HomeMy WebLinkAboutBy-law 3201 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NO. 3 ~/
A By-law to authorize the issue of a Debenture
in the principal amount of $284,000.00 for
public school purposes
WHEREAS The Public School Board of the Township School Area
Number 1 of Pickering has applied to the Councils having jurisdiction in the
Township School Area Number 1 of Pickering to provide the sum of $284,000.00
by the issue of Debentures for the public school purposes set out in
in Schedule "A" attached hereto and a majority of the Councils have approved
of the said application;
AND WHEREAS for the purposes aforesaid the Council of The
Corporation of the Township of Pickering now deems it expedient to borrow
money by the issue and sale to The Ontario Education Capital Aid Corporation
of a Debenture of this Municipality in the principal amount of $284,000.00
bearing interest at the rate of 5~% per annum payable semi-annually, 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 purposes aforesaid money shall be borrowed on the
credit of the Corporation of the Township of Pickering by the issue of a
Debenture of the Corporation in the principal amount of $284,000.00 bearing
interest at the rate of 5~% per annum payable semi-annually on the 1st
day of February and 1st day of August in each year of the currency of
the Debenture, upon the principal amount from time to time remaining unpaid.
2. THAT the said Debenture shall be dated the 1st day of August,1966
~nd shall be payable in 20 annual instalments of principal on the 1st
~ay of August in the years 1967 to 1986, inclusive, and the respective
~mounts of principal and interest payable in respect of such Debenture in
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the years 1967 to 1986, inclusive, shall be as set forth in Schedule
~ttached hereto.
3. THAT the said payments of principal and interest shall be payable
in lawful money of Canada by cheques sent through the post to the registered
~ddress of the registered owner of the Debenture and such cheques shall be
)ayable at par in the City of Toronto.
4. THAT the said Debenture shall be sealed with the Seal of the
~orporation and shall be signed by the Head of the Council or by some other
)erson authorized by By-law to sign the same, and by the T~asurer.
5. THAT all sums required to pay off the instalments of principal
)f the Debenture and to pay interest thereon as set forth in the sixth
~olumn of Schedule "B" attached hereto shall be levied and raised in the
,ears 1967 to 1986, inclusive, on all the rateable property of ratepayers
~o are assessed as supporters of public schools under the jurisdiction
)f The Public School Board of the Township School Area Number 1 of Picketing
.n accordance with the provisions of The Public Schools Act; and accordingly
.n each of such years there shall be levied and raised by a special rate
ufficient therefor, over and above all other rates, upon all the rateable
roperty in the Township of Picketing assessed to public school supporters
nder the jurisdiction of the said Board at the same time and in the same
~nner as other rates, the Township of Pickering's share of the principal
~d interest falling due in each such year and such share shall be determined
~ accordance with the provisions of The Public Schools Act.
6. THAT the said Debenture be sold to The Ontario Education Capital
d Corporation.
7. THAT the said Debenture shall contain a clause providing for the
~istration thereof pursuant to section 323 of The Municipal Act.
8. THAT application shall be made to The Ontario Municipal Board for
)royal of this By-law and for the certification of the Debenture to be
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issued thereunder pursuant to sections 58 to 60 of The Ontario Municipal
Board Act.
9. THAT Schedules "A" and "B" attached hereto, are hereby declared to
be and to form part of this By-law.
!
THE CORPOPJ~TION OF THE TOWNSHIP OF PICKERING
BY-LAW NO. ~./
SCHEDULE "B"
1 2 3 4 5 6
PAYMENT DATE PAYMENTS
NUMBER DUE PRINCIPAL INTEREST TOTAL ANNUAL AM'T.
LEVIED
HEREUNDER
1 Feb. 1, 1967 $ 7,810.00 $ 7,810.00
2 Aug. 1, 1967 $ 8,000.00 7,810.00 15,810.00 $ 23,620.00
3 Feb. 1, 1968 7,590.00 7,590.00
4 Aug. 1, 1968 9,000.00 7,590.00 16,590.00 24,180.00
5 Feb. 1, 1969 7,342.50 7,342.50
6 Aug. 1, 1969 9,000.00 7,342.50 16,342.50 23,685.00
7 Feb. 1, 1970 7,095.00 7,095.00
8 Aug. 1, 1970 10,000.00 7,095.00 17,095.00 24,190.00
9 Feb. 1, 1971 6,820.00 6,820.00
10 Aug. 1, 1971 10,000.00 6,820.00 16,820.00 23,640.00
11 Feb. 1, 1972 6,545.00 6,545.00
12 Aug. 1, 1972 11,000.00 6,545.00 17,545.00 24,090.00
13 Feb. 1, 1973 6,242.50 6,242.50
14 Aug. 1, 1973 11,000.00 6,242.50 17,242.50 23,485.00
15 Feb. 1, 1974 5,940.00 5,940.00
16 Aug. 1, 1974 12,000.00 5,940.00 17,940.00 23,880.00
17 Feb. 1, 1975 5,610.00 5,610.00
18 Aug. 1, 1975 12,000.00 5,610.00 17,610.00 23,220.00
19 Feb. 1, 1976 5,280.00 5,280.00
20 Aug. 1, 1976 13,000.00 5,280.00 18,280.00 23,560.00
21 Feb. 1, 1977 4,922.50 4,922.50
22 Aug. 1, 1977 14,000.00 4,922.50 18,922.50 23,845.00
23 Feb. 1, 1978 4,537.50 4,537.50
24 Aug. 1, 1978 15,000.00 4,537.50 19,537.50 24,075.00
25 Feb. 1, 1979 4,125.00 4,125.00
26 Aug. 1, 1979 16,000.00 4,125.00 20,125.00 24,250.00
27 Feb. 1, 1980 3,685.00 3,685.00
28 Aug. 1, 1980 16,000.00 3,685.00 19,685.00 23,370.00
29 Feb. 1, 1981 3,245.00 3,245.00
30 Aug. 1, 1981 17,000.00 3,245.00 20,245.00 23,490.00
31 Feb. 1, 1982 2,777.50 2,777.50
32 Aug. 1, 1982 18,000.00 2,777.50 20,777.50 23,555.00
33 Feb. 1, 1983 2,282.50 2,282.50
34 Aug. 1, 1983 19,000.00 2,282.50 21,282.50 23,565.00
35 Feb. 1, 1984 1,760.00 1,760.00
36 Aug. 1, 1984 20 000.00 1,760.00 21,760.00 23,520.00
37 Feb. 1, 1985 1,210.00 1,210.00
38 Aug. 1, 1985 21,000.00 1,210.00 22,210.00 23,420.00
39 Feb. 1, 1986 632.50 632.50
40 Aug. 1, 1986 23,000.00 632.50 23,632.50 24,265.00
$284,000.00 $190,905.00 $474,905.00 $474,905.00