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HomeMy WebLinkAboutBy-law 3164 THE CORPORATION OF THE TOWN~HIP OF. PICKERING Being a By-law to provide for the borrowing of $61,500.00 upon Debentures of the Corporation of the Township of Picketing, for the purchase of the lands described in Schedule IAI hereto annexed for the purpose of establishing Industrial Sites. WHEREAS it is deemed advisable to purchase the lands described in Schedule A annexed hereto for the purpose of sites for the establishment and carrying on of industries and industrial operations; AND WHEREAS it is deemed advisable for the purpose of purchaSing the said lands, to borrow a sum not exceeding the sum of $61,900.00 upon the credit of the Municipal Corporation, and to issue debentures therefore bearing interest payable at the rate of 6~% per annum; AND WHEREAS iris expedient to make the said debt repayable in annual instalments during the period of 5 years next after the 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 shall be, as nearly as possible, the same. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICKERING ENACTS AS FOLLOWS: 1. That the purchase of the lands described in Schedule ~A~ annexed hereto and forming a part of this By- law be and the same is hereby authorized. 2. That for the purpose aforesaid, the Corp~ation shall borrow upon the credit of the Corporation the sum of $61,900.00 and shall issue debentures therefor in the amount of $61,500o00 payable in the manner and at the time herein- after set forth. 3. Each debenture shall bear interest at the rates set out for the respective years in Schedule ~B! 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 tir~ and within one year after the day on which the issue of the said debentures is approved by Order of The Ontario Nnnicipal 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 tB~ hereto snuexed, which said schedule is hereby declared to form part of this By-law. ~. 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 Imperial Bank of Commerce in the Villsge of Clarem~nt in the Township of Pickering, or at the principal office of the said Bank in the Cities of Toronto and 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 or engraved, lithngraphed, printed or otherwise mechanically reproduced. The signature of the Head of 0ouncil may be written or engraved, lithographed, printed or otherwise mechanically reproduced, and, if such debentures are countersigned in writing by the Deputy-Treasurer, the signature of the Treasurer may be written or engraved, litho- graphed, printed or otherwise mechanically reproduced. ?. 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 M~nicipality, a specific sum sufficient to pay the said instalment when and as it beco~S 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 psrts the re of. 8. The said debentures may contain a clause providing for the registration thereof pursuant to Section 32~ of The MAnlcipal act, R.~.0. 1960, C. ~49. 9. pending the sale of the said debentures, the Head of the ~ouncil 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 bor~'owed and may hypothecate such ~ebentures for such loan. READ a first and second time this READ a third time and finally passed this 2o day of ~L~ 1966. Cler~ SCHEDULE iAI to By-law Number .~ ~ ~ 4- of the TOWNSHIP OF PICKERING Part of Lot 19,Broken Front Concession, Range 3 in the Township of Picketing in the County of Ontario, comprising an area of 20 acres, having a frontage of 730 feet more or less on the West limit of the Road Allowance between Lots 18 and 19, commencing 960 feet south of the North limit of the said Lot 19 and running thence South, by a depth of 1190.99 feet to the East limit of the lands of the Hydro Electric Power Commission of Ontario. SCHEDULE tB~ referred to in the annexed By-law No. ~ ~ ~ $61,500 TO~SHIP OF PICKERING 6 ~ Debentures To mature one to five years SCHEDULE ANNUAL YEAR PRINCIPAL INTEREST PAYMENT 1967 $ 11,500 $ 3,997.50 $15,497.50 1968 11,000 5,250.00 14,250.00 1969 12,000 2,535.00 14,535.00 1970 13,000 1,755.00 14~755.00 i97i i~,ooo ~lo.oo i~,~io.oo $ 61,500.00 $12,447.50 $73,947.50