Loading...
HomeMy WebLinkAboutBy-law 2030BY - LAW NUMB E R 2 0'3 0 A BY-LAW OF THE I,_UNICIPALI'TY C-4' 'PHE TC63,3HIP OF PICKERING 'PO LEVY BY DEBENTURE THE SUM OF .$ 45,000.00 TO BE GRANTED TO THE AJAX-PICKERING TOWNSHIP HOSPITAL FOR CAPITAL COSTS. WHEREAS the A'ax-Pickering Township Hospital has been erected at Ajax at a cost of 291,522.97; AND WHEREAS the total outstanding capital indebtedness, less accounts receivable, is ' 113,412.98, with a further expected grant of r 14,000.00; AND WHEREAS there is now an order before the Judge of the County of Ontario to foreclose for non-payments of construction costs; AND WHEREAS the Municipalities of the Improvement District of Ajax and the Village of Pickering and the Township of Pickering have tentatively agreed to meet the $ 100,000.00 indebtedness by grants raised by Debentures; AND WHEREAS the outstanding Debentures of the Township of Pickering, as of July-8,, 1954, are $1,078,969.61, and the assessment of the Township is 08,706,802.77, and no part of the principal or interest of any such debt is in arrear; AND WHEREAS the Ontario Municipal Boa Ad have given their approval to the By-Law dated the ,ie ..e• • day of 1954;. BE IT THEREFORE ENACTED by the Municipality of the Township of Pickering that: 1. For the purpose aforesaid, the Corporation shall borrow upon the credit of the Corporation a sum not exceeding $ 45,000.00 and &' shall issue Debentures therefor in sums of not less than .100.00 I each. Each Debenture shall bear interest at the rate of 4 per cent per annum, payable annually, and shall have coupons attached thereto for the payment of such interest. 2. All the Debentures shall bear the same date; shall be issued at one time and within two years after the day on which this By-Law is passed; may bear any date within such two years, and shall be made payable in annual instalments during the period of ` f0 v Af+ L. years next, after the date of issue thereof, and the respecti v - amounts of principal and interest payable in each of such years shall be the amounts so designated in SCHEDULE "A" hereto annexed. The Debentures shall be payable as to both principal and interest in lawful money of Canada, and may be made payable at such place, or places in Canada as shall be designated thereon. 4. The said Debentures shall be sealed with the Seal of the Corporation and signed by the Head of the Council, or by some other person author- ized by By-Law to sign the same, and by the Treasurer. The said interest coupons shall be signed by the Treasurer and his signature thereon may be written, stamped, lithographed or engraved. 5. Commencing in the year 1955 and thereafter in each year in which an instalment of principal of the said debt and interest become due, the Corporation shall levy and raise the specific sum shown for the 1 respective year in the fourth column of the said Schedule. Such sum shall be levied and raised by a special rate sufficient therefor, over and above all other ratesq_,/. 6. The said Debentures may contain a clause providing for the regis- tration thereof pursuant to Section 335 of the I?iunicipal Act. - 2 - 7. Pending the sale of the said Debentures, the Head of the Council and the Treasurer may raise for the purposes aforesaid by way of loan on such debentures any sum or sums of money not exceedinZ in all the sum hereby authorized to be borrowed and may hypothecate such Debenture for such loan. i $. The Corporation shall have the right, at its option, to redeem Deb- entures maturing in the,iyear 064 of such issue on any date prior to maturity at the places where 'aria in the moneys in i..hich the said Deb- entures are expressed to be payable, upon payment of the principal amount thereof together with interest accrued to the date of redemption and upon giving previous notice of said intention to redeem by adver- tising once in the "Ontario Gazette" and once in a daily newspaper of general Provincial circulation, published in the City of ':pronto, and once in a local newspaper, such notice to be advertised as aforesaid at least thirty days before the date fixed for redemption. Notice of intention so to redeem shall also be sent, by post at least thirty days prior to the date set for such redemption to eaci, erson i.n whose name a Debenture so to be redeemed is registered at the address shown in the Det-enture Registry Book. BY-LAW read a FIRST and SECOND time this /,94(day of 1954 BY-LAW read a THIRD time and PASSED this -9/"? day of G 1954 G' Reeve t-4 G Clerk S C H E D U L E "A" Attached to and forming part of BY-LAW NO. 2030 $45,000.00 - 4% - 10 year - last year callable Year Principal Interest, Total 1955 3,800. 12800. 51600. 1956 3,900. 1,648. 5,548. 1957 4,100. 1,492. 5,592. 1958 42200. 1,328. 5,528. 1959 4,400. 11160. 5,560. 1960 43600. 984. 5,584. 1961 4,700. 800. 5,500. 1962 42900. 612. 53512. 1963 52100. 416. 5,516. 1964 5000. 212. 52512. $45,000. $10,452. $553452. Debentures to be issued in denominatives of even $1,000.00 and odd $100.00.