HomeMy WebLinkAboutBy-law 2696 THE CORPORATION OF THE TOWNSHIP OF PICKERING
By-law No. ~,' g ~ ~
A By-law to authorize the purchase of
the lands described in Schedule "A"
hereto annexed and to borrow money upon
debentures therefor the sum of $~6,~0.~.
WHEREAS pursuant to sub-section l~40)of Section 379 of the
Municipal Act, R.S.0. 1960, Chapter 249, a general by-law was passed
by the Municipal Council of the Corporation of the Township of
I
Picketing on the ~ day of ~ , 196~, authorizing the said
Corporation to acquire or expropriate land for industrial sites and
to borrow money for that purpose not to exceed $/.F.~.:.~.~.F:~.~. and
the assent of the electors to the said general by-law was obtained
on the ~ Nay of ~-~ , 196:~,
AND ~E~EAS the Municipal Council of the Corporation deems
it advisable to purchase the lands described in Schedule "A" hereto
annexed (herein called the "said lands").
AND WHEREAS the Municipal Council of the Corporation deems
it advisable for the purpose of purchasing the said lands to borrow
upon the credit of the Corporation and to issue debentures therefor
bearing interest payable - annually at the rate .~.?/.~..per cent per
annum payable ~ annually.
AND WH~I~EAS it is expedient to make the said debt repayable
in annual instalments during the period of ~ years next after
date of issue of such debentures and in such amounts respectively
that with the interest in respect of the debt, the aggregate amount
payable for principal and interest in each year shall be, as nearly
as possible the same.
Picketing ENACTS AS FOLLOWS:
1. That the purchase of the said lands be and the same is hereby
authorized.
2. For the purpose aforesaid the Corporation shall borrow upon
and shall issue debentures therefor.
3. Each debenture shall bear interest at the rates set out for
the respective years in Schedule "~" attached to this by-law and shall
have coupons attached thereto for the payment of the said interest.
4. All debentures shall bear the same date, shall be issued at
the one time(and within Jne year'!after the day on which the issue
of the said debentures is approved by Order of the Ontario Municipal
Board, may bear any date within such year and shall be made payable
in annual instalments during the period of ~ 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 "B" hereto 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 in lawful money of Canada, at the option of the holder, at
the C~nadian Imperial Bank of Cog~aerce in the Village of Claremo~t
in the Township of Picketing, or ~cipal offices of the said
Bank in the Ci~of Toronto~~ .
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. 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 year for such purpose than is required to pay the instalment
after taking into account receipts from the sale of the said lands
or part or parts thereof.
8. The said debentures may contain a clause providing for the
registration thereof pursuant to Section 323 of The Municipal Act,
R.S.O. 1960, C. 249.
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
-3-
such debentures for such loan.
READ a first and second time this
READ a third time and finally passed
this../.<.., day of. .196.~ ~ .~ ' /
Cler~
This is Schedule "A~ referred to
in By-law No, ~ of the Township
of Pickerin~ hereto annexed
ALL AND SINGULAR that certain parcel or tract of land and
premises situate, lying and being in the Township of Pickering, in
the County of Ontario, and being composed of part of the north part of
Lot 20 Broken Front Concession, Range III, in the said Township more
particularly described as follows:
CO~fl~ENCIN~ at a point in the south 1Erait of the Base Line
Road as widened a distance of about 380 feet measured easterly from
the intersection of the east limit of the Sandy Beach Road and the
said south limit of the Base Line Road.
THENCE easterly along the said south limit of the Base Line
Road a distance of about 866 feet to a point.
THENCE southerly a distance of about 1410 feet along the
easterly limit of the Vendor% lands in Lot 20, to a point.
11tENCEwesterly parallel to the said south li~it of the Base
Line Road a distance of about 1246 feet to a point in the easterly
llmlt of the Sandy Beach Road to a point.
THENCE northerly along the east ]/mit of the Sandy Beach
Road a distance of about 815 feet tea point,
THENCE easterly parallel to the south ]/mit of Base Line
Road being along part of the northerly boundary of the Vendor's lands,
a distance of about 380 feet to a point.
THENCE northerly parallel to the east limit of the Sandy
Beach Road being along part of the westerly boundary of the Vendor's
lands, a distance of about 595 feet to the point of co~uencement, which
parcel of land contains by admeasurement 35 acres more or less,
S C H E D U L E "B"
TO BY-LAW NUMBER 2696
TOWNSHIP OF PICKERING
$ 80,800.00 - $-3/~% - 1 to 5 years - Debentures
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
1963 $ 14,600.00 $ 4,628.75 $ 19,128.78
1964 15,000.00 3,795.00 ].8,795.00
1965 ]6,000.00 2,932.50 18,932.50
1966 17,000.00 2,012.50 19,012.50
1967 18,000.00 1,035.00 19,036.00
$ 80,500.00 $ 14,403.75 $ 94,903.75