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.
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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.
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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.