Loading...
HomeMy WebLinkAboutBy-law 3407 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3407 A By-law to authorize the issue of Debentures in the principal amount of $40,000 to pay part of the cost of the acquisition of certain lands for industrial sites. WHEREAS the Council of The Corporation of the Township of Picketing has heretofore by By-law Number 3315, as amended by By-19w/Number 3406, both passed by votes of three-fourths oftSll the members of the Council, authorized the purchase for ~/industrial sites of 19 acres of land, being part of Lot 19, Broken Front Concession, Range 3 in the Township of Picketing as more particularly described in Schedule "A" to said By-law Number 3315; AND WHEREAS it is now desirable to raise part of the moneys required to pay the cost of the said lands by the issue and sale of Debentures of the Corporation in the principal amount of $40,000 bearing interest at the rate of ?-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 Picketing enacts as follows: 1. THAT for the purpose aforesaid money shall be borrowed on the credit of The Corporation of the Township of Picketing at large by the issue and sale of Debentures of the said Corporation in the principal amount of $40,000. The said Debentures shall bear interest at the rate of 7-1/2% per annum payable annually on the 15th day of December in each year of the currency of the Debentures and coupons shall be attached to the Debentures for the payment of such interest. 2. THAT the said Debentures shall be dated the 15th day of December, 1967 and shall be payable in five annual instalments of principal on the 15th day of December in each of the years 1965 to 1972, 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, which is hereby declared to be and to form part of this By-law. 3. THAT the said Debentures shall be payable as to both principal and interest in lawful money of Canada at the Canadian Imperial Bank of Cominerce in Picketing, 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 shell 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 mechani- cally 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 there shall be levied and raised in each of the years 1968 to 1972, both inclusive, by a special rate sufficient therefor over and above all other rates, on all the ratable property in the Municipality, at the same time and in the same manner as other rates, the aggregate amount of principal and interest falling due on the Debentures in such year, as set out in the fourth column of Schedule "A" attached hereto. 6. THAT the said Debentures may contain a clause providing for the registration thereof pursuant to Section 323 of The Municipal Act. READ e first, second and third time and finally passed by a vot$ of thre~ourths)of all the members of Council this ~th day ~f D~mbl.r, ~96~// ~ ~ THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3407 SCHEDULE "A" TOTAL YEAR PRINCIPAL INTEREST ANNUAL PA YME]~T 1968 $ 7, OOO.OO $ 3, OOO. OO $ 10, OOO.O0 1969 7, O00. OO 2,475. OO 9,475. OO 1970 8, OOO. OO 1,950. OO 9,950. OO 1971 9, OOO. OO 1,350. OO 10,350. OO 1972 9, OOO. OO 675. OO 9,675 .OO $4 o, ooo. oo $9 · 4 50. oo $49,4 50. oo