HomeMy WebLinkAboutBy-law 2900 B Y - L A W N U M B E R
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A By-Law of the Corporation of the Township of Picketing to authorize the
borrowing of $225,000.00 upon debentures for the building of a new
Municipal Building.
WHEREAS The amount of $300,000.00 has been provided in the 1962 five
year estimated necessary capital costs and a 3.6 acre parcel of land
has been purchased by the Township for a new Municipal Building in
(bncession 1, Lot No. 18~
AND WHEREAS it is estimated That the following Federal and Provincial
grants may be obtained by the Township for this purpose:
Municipal Works Assistance Programme $ 50,000.00
Winter Works 25~000.00
Total Estimated Grants $ 75,000.00
AND WHEREAS it is necessary and expedient to borrow for the said
purpose a sum not exceeding $225,000.00 upon the credit of the Corporation,
to issue debentures Therefor bearing interest payable annually at the
rate of 5 $/~ pe~ cent per annum~
AND WHEREAS it is expedient To make the principal of the said debt
~epayable in annual instalments during The period of Twenty (20) yea~s
in the respective amounts set forth in ~hedule "A" hereto annexed~
THEREFORE the Council of the Corporation of the Township of Picketing
ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Co~poration shall borrow upon The
c~ediT of the Co~poration a sum not exceeding $225,000.00 and shall
issue debentures theTefor.
2. Each debenture shall bear interest at the ~ate of 5 $/~ per cent
per annum and shall have coupons attached thereto fo~ the payment
of such intemest.
3. The debentures shall be dated the day of , 196~,
shall be issued at one time and shall be payable w~th intemest in
Twenty (20) annual instalments on the day of
in each of the years 1965 to 198q inclusive, and the respective
amounts of p~incipal and interest payable in each of such yea~s
shall be the amounts so designated in Schedule "A" hereto annexed.
q. The debentures shall be payable as to both principal and interest
in lawful money of Canada and may be made payable at the Canadian
Imperial Bank of Commerce in the Village of Cla~emont,
o~ at The pPincipal office of the said bank in the City of Toronto,
or the City of Montreal, at The holder's option.
5. The debentures shall be sealed with the seal of The Corpomation and
signed by the Head of the Council o~ 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 treasurem and his signature to them
may be w~itten o~ engraved~ liTh0graphedt p~inted o~ oThemwise
mechanically ~eproduced. The signature of the Head of the Council
may be w~itten o~ engraved, liThogmaphed, p~inTed o~ otherwise
mechanically ~eproduced and, if such dehenTuPes are countersigned
in w~iTing by The deputy t~easure~, The signature of the t~easure~
thereon may be written or engraved, lithographed, printed o~ other~
wise mechanically reproduced.
Commencing in the year ~and in each year thereafter of the
currency of the debentures, all sums required to pay off the
debentures and to pay interest thereon shall be levied and
raised by a general charge against all the asseesable lands in
the Township of
7. The said debentures may contain a clause providing for the
registration thereof pursuant to section 323 of The Municipal
Act.
8. PendinE 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 eKceeding
in all the amount hereby authorized to be borrowed and may
hypothecate such debentures for such loan.
BY-LAW read a First and Second time this ~7 &~day of
( ~ Clerk
BY-LAW~-£~ead-% Third time and finally PASSED this ,,i /'~ day of
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Reev e~-~
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S C H E D U L E "A"
By-Law No. 2900
TOWNSHIP O F P I C KE R I N G
~,000.00 - 5 3/4% - 1-20 year - Debentures
Pring, ipal ,Inte~st Annuit~
.~65 $ 6,000.00 $ 12,937.50 $ 18,937.50
1966 7,000.00 12,592.50 19,592.50
1967 7,000.00 12,190.00 19,190.00
1968 8,000o00 11,787.50 19,787.50
.1969 8,000.00 11,327.50 19,327.50
1970 8,000.00 10,867.50 18,867.50
1971 9,000.00 10,407.50 19,~07.50
1972 9,000,00 9,890.00 18,890.00
1973 10,000o00 9,372.50 19,372.50
1974 10,000.00 8,797.50 18,797.50
1975 11,000,00 8,222.50 19,222.50
~.76 12,000.00 7,590.00 19,590o00
~77 12,000,00 6,900.00 18,900o00
1978 13,000,00 6,210,00 19,210.00
1979 14,000.00 5,462,50 19,462.50
1980 15,000.00 4,657,50 19,657.50
1981 15,000.00 3,795.00 18,795.00
1982 16,000.00 2,932.50 18,932.50
1983 17,000.00 2,012.50 19,012.50
1984 18,000.00 1,035,00 19,035.00
225,000~00 158,987,50 383,937.50