HomeMy WebLinkAboutBy-law 2478 B Y- L~ W N U H B E R ~/~Z)~ ~ ~W7
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERIN6 TO AUTHORIZE THE ~'~
BORROWING OF $20,088.31 UPON DEBENTURES FOR THE INSTA?.?~TION OF TWO WATER
WORKS EXTENSIONS IN WATER AREA NUMBER 1.
WHERE~ under By-Laws 2097 and 2360 all the lands in Picketing Township
lying West of Rouge P~ver are created into Water Area No. 1;
~ND ~EREAS under By-Laws Numbers 2351 and 2359 passed stating the
desirability and constrmotion of a $17,700.00 watermain extension on
East Avenue from Rouge Hills Drive to Highway No. 2, thence westerly
on High~ay No. 2 for 1115 feet and sa~e has been approved by the Water
Resources Board November 28th, 1958, under Certificate No. 58B684 and
Ontario Municipal Board approval No. D140 dated April 16, 1959;
AND ~REAS under By-Laws Nos. 2387 and 2412 passed stating the desir-
ability and construction of a $2,460.00 watermain extension on Island
Road from Rouge Hills Drive easterly to a point 140 feet distant West
of Riverside Drive and same has been approved by Ontario Municipal Board
Order A~ust 19, 1959 and the Water Resources Board Order N~unber
dated ~/~ ~. /9
AND ~HEREAS the above work has now been completed at a cost of ~20,088.31
compared to the estimate of $20,060.00;
~ND ~rdEREAS it is expedient to borrow for the installation of said water-
main extension in the Township of Picketing the sum of $20,088.31 upon
the ore/Lit of the Corporation to issue debentures therefor, bearing
interest at the rate of 6}~ per annum payable annually and to provide
the discount and expenses incidental to negotiations and sale- of such
debenture s;
SND ~HEP, EA~ it is expedient to make the said debt repayable in annual
instalments during the per~od of T~enty (20) years next after date of
issue of such debentures and such amounts respectively that ~rlth the
interest in respect of the debt, the aggregate amount payable for principal
and interest each year shall be, as nearly as possible the s2~;
AND ~HEREAS the ~ater area has an assessment of $2,744,890.00 and the
assessment of the Township of Picketing is $16,627,118.14, the debenture
debt together with this issue when sold is $2,828,115.54 and no part of
the principal or interest of any such debt is in arrear;
THEREFORE the Council of the Corporation of the Township of Picketing
ENAQT$ ~h$ FOLLOWS:
1. For the purpose aforesaid, the Corporation shall borro~ upon the credit
of the Corporation a sum not exceeding $20,088.31, and shall issue
debentures therefor in sums of not less than $100.00 each. Each
Debenture shall bear interest at the rate of 6~ per annum payable
annually, and shall have coupons attached thereto for the payment of
such inters st.
2. All the debentures shall bear date of ; shall
be issued at one ti~e and within two years after the day on ~hich
this By-Law is passed; and shall be made payable in annual install-
ments the of T~ENTY (20) next after the date
during
period
years
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" annexed.
3. The debentures shall be payable as to both principal and interest in
lawful money of Canada, and may be made payable at the Canadian Bank
of Commerce in Claremont or at the principal office of the said Bank
in the City of ¥oronto and the City of Montreal.
By-Law No. 2 -
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
~ 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.
5. (a) That there shall be raised, in each year, in which an
instalment becomes due, by a special rate on all the
rateable property in the Municipality, a specific sum
sufficient to pay the said instalment when and as it
(% becomes due, but no greater rate shall be levied in any
y~ year, for such purpose , than is required to pay the instal-
ment after taking into account receipts from the special
rate, provided in clause (b) hereof, or from any source in
respect to the said work.
(b) Commencing in the year 1961 and in each year thereafter in
which an instalment of principal and interest becomes due,
~ the Corporation shall levy and raise for the payment of the
said principal and interest the specific sum shown for the
respective year on all the rateable property in Water Area
No. 1 as established by By-Law Number 2097 and By-Law Number
2360.
,[~ 6. The said debentures may contain a clause provid~tng for the
~ registration thereof pursuant to Section 335 of the Municipal
Act.
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 exceeding in
all the sum hereby authorized to be borrowed and may hypothecate
such debenture for such loan.
8. The debentures in the amount of 920,088.31 be and they shall
constitute a liability against Water Area Number 1 and such cost
shall be levied in its entirety on the Area.
BY-LAW read a Third time and PASSED this ~.~ day of
~/ ~ l~e ve
Cler~
s,c u E n~ hE, . "~."
To. By-Law Ntun~er 2478
TOWNS}IIP OF PICKERING
$20,088.31 - 6~ - 1%o 20 years
Debentures
Year P~iDoipal ~n.tePest Total
1961 $ 588.31 $ 1,355.96 $ 1,944.27
1962 500.00 1,316.25 1,816.25
1963 500.00 1,282.50 1,782.50
1964 500.00 1,248.75 1,748.75
1965 500.00 1,215.00 1,715.00
1966 500.00 1,181.25 1,681.25
1967 500.00 1,147.50 1,647.50
1968 1,000.00 1,113.75 2,113.75
1969 1,000.00 1,046.25 2,046.25
1970 1,000.00 978.75 1,978.75
1971 1,000.00 911.25 1,911.25
1972 1,000.00 843.75 1,843.75
1973 1,000.00 776.25 1,776.25
1974 1~000.00 708.75 1,708.75
1975 1,500.00 641.25 2,141.25
1976 1,500.00 540.00 2,040.00
1977 1,500.00 438.75 1,938.75
1978 1,500.00 337.50 1,837.50
1979 1,500.00 236.25 1,736.25
1980 2,000.00 135.00 2,135.00
~ 20,088.31 17,454.71 37,543.02