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HomeMy WebLinkAboutBy-law 1123B Y -L A W N U MBE R 1 1 2 3 of the CORPORATION OF THE TOWNSHIP OF PICKERING. A BY-LAW TO AUTHORIZE A CERTAIN AGREEMENT MADE BETWEEN THE HYDRO-ELECTRIC POWER COMMISSION OF ONTARIO AND THE MUNICIPAL CORPORATION OF THE TOWNSHIP OF PICKERING AND OTHER MUNICIPAL CORPORATIONS, FOR THE CONSTRUCTION, EQUIPMENT AND OPERATION OF AN ELECTRIC RAILWAY UNDER "THE HYDRO-E7&CTRIC RAILWAY ACT, 1914", AND AMENDMENTS THMOTO. j It is expedient that the Corporation of the Township of Pickering should enter into an Agreement under "The Hydro-Eleotrio Railway Act, 19148 and amendments thereto, with the Hydro-Eleotrio Power Commission of Ontario, hereinafter called the Commission, for the construction, equipment and operation of an Electric Railway in and through the Municipality of the Township of Pickering and certain other Municipalities, upon the terns and conditions and subject to the provisions set forth and contained in the Agreement set out in this By-law, and according to the routes set forth in Schedule "A" to the said Agreement; &ND WHO the estimated cost of the work under the said Agreement is 18,380,794; AND the portion of the cost of the construction and equipment of the 1I to be borne by the Corporation of the Municipality of the Town- ship of Pickering is estimated at =488,060.00, as set out in Schedule "B" to the said Agreement, subject to adjustments and apportionment between the Corporations by the Commission from time to time, as provided by the said Agreement; the total amount estimated to be required for the maintenance of the lilway apart from o orating expenses, is 1188,688. (ths operating revenue being estimated at 1,118,003o and operation and maintenanoe at 1868,136.) AMR AS the total annual amount estimated to be required, for the period of ten years immediately following the date of the issue of the Bonds to be issued under the said Agreement for interest on the said Bonds is 1418,040., and thereafter, for the next ensuing forty years, the annual amount estimated to be required for sinking fund charges for the retirement of the said bond is 183,608, and for interest on the said bonds, 1418,040.; AND WHEREAS the portion to be borne by the Municipality of the Township of Pickering of the said annual amounts estimated to be required for msinten- once, sinking fund charges and interest is estimated at 134,860.00 for the first ten years, as aforesaid, and thereafter at 139,681.00 on the same basis as the portion of the cost of construction and equipment, as aforesaid, subject to adjustment and apportionment between the Corporation by the Commission from time to time as provided by the said Agreement; AAND,WHERSAS the amount of the whole rateable property of the Corporation according to the last revised assessment roll is 13 491,369.48, and the amount of the debenture debt of the Corporation is 19,762.06, of which nei$h4e principal nor interest is in arrear. of THEREFORE the Municipal Counoil/the Corporation of the Township of Pickering RNACPS AS FOLLOWS: 1. It shall be lawful for the Corporation of the Township of Pickering, and the said Corporation is hereby authorised to enter into the following Agreement with the Hydro-Sleotric Power Commission of Ontario and other Corporations, the said Agreement being hereby incorporated into and forming a part of this By-Law, and the Reeve and Clerk of the Corporatien are hereby authorised and directed to exeoute the said Agreement upon behalf of this Corporation and to attach the Seal of the Corporation thereto. MADE, passed and entered this 21st day of November, 1919. W. Goo. Scott. Reeve 8 9 A L Donald R. Beatoh. Clerk