HomeMy WebLinkAboutBy-law 2496 TVE CORPORATION O,F THE TOWNSHIP OF pICKERING
6
By-Law to authorize the construction of an
elevated water storage tank and to borrow
upon debentnres therefor the sum of One
Hmldred Thousand Five Hundred Dollars
(~100,~00.00).
W]IEREAS the Municipal Council of the Corporation of the Township
of Picketing deems it advisable to borrow for the purpose of constructing
an elevated water storage tank 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 ~I~EREAS the Council of the Corporation of the Township of
Picketing has by By-Law No. 2097 established a Water Area known as
Water Area No. Z;
A~B ~EREAS the Council of the Corporation of the Township of
Picketing 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 Co.nell of the Corporation of the Township
of Picketing ENACTS AS FOLLOWS:
1. THAT the construction of an elevated water storage tank in Water
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 Co~poration One H~ldred Thousand Five llundred
Dollars (~100,500.00) and shall issue debentures the~For.
3. Each debenture shall hear i~terest at the rates set out
the respective years in Schedule "A" attached to this By-~w and shall
have ~oupons 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 during the year 1960 after the day on which this By-~w
the ~~m}m~ 21. ]~ , .: 959
is passed, may bear~~~~~ and shall be made
payable in annual instalments~r~he period of twenty (20) years
next after the.date ~ ~'t~ and the ~spective amo~ts of
principal and xnte~st payable in 1,~h Of such years shall ~ the
amo~ts so designated in Schedule "k" hereto annexed, which said
schedule is hereby declared to form part of this by-]aw.
5. The debentures shall be payable as to both principal and interest
,~b~ in law£ul money of Canada, at the option of the holder, at the Canadian
bank of Commerce in the Village of Claremont or at the principal office
of the said Bank in the City of Toronto or the City of Montreal.
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.
7. Commencing in the year 196~ and thereafter in each year in which
an instalment of interest and principal on the said debentures become
due, there shall be levied and raised by a special rate sufficient
therefor the amount shown For such year ia the 4th coltuml o£ schedule
"A" to this by-law, provided however that it shall not be necessary
to levy in any year for more than the amount required after taking
into account monies available out o£ water rates in respect o£ the
said work.
S. The said debentures may contain a clause providing For the
registration thereof pursuant to Section 335 of Tile Municipal Act.
9. Pending the sale of the said debentures, the Head of the Coancil
and the Treasurer may raise £er the purpose aforesaid by way cf loan
on such debentures any sum or sums of money not exceeding in all tlle
sum hereby authorized to be borrowed and may hypothecate such deb-
entures For such loan.
READ a First and second time this
SCHEDULE "A"
to By-L~w No. ~'~
TOWNSH1P OF PICKERING
$100,500.00 - 6-1/2% Debentures
To mature one to Twenty years
Y~R ~RINCIPAL INTEP~ST ANN~L PAYMENT
1960 ~ 2,500.00 ~ 6,532.50 ~ 9,032.50
1961 3,000.00 6,370°00 9,370.00
1962 3,000.00 6,175.00 9,175.00
1963 3,000.00 5,980.00 8,980.00
1964 3,000.00 5,785.00 8,785.00
1965 4,000.00 5,590.00 9,590.00
1966 4,000.00 5,330.00 9,330.00
1967 4,000.00 5,070.00 9,070°00
1968 4,000.00 4,810.00 8~810.00
1969 4,000.00 4,550°00 8,550.00
1970 5,000.00 4,290.00
1971 5,000.00 3,965.00 8,965.00
1972 5,000.00 3,640.00 8~640.00
1973 6,000.00 3,315.00 9~315.00
1974 6,000.00 2,925o00 8~925.00
1975 7,000.00 2,535.00 9~535.00
1976 7,000.00 2,080.00 9~080.00
1977 8,000.00 1,625o00 9,625.00
1978 8,000.00 1,105.00
1979 9,000.00 585.00 9,585.00
100~500.00 82~257.50 182,757.50