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HomeMy WebLinkAboutBy-law 2446THE CORPORATION OF THE TOWNSHIP OF PICKERING e By-Law No. 1 y f (o ` C. y By-Law to authorize the construction of an elevated water storage tank and to borrow upon debentures therefor the sum of One Hundred Thousand Five Hundred Dollars ($100,500.00). WHEREAS the Municipal Council of the Corporation of the Township of Pickering deems it advisable to borrow for the purpose of constructing an elevated water storage tank(at/a sum not exceeding One Hundred Thousand Five Hundred Dollars ($100,500.00) upon the credit of the Corporation and to issue debentures therefor bearing interest payable annually at the rate shown in the third column of Schedule "A" attached to this By-Law; AND WHEREAS the Council of the Corporation of the Township of Pickering has by By-Law No. 2097 established a Water Area known as Water Area No. I; AND WHEFMS the Council of the Corporation of the Township of Pickering has by By-Law No. 2426 established certain water rates in the aforesaid Water Area No. I which it is anticipated will provide additional revenue in the said Area; THEREFORE the Municipal Council of the Corporation of the Township of Pickering ENACTS AS FOLLOWS: n 1. THAT the construction of an elevated water storage tank in Water / U Area No. I be and the same is hereby authorized. 2. For the purpose aforesaid, the said Corporation shall borrow upon the credit of the Corporation One Hundred Thousand Five Hundred Dollars ($100,500.00) and shall issue debentures therefor. 3. Each debenture shall bear interest at the rates set out for ^/ O the respective years in Schedule "A" attached to this By-Law and shall IV1a have coupons attached thereto for the payment of the said interest. 4. All the debentures shall bear the same date, shall be issued at the one time(and within one year after the day on which the purpose of the "i Q said borrowing is approved by Order of the Ontario Municipal Board,, may bear any date within such year and shall be made payable in annual instalments (/? r during the period of twenty (20) years next after the date of issue thereof, and the respective amounts of principal and interest payable in each of such years shall be the amounts so designated in Schedule "A" hereto - 2 - annexed, which said schedule is hereby declared to form part of this by-law. 5. The debentures shall be payable as to both principal and interest t in lawful money of Canada, at the option of the holder, at he in the 41. of ! ! or at the principal " 1? ' office of the said Bank in the City of Toronto. u-? ?i? ++ 6. 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 authorized 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. d, 71" That there shall be set aside in each year in which an instalment Ibecomes due out of the water rate revenues received in the said Water Area 4 pursuant to the said By-Law No. 2426, a specific sum sufficient to pay the said instalment of principal and interest when and as it becomes due. 1, The said debentures may contain a clause providing for the p1Y? registration thereof pursuant to Section 335 of The Municipal Act. 9. Pending the sale of the said debentures, the Head of the Council and the Treasurer may raise for the purpose aforesaid by way of loan on such debentures any sum or sums of money not exceeding in all the sum hereby authorized to be borrowed and may hypothecate such debentures for such loan. 10. The shall have the right\at its option to redeem the se d debentures e her in whole or in part on any \ateprior to maturity at the p aces where a nd 'n the moneys in which the ses are expressed to be pa able, upon pa t of the principal amouogether with interest ac rued to the date of redemption and upevious notice of said and once in a in the City of to redeem by newspaper of notice to be advertised fixed for redemption. and once in a aforesaid at by post at least thirty days once in the Ontario`Cazette provincial circulation, newspaper, if any, such thirty days before the date of intention sot redeem shall also be sent ri to the date set r such redemption to each person in whose name a so to be redeem'*&,d is registered at the address shown in the Debenture Registry Book. Where only a portion -3- READ a first and second time this ?0/?+l day of A&W 19 5 . o he debentures of this issue is to be redeemed, such p tion shall comprise ly the debentures that have the test maturity dates a no debenture of issue shall be called for suc emption in priority to any such debentur t has a later maturity date. READ a third time and finally passed this day of 19+ Reeve Clerk Qgn:? ve