HomeMy WebLinkAboutBy-law 2865 A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO
AUTHORIZE THE BORROWING OF $130,050.09 UPON A DEBENTURE FOR THE
CONSTRUCTION OF AN EXTENSION TO THE SEWAGE TREATMENT PLANT.
WHEREAS the Corporation of the Township of Picketing has by
By-Law Number 2608 authorized the construction of an extension
to the sewage treatment plant;
AND WHEREAS Central Mortgage and Housing Corporation has authorized
a 16an ~'n the amoun~ of two thirds of the cost of the Sewage Disposal
pa~ of ~he
AND WHEREAS it is expedien~ for the purpose of repaying a portion
of t'h'e said loan ~o borrow a sum not exceeding $130,050.09 upon
the credit of ~he Corporation of ~he Township of Picketing and
to issue a debenture therefor bearing interest payable at the
Pate of 5 1/8 per cent. per annum and expense incidental to the
negotlation and sale of the said debenture.
THEREFORE the Council of the Corporation of the Township of
Picketing ENACTS AS FOLLOWS:
~ 1. For ~he purpose afomesaid the Corporation shall borrow
from Central Mortgage and Houslng Corporation the sum of
$130,050.09 and shall issue a debenture therefor. The
debenture shall bea~ interest at ~he ma~e of five and
one-eighth pep centum per annum calculated half-yearly
not in advance as well af~e~ as before maturity and in the
fimst yea~ shall be calculated fnom September 30, 1963.
~ 2. The debenture shall bear date the 30th day of September,
1963, shall be ~8sued withln *he year 196~ and shall be
payable in ~nstalments in accordance w/th Schedule "A"
3. The debenture shall be payable as ~o both principal a~,~,.,~-- ~X
interes~ in lawful money of Canada
Claremon~ in the County of OnTario, or at The principal
office of the said Bank in Toronto or Ottawa.
~. The debenture shall be sealed wi~h the seal of %he
~A/{.. Corporation and signed by the head of The Council, or
by some other person authorized by by-law to sign ~ ~ ~
and by ~he Treasurer. The signature of ~he Head
Council may be written or engraved, li~hographed, pPin~ed
or o~herwise mechanically reproduced and if such debenture
is countersigned in writing by the deputy ~reasuPer~ ~he
signature of the treasurer thereon may be written or
en~raved~ li~hoEraphed, printed or o~he~wise mechanically
reproduced.
5. Commencing in the year 196~ and thereafter in each year in
which a paymen~ of principal under ~his by-law and in~eres~
~hereon becomes due, ~he Council shall levy and raise
~ha~ year an amount sufficient to pay the principal and
in~eres~ by a special ra~e over and above all other ra~es
on all ~he ra~eable property of the Municipality. Provided
however ~ha~ i~ shall no~ be necessary in any year ~o levy
mo~e ~han ~he amount required after ~akin~ in~o account
receipts by the Treasurer under Section 35 of the Public
U~ilities Ac~ or from any o~her source in respec~ of ~he
said works.
2
6. The debenture may contain a clause providing for the regis-
tration thereof pursuant to Section 323 of the Ontario
~'~-~ Municipal Act.
7. The Corporation shall have the right, at its option, to
~//~/ redeem the said debenture on any date prior to maturity at
the Canadian Imperial Bank of Commerce in the Village of
Claremont upon payment of the principal amount thereof
together with interest accrued to the date of redemption
and upon giving previous notice of said intention to
redeem by advertising once in the Ontario Gazette and once
in a newspaper of general circulation in the Township of
Picketing, such notice to be advertised as aforesaid at
least thirty days before the date fixed for redemption.
Notice of intention so to redeem shall also be sent by
post at least thirty days prior to the date set for such
redemption to the person in whose name the debenture so
to be redeemed is registered at the address shown in the
Debenture Registry Book.
~. 8. Pending the sale or disposition of the debenture, the
Head of the Council and Treasurer may raise for the
purpose aforesaid by way of a 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 debenture for such loan.
9. That By-Law Number 2816 be and the same is hereby repealed.
READ a First and Second time this ~ day of ~"/_
196~. " /
(Clerk
SCHEDULE "A" TO BY-LAW NO. ~ ~.3'~
SCHEDULE OF ANNUAL PAYMENTS REQUIRED FROM THE TOWNSHIP
OF PICKERING IN THE PROVINCE OF ONTARIO, TO REPAY LOAN
OF $130;050.09 IN RESPECT OF SEWAGE TREATMENT PROJECT
NO. 526-STP-1
PROJECT COMPLETED: JANUARY 1, 1963 LOAN AMOUNT: $173,#00.12
RATE: 5 1/8% CONV. S.A. LESS FORgiVENESS: 43;350.03
TERM: 30 YEARS BALANCE TO BE AMORTIZED: $130,050.09
PAYMENT NUMBER DATE DUE PRINCIPAL INTEREST TOTAL
1 January 1, 1964 $ 473.56 $ 1,655.73 $ 2,129.29
2 January 1, 1965 2,014.65 6,725.88 8,740.53
3 January 1, 1966 2,119.22 6,621.31 8,740.53
4 January 1, 1967' 2,229.22 6,511.31 8,740.53
5 January 1, 1968 2,344.93 6,395.60 8,740.53
6. January 1, 1969 2,466.65 6,273.88 8,740.53
7 January 1, 1970 2,594.69 6,145.84 8,740.53
8 January 1, 1971 2,729.37 6,011.16 8,740.53
9 January 1, 1972 2,871.04 5,869.49 8,740.53
10 January 1, 1973 3,020.07 5,720.48 8,740.53
11 January 1, 1974 3 176.83 5,563.70 8,740.53
12 January 1, 1975 3 341.73 5,398.80 8,740.53
13 January 1, 1976 3 515.19 5,225.34 8,740.53
14 January 1, 1977 3 697.65 5 042.88 8,740.53
15 January 1, 1978 3 889.58 4.850.95 8,740.53
16 January 1, 1979 4 091.47 4 649.06 8,740.53
17 January 1, 1980 4 303.85 4 436.68 8,740.53
18 January 1, 1981 4 527.25 # 213.28 8,7~0.53
19 January 1, 1982 ~,762.24 3 978.29 8,740.53
20 January 1, 1983 5,009.q3 3 731.10 8,7~0.53
21 January 1, 198~ 5,269.46 3 ~71.07 8,740.53
22 January 1, 1985 5,5~2.98 3,197.55 8,7~0.53
23 January 1, 1986 5,830.69 2,909.84 8,740.53
2~ January 1, 1987 6,133.35 2,607.18 8,740.53
25 January 1, 1988 6,~51.71 2,288.82 8,7#0.53
- 2 -
PAYMENT NUMBER DATE DUE PRINCIPAL INTEREST TOTAL
26 January 1, 1989 $ 6,786.59 $ 1,953.9~ $ 8,7~0.53
27 January 1, 1990 7~138.86 1,601.67
28 January 1, 1991 7~509.~2 1,231.11 8,7~0.53
29 January 1, 1992 7,899.21 8~1.32 8,7~0.53
January 1, 1993 8t309.20 ~31.33 8t7~0.53 .
$ 130,050.09 $ 125,55~.57 $ 255,60~.66