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HomeMy WebLinkAboutBy-law 3176THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3176 A By-law to authorize the issue of Debentures in the principal amount of $9,350.00 to pay part of the cost of constructing certain works as local improvements. WHEREAS the Council of The Corporation of the Township. of Pickering has heretofore constructed as local improvements under the authority of By-law Number 2944 the works described in Schedule. "B" hereto under the provisions of The Local Improvement Act; AND WHEREAS the total cost of the said works, after the deduction of grants and contributions in respect thereof, amounts to $38,455.25, of which the Corporation's portion is $7,527.60 and the owners' portion, for which special assessment rolls have been duly made and certified, is $30,927.65; AND WHEREAS $29,105.25, being part of the moneys required to pay the cost of the said works, is being raised by the issue of a Debenture under the provisions of The Municipal Works Assistance Act; AND WHEREAS it is now desirable to raise a further part of the moneys required to pay the cost of the said works by the issue and sale of Debentures of the Corporation in the principal amount of $9,350.00 bearing interest at the rate of 6-1/2% per annum, which is the amount of the debt intended to be created by this By-law. NOW THEREFORE, the Council of The Corporation of the Township of Pickering enacts as follows: 1. THAT for the purpose aforesaid money shall be borrowed on the credit of The Corporation of the Township of Pickering at large by the issue and sale of Debentures of the said Corporation in the principal amount of $9,350.00. The said Debentures shall bear interest at the rate of 6-1/2% per annum payable annually on the 1st day of August in each year of the currency of the Deben- tures and coupons shall be attached to the Debentures for the payment of such interest. - 2 - 2. THAT the said Debentures shall be dated the 1st day of August, 1966 and shall be payable in twenty annual instalments of principal on the 1st day of August in each of the years 1967 to 1986, both inclusive, and the respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto. 3. THAT the said Debentures shall be payable as to both prin- cipal and interest in lawful money of Canada at the Canadian Imperial Bank of Commerce in Claremont, Ontario, or at the principal office of the said Bank in either of the Cities of Toronto or Montreal, at the holder's option. 4. THAT 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, lithographed, printed or otherwise mechanically reproduced. The signature of the Head of the Council 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, lithographed, printed or otherwise mechanically reproduced. 5. THAT for the payment of the owners' portion of the cost of the said works and of the interest thereon the special assess- ments set forth in the said special assessment rolls are hereby imposed on the lands liable therefor as therein set forth, which said special assessments, with a sum sufficient to cover interest thereon at the rate aforesaid, shall be payable in twenty annual instalments, and for that purpose the respective annual rates per foot frontage set forth in said special assessment rolls are hereby imposed on each lot mentioned in said special assessment rolls for each of the works according to the assessed frontage thereof, over and above all other rates and taxes, which said annual rates shall be collected annually at the same time and in the same manner as other rates. -3- 6. THAT to the extent that the respective sums of principal and interest payable on the said Debentures in the principal amount of $9,350.00 as set forth in the fourth column of Schedule "A" hereto have not been provided for by the special rates imposed by paragraph number 5 of this By-law they shall be raised in each of the years 1967 to 1986, both includive, by a special rate sufficient therefor over and above all other rates on all the ratable property in Water Area No. 1 of the Township of Pickering, as established by By-law Number 2490 as amended by By-law Number 2943. 7. THAT the said Debentures may contain a clause providing for the registration thereof pursuant to Section 323 of The Municipal Act. 8. THAT Schedules "A" and "B" attached hereto are hereby declared to be and to form part of this By-law. READ a first, second and third time and finally passed this 114 day of July, 1966. THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3176 SCHEDULE "P," TOTAL YEAR PRINCIPAL INTEREST ANNUAL PAYMENT 1967 $ 250.00 $ 607.75 $ 857.75 1968 300.00 591.50 891.50 1969 300.00 572.00 872.00 1970 300.00 552.50 852.50 1971 300.00 533.00 833.00 1972 300.00 513.50 813.50 1973 4oo.oo 494.oo 894.00 1974 4oo.oo 468.oo 868.oo 1975 40o.oo 442.00 842.00 1976 4oo.oo 416.00 816.oo 1977 400.00 390.00 790.00 1978 500.00 364.oo 864.00 1979 500.00 331.50 831.50 1980 500.00 299.00 799.00 1981 600.00 266.50 866.50 1982 6oo.oo 227.50 827.50 1983 700.00 188.50 888.50 1984 700.00 143.00 843.00 1985 700.00 97.50 797.50 1986 800.00 52.00 852.00 $9,350.00 $7,549.75 $16,899.75 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3176 SCHEDULE "B" Construction of WATERMAINS, on: 1. FAIRPORT ROAD, from Vistula Drive to the Road allowance between Range 3 and Concession 1. 2. ROAD ALLOWANCE BETWEEN RANGE 3 and CONCESSION 1, from Fairport Road to the West limit of Lot 29, Range 3.