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