with a sum sufficient to cover interest thereon shall be payable in twenty equal annual instalments and for that purpose the special annual rate per foot frontage set forth in said Fay-law Number 3695/69 is hereby imposed on the said lands described in the said By-law according to the assessed frontage thereof, over and above all other rates and taxes, and the special rate 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 relating to municipal debentures in force at the time of issue thereof. READ a FIRST AND SECOND time in open Council this ?z{ day of September, 1970. Clerk READ a THIRD time and PASSED in open day of September, 1970. ?! s? Council this $84,095. 7_S TO:?iQ5llI1' 01' 1'JCEI.tail': (Province of w n ri.o) 9-1/2.7 Debentures To mature 1 to 20 years SCHEDULE, DATE 15 March 1971 15 Sept. 1971 15 March 1972 15 Sept. 1972 15 March 1973 15 Sept. 1973 15 March 1974 15 Sept. 1974 15 March 1975 15 Sept. 1975 15 March 1976 15 Sept.. 1976 15 March 1977 15 Sept. 1977 15 March 1978 15 Sept. 1978 15 March 1979 15 Sept. 1979 15 March 1980 15 Sept. 1980 15 March 1981 15 Sept. 1981 15 March 1982 15 Sept. 1982 15 March 1983 15 Sept, 1983 15 March 1984 15 Sept. 1984 15 March 1985 15 Sept. 1985 15 March 1986 15 Sept. 1986 15 March 1987 15 Sept. 1987 15 March 1938, 15 Sept. 1988 15 March 1989 15 Sept-. 1989 15 torch 1990 15 Sept, 1990 $ 1,095.25 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 3,000.00 3,000.00. 3,000.00 3,000.00 4,000.00 4,000.00 5,000.00 5,000.00 6,000.00 6,000.00 7,000.00 7,000.00 8,000.00 9 LOOO_ 00 $_84 095.25 INTEREST $ 3,994.52 3,994.53 3,942.50 3,942.50 3,547.50 3,547.50 3,752.50 3,752.50 3,657.50 3,657.50 3,562..50 3,562.50 3,467.50 3,467.50 3,325.00 3,325.00 3,182.50 3,182..50 3,040.00 3,040.00 2,897.50 2,897.50 2,707.50 2,707.50 2,51.7.50 2,517.50 2,280.00 2,280.00 2,042.50 2,042.50 1,757.50 1,757.50 1,472.50 1,472.50 1,140.00 1,140.00 807.50 807.50 427.50 427._,0 TOTAL $ 3,994.52 S,OS9.78 3,942.50 5,942.50 3,847.50 5,847.50 3,752.50 5,752.50 3,657.50 5,657.50 3,562.50 5,562.50 3,467.50 6,467.50 3,325.00 6,325.00 3,152.50 6,182.50 3,040.00 6,040.00 2,897.50 6,897.50 2,707.50 6,707.50 2,517.50 7,517.50 2,280.00 7,280.00 2,042.50 8,042.50 1,757.50 7,757.50 1,472.50 8,472.50 1,140.00 8,140.00 807.50 8,807.50 427.50 9,427_50 $`7 91? 710.3 0