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HomeMy WebLinkAboutBy-law 3306 CORPORATION OF THE TO~Si{IP 0F PICk ..... ; A by-law to authorize the borrowing of ~195,396.32 upon debentures to pay part of the cost of construction of a Mmnicipal Building. WHE~{EAS the Council or the To,reship of Picketing by Resolution No. 156/66 dated May 25, 196~, authorized the construction of a P~unicipal Building. AND WHEREAS the Ontario Municipal Board, by i~s Orders made on t 9th day of November, 1965, and on the 25th day of November, 1~o~, under file No. F.~31-6~, approved the expenditure by the Corporation of the sum of $375~000.00 in connection with the work described in the said Resolution and the borrowing of money for such purposes by the issue of debentures in the amount of $297,500.00 repayable over a term not exceeding 20 years. ANB WHEreAS the Minister o~ Municipal Affairs by his co~s~itment to make loan No. L%O0 dated the 3rd day of June, 1965~ approved the making of a loan under The Municipal ~'~orks Assistance Act in the ~aoent of $25o,255. bearing interest at the rate of ~-l/~p per ann~ repayable over a term not exceeding 20 years. AND WHEREAS the Council by an application for a payment on a loan dated the 13th day of Janeary, 1967~ has requested the Minister of Municipal Affairs ~o make a final payment on a loan in ~he ~ount of ~2~o, 2p3. AND WHSl~EAS the l{inisteP or Municipal Affairs has requested the Corporation to deliver to him a debenture of the Corporation in the princi- pal amount of $19j,396.52 bearing interest at the rate of 5-1/6~6 per ann~, certified as to validity by The Ontario Municipal Board, as security for the repayment of the above loan and it is now deemed expedient to authorize tho issue and delivery of such a debenture. NO~{ THE[[EFOI~E the Ooencil of Tee Corporation of the Township of Picketing ENACTS AS FOLLOw,S: 1. THAT money shall be borrowed on the credit of The Corporation of the To,ship of Picketing at large by the issue of a debent~re of the Corporation in the principal ~ount of $195,3~6.32. The said Debenture shall bear interest at the rate of 5-1/%},~ per ann~ calculated yearly, not in advance, and payable on the 1st day of June in each year of the currency of the Debenture. - 2 - 2. THAT the said Debenture shall be dated the 1st day of June 1967, and shall be payable in 20 equal annual payments of principal and interest combined $16,013o17 each, on the 1st day of June in each of the years 1968 to 1987 inclusive, and the respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto which is hereby declared to be and to form part of this By-law. 3. THAT the said payments of principal and interest combined shall be payable in lawful money of Canada by cheques sent through the post to the registered address of the registered owner of the Debenture and such cheques shall be payable at par in Toronto or Montreal at the option of the payee. THAT the said Debenture shall be sealed with the Seal of the Corporation and shall be signed by the Reeve or by some other person authorized by By-law to sign the same and by the Treasurer. 5. THAT there shall be raised in each of the years 196~ to 1987 inclusive, by a special rate sufficient therefor, over and above all other rates on all the rateable property in the Township of Picketing at the s~ae time and in the same manner as other rates, the total annual sums of principal and interest payable in such years on the said Debenture as are set forth in the fifth column of Schedule "A" attached hereto. 6. THAT the debenture be sold to the Treasurer of Ontario on the condition that he shall not sell or otherwise dispose of the debenture except after the expiration of six months from the dispatch by the Treasurer of Ontario to the Treasurer of the Corporation, by registered mail, of a notice of intention to sell or otherwise dispose thereof; but any subsequent holder, subject to compliance with any conditions arising as a result of registration of the debenture, may sell or dispose thereof without notice to the Corporation. 7. THAT the said debenture shall contain a clause providing for the registration thereof pursuant to section 323 of The ~unicipal Act. THAT application shall be made to The Ontario Municipal Board for the approval of this By-law and for the certification of the debenture to be issued thereunder pursaant to Part IV of The Ontario ~unicipal Board Act. -3- 9. THAT the Reeve and the Treasurer are hereby authorized to do all things and to execute all documents and other papers in the name of the Corporation in order to carry out the provisions of this By-law and the Treasurer is authorized to affix the seal o£ the Gorporation to all such doc~aents and papers. READ a first, second and third time and finally PASSED this Clerk ~ ' y SCHEDULE TO BY-LAW NU~u~EI~ 1. Loan Nox~b e r ................. 2. Amount of the Loan .......... $256,253.g8 3. ~mount of the forgiveness ...$ 60, 85?.56 4. Amount to be repaid .......... ~195,39o.32 5. Rate of Interest ............ 6. Term ........................ 20 Payment Number Bate Due Principal Interest Total 1 1 June 196¥ 5,754.86 10,258.31 16 013.17 2 1 June 1969 6,056.99 9,956.1~ 16 013.17 3 1 June 1970 6,374.99 9,638.18 16 013.17 4 1 June 1971 6,709.67 9,30~.50 16 013.17 5 1 June 1972 7,061.93 ~,951.24 16 013.17 6 1 June 1973 7,432.68 8,580.4? 16 013.17 7 1 June 1974 7,822.90 8,190.27 16 O13.17 8 1 June 1975 8,233.60 7,779.5? 16 013.17 9 1 June 1976 8,665.86 7,347.31 16 O13.17 10 1 June 1977 9,120.82 6,~92.35 16 O13.17 11 1 June 197¥ 9,599.66 6,41).51 16 O13.17 12 1 June 1979 10,103.65 5,909.52 16 013.17 13 1 June 1980 10,634.09 5,379.08 16 O13.17 14 1 June 19gl 11,192.38 4,820.77 16 O13.17 15 1 June 1952 11,779.98 4,233.19 16,013.17 16 1 June 1983 12~398.43 3,614.74 16,013.17 17 1 June 19~4 13,049.3~ 2,763.~3 16,013.17 lg 1 June 1955 13,734.43 2,275.74 16,013.17 19 i June 19~6 14,455.49 1,557.65 16,013.17 20 1 June 1997 1~,21Q.~7 7.~S.60 16,013.17 195,396.32 124, V67.0S 320,263.40