HomeMy WebLinkAboutBy-law 2526 CORPORATION OF THE TOWNSHIP OF PICKERING
By-law No..~ ~
A By-law to authorize the borrowing of Seventeen
thousand seven hundred and thirty seven dollars
and sixty cents 1517~737.60) upon debentures for
the installation of a water main extension on
East Avenue from Rouge Hills Drive to Highway
Number 2 thence westerly on Highway Number 2 for
One thousand one hundred and fifteen feet (1,115')
in Water Area ~1.
WHEREAS under By-laws 2097 and 2360 all the lands in
Pickering Township lying west of the Rouge River were created
into Water Area #1.
AND WHEREAS By-law 2361 was passed authorizing the
construction of a water main extension on East Avenue from
Rouge Hills Drive to Highway Number 2 thence westerly on
Highway Number 2 £or One thousand one hundred and fifteen
feet (1~115''} for the sum of Seventeen tho~sand seven hundred
dollars ($17~?OO.OO) and the same by-law has been approved
by the Ontario Municipal Board by order number D 140 dated
April 16th~ 1959 and by the Ontario Water Resources Board
by Certificate 58 B 684 dated November 28th, 1958;
AND WHEREAS the above work has now been completed at
a cost of Seventeen thousand seven hundred and thirty-seven
dollars and sixty cents ($17~737.60) as compared to the
estimate of Seventeen thousand seven hundred dollars ($17.?00.00};
AND WHEREAS it is expedient to borrow for the in-
stallation of the said water main extension the sum of
Seventeen thousand seven hundred and thirty-seven dollars
and sixty cents ($17~737,60) upon the credit of the Corpora-
tion of the Township of Picketing and to issue debentures
for the sa~d sum bearing interest at the rate of Six and
one quarter (6~) percent per annum payable annually and to
provide the discount and expenses incidental to negotiations
and sale of such debentures;
AND WHEREAS the said water area has an assessment of
Two million seven hundred and forty-four thousand eight
- 2 -
hundred and ninety dollars ($2,744,890°00), the assessment
of the Township of Picketing is Sixteen million six hundred
and twenty-seven thousand one hundred and eighteen dollars
and fourteen cents ($16,627,118.1&), the total debenture debt
including the debentures to be issued under this By-law
is Two million e~ght hundred and twenty-sight thousand one
hundred and fifteen dollars and fifty-four cents ($2,828,115.54)
and no part of the principal or interest of such debenture
debt is in arrears;
AND WHEREAS a special assessment roll has been duly
made and certified in respect of the said work;
THEREFORE the Municipal Council of the Corporation of
the Township of Picketing ENACTS AS FOLL~S:
1. FOR the purpose of financing the water main extension
on East Avenue from Rouge Hills Drive to Highway Number 2
thence westerly on Highway Number 2 for One thousand one
hundred and fifteen feet (1,115') in the Township of Picketing
the said Corporation shall borrow upon the credit of the
Corporation Seventeen thousand seven hundred and thirty-seven
dollars and sixty cents ($17,737.60) and shall issue deben-
tures therefor.
EACH debenture shall be for the sum of not less than
One hundred dollars ($100.00) and shall bear interest at the
rate of Six and one quarter (6¼%) per annum payable annually
and shall have coupons attached thereto for the payment of
such interest.
ALL the debentures shall bear the same date, and shall
be issued at one time and within one year after t~ day on
which the purpose of the said borrowing is approved by Order
of the Ontario B~unicipal Board, may bear any date within
such year and shall be payable in annual instalments 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 designs-
ted in Schedule "A" hereto annexed, which said schedule is
hereby declared to form part of this by-law.
4. THE debentures shall be payable as to both principal
and interest in lawful money of Canada, at the option of the
holder, at the Canadian Bank of Commerce in the Village of
Claremont, in theTownship of Picketing or at the principal
offices of the said Bank in the City of Toronto and the City
of Montreal.
5. THE said debentures shall be sealed with the Seal of
the Corporation andsigned 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 ti~ereon may be written,
stamped, lithographed or engraved.
6. FOR the payment of the fronting or abutting owners'
portion of the cost of the said work and interest thereon, the
special assessments set forth in the said special assessment roll
are hereby imposed upon the lands liable therefor, unless paymemt
is commuted, which said special assessments (with a sum
sufficient to cover interest thereon) at the rate aforesaid
shall be payable in each year commencing in the year 1961 at
a special annual rate per foot frontage of Twenty seven and
fifty-five one hundredths cents ($0.2755) and for that purpose
the special annual rate set forth in the said special assessment
rolls is hereby imposed upon each lot fronting or abutting on
the work and as mentioned in the said special assessment rolls
according to the assessed frontage thereof over and above all
other rates and levies~ which sums shall be collected annually
by the collector of taxes for the Corporation at the same time
and in the same manner ss other taxes.
7. FOR the payment of the balance of the cost of the
said work which is to be borne by Water Area #1, the interest
thereon, debenture charges and cost of maintenance and
management in each year during the currency of the debentures
commencing in the year 1961, there sh~l be assessed and levied
in each year by special rates on all the rateable property
in Water Ares ~1 a sum sufficient therefor over and above
all other rates in Water area ~1 and at the same time and in
the same manner as other rates.
8. THE said debentures may contain a clause providing
for the registration thereof pursuant to Section 335 of The
Municipal Act.
9. PENDING the sale of said debentures, the Head
of the Council and the Treasurer may raise for the purpose
aforesaid by way of loan on such debenture 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.
By-law read a f~rst and second
By-law read a third time and
passed this ~7~day~.?
1960.
S C H E D U L E " A ,
TO BY-IAW NU~/BER 2526
TOWNSHIP OF PICKetING
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~.~7,737.60 - 6~ - 1. ~o 20 years Debent..ure
Year Principal Xnterest Total
1961 ~ 500.00 ~ 1,108.60 ~ 1,608.60
1962 500.00 1,077.35 1,577.35
1963 500.00 1,046.10 1,546.10
1964 600.00 1~014.85 1,614.85
1965 600.00 977.35 1,577.35
1966 600.00 939.85 1~539.85
1967 700.00 902.35 1,602.35
1968 700 00 858.60 1~558.60
1969 800.00 814.85 1,614.85
1970 800.00 764.85 1,564.85
1971 900.00 714.85 1,614.85
1972 900.00 658.60 1,558.60
1973 1,000.00 602.35 1,602.35
1974 1,000.00 539.85 1,539.85
1975 1,100.00 477.35 1,577.35
1976 1,200.00 408.60 1,608.60
1977 1,200.00 333.60 1,533.60
1978 1,300.00 258.60 1,558.60
1979 1,400.00 177.35 1,577.35
1980 1,437o60 89.85 1~527j45
$ 17,737.60 ~ 13,765.75 31,503.35