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HomeMy WebLinkAboutBy-law 3397 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3397 A By-law to authorize the borrowing $1&,800.00 upon debentures for the of construction of watermains and sanitary sewers on Chesterhill Road. WHEREAS the Council of the Corporation of the Township of Picketing has constructed under the authority of By-law No. 31~l watermamns and sanmtary sewers on Chesterhill Road as a local ~mprove- ment under the provisions of The Local Improvement Act; AND WHEREAS the total cost of the sanitary sewer with connection, after deductinm commutations and subsidies from the Province of Ontario, was $~,770.72, and the total cost of the water- main with connection,_afte~ deducting commutations and subsidies from the Province of untar~o, was $6,022.00, to be charged as provided in By-law 3141; certified;AND WHEREAS special assessment rolls have been made and .AND WHERE~S the Council of the Cornoration · ~ Pic~ermng deems_mt expedient to borrow fo4 th~ -~-~f the Township ~um no~ exceeding $14,800.OO uno th~ ~.~ -~ ~.~u~e purpose a _ ~ n ......... ~ one uorporation and to issue debentures therefor bearing interest, payable annually, at the rate pe~ annum shown in Schedule "A" attached to this By-law and to provide for the discount and expenses incidental to the negotiation and sale of such debentures; AND WHEREAS it is expedient to make the principal of the said debt repayable in annual instalments during the period of . twenty (20) years next after the date of issue of such debentures, NOW THEREFORE the Council of the Corporation of the Township of Picketing ENACTS AS FOLLOWS: 1. For the purpose of the construction of watermains and sanitary sewers on Chesterhill Road the Corporation of the Township of Pickering shal% borrow upon the credit of the Corporation the sum of $14,800.00 and shall issue debentures therefor. 2. Each debenture shall bear interest at the rate of 7~per cent per annum set out for the respective years in Schedule "A" attached to this By-law and shall have coupons attached for the payment of the said interest. 3. The debentures shall be da~ed the 30th day of Se tember and shall be made payable mn twenty (20) annual ~nstalm~nts on the 30th day of September in each of the years 1968 to 1987, both inclusive and the respective amounts of principal and interest payable in each of the said years shall be the amount so designated in Schedule "A" attached to and forming part of this By-law. 4. The debentures to be issued shall be 20 in number, one falling due in each year of the said term. 5. The debentures shall be payable as to both principal and interest in lawful money of Canada and shall be payable at the Canadian Imperial Bank of Commerce in the Village of Picketing or at the principal office of the said bank in the City of Toronto. 2 - By-Law #339? 6. The debentures shall be sealed with the seal of the Corpora- tion 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 to them 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 thereon may be written or engraved, lithographed, printed or otherwise mechanically reproduced. 7.(a) Commencing in the year 1968, and thereafter in each year in which an instalment of principal of the said debt and interest becomes due, the Corporation shall levy and raise, by a special rate sufficient therefor, over and above all other rates, on all the rateable property in the Municipality, the specific sum shown for the respective year in the said Schedule "A", 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 special assessments provided in clause {b) hereof or from any source in respect to the said work. 7.{b) For the payment of the owner's portion of the cost and interest thereon the special assessments set forth in the special assessment rolls are hereby imposed upon 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 {20) annual instalments and for that purpose annual rates per foot frontage are hereby imposed upan the lots entered in the said special assessment rolls according to the assessed frontage thereof over and above all other rates and taxes, and the said special rates shall be collected annually by the collector of taxes for the Corporation at the same time and in the same manner as other rates. 8. The said debentures may contain a clause providing for the registration thereof pursuant to Section 323 of The Municipal Act. 9. Pending the sale of the said debentures the head of the Council and the Treasurer may raise for the purpose afore- said by way of loan on such debentures, any sum or sums of money not exceeding in all the sum hereby authorizgd ~o ~ borrowed and may hypothecate such debentures for Such loa~. READ a FIAT and ~ECOND time this ~l~day of N SCHEDULE "A" By-Law #3397 Debenture Year of No. Maturity Principal Rate Intere st Total 1 1968 400.00 72% 1,147 .OO 1, 54?.00 2 1969 400.00 " 1,116.00 1,516.00 3 1970 400.00 " 1,085.00 1,485.00 4 1971 400.00 " 1,054.00 1,454.00 5 1972 500.00 " 1,023.00 , 523.00 6 1973 500. O0 " 7 1974 500. OO " 8 1975 600. O0 " 9 1976 6OO. O0 " 10 1977 7OO. OO " 11 1978 700. O0 " 12 1979 8OO. OO " ~.~ ~.~ 13 1980 800.00 " 14 1981 900. O0 " 15 1982 900. O0 " 16 1983 1,000. O0 " 17 1984 1,100. O0 " 364. O0 > ~ 464 · O0 18 1985 1,100.00 " 2?9.00 19 1986 1,200.00 " 20 1987 1,300.00 " 1~, 800. O0