HomeMy WebLinkAboutBy-law 3575 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3575
A By-law to authorize the issue of
Debentures in the principal amount
of $130,000 in lawful money of the
United States of America to pay part
of the cost of constructing certain
works as local improvements.
WHEREAS the Council of The Corporation of the
Township of Picketing has heretofore under the authority of
By-law Number 320?, as amended by By-law Number 35?2, constructed
the works described in Schedule "B" attached hereto as local
improvements under the provisions of The Local Improvement Act;
AND WHEREAS the total cost of the said works, after
the deduction of all grants and contributions in respect thereof,
amounts to $1~3,2R8.29, of which the Corporation's portion is
$ Nil and the owners' portion (less commutations aggregating
$4,738.08) is $138,~90.21, for which a special assessment roll
has been duly made and certified;
AND WHEREAS, for the purpose of realizing the moneys
required to pay part of the cost of the said works, less commuta-
tions as aforesaid, Council now deems it necessary to borrow
money by the issue and sale of Debentures of the Corporation
in the principal amount of $130,000 expressed and payable in
dollars of the United States of America, bearing interest at the
rate of ?-1/2% per annum and maturing in instalments of principal
over a period of twenty years, which is the amount of the debt
intended to be created by this By-law;
AND WHEREAS this By-law, prior to the final passage
thereof, has been approved by ~"ne Ontario Municipal Board
pursuant to Section 285 of The Municipal Act.
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
upon the credit of The Corporation of the Township of Pickering
at large by the issue and sale of Debentures of the Corpora-
tion in the principal amount of $130,000 in lawful money of
the United States of America. The said Debentures shall bear
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interest from the 1st day of December, 1968 at the rate of
?-1/2% per annum payable in like money semi-annually on the
1st day of June and on the 1st day of December in each year
of their currency and shall have coupons attached thereto for
the payment of such interest.
2. THAT the Debentures shall be dated the 1st day of
December, 1968 and shall be payable in twenty annual instalments
of principal on the 1st day of December in each of the years
1969 to 1988, both inclusive, and the respective amounts of
principal and interest payable in each of such years shall be
as set forth in Schedule "A" attached hereto.
THAT the Debentures shall be payable as to both
principal and interest in lawful money of the United States
of America at the office of The Canadian Bank of Commerce
Trust Company in the City of New York, in the State of New
York, in the United States of America.
4. THAT the Debentures 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, and the interest coupons attached to the
Debentures shall be signed by the Treasurer. The signature
of the Reeve to the Debentures, the signature of the Treasurer
to the interest coupons and, if the Debentures are counter-
signed in writing by the Deputy Treasurer, the signature of
the Treasurer to the Debentures, may be written or engraved,
lithographed, printed or otherwise mechanically reproduced.
5.(a) THAT commencing in the year 1969 and thereafter in
each year of the currency of the Debentures there shall be
levied and raised by a special rate sufficient therefor over
and above all other rates on all the ratable property in the
Township of Picketing, at the same time and in the same manner
as other rates, such amounts in lawful money of Canada as may
be required for the purpose of paying the respective aggregate
amounts of principal and interest in lawful money of the United
States of America falling due on the Debentures in such year as
set out in the fourth column of Schedule "A'~ attached hereto,
as the requirements for such purpose may from year to year
vary, provided that no greater rate shall be levied in any
year for such purpose than is required after taking into account
receipts from the special rates provided for in sub-paragraphs
(b) and (c) hereof.
(b) For the payment of the owners' portion of the cost of
the works described in Schedule "B'~ attached hereto and the
interest thereon the special assessments set forth in the said
special assessment roll relating to the said works 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 equal annual instalments, and for that purpose the
special annual rates per foot frontage set forth in the said
special assessment roll are hereby imposed on the lots entered
therein according to the assessed frontage thereof, over and
above all other rates and taxes, which said special rates shall
be collected annually by the Collector of taxes for the Corpora-
tion at the same time and in the same manner as other rates.
(ch Commencing in the year 1969 and thereafter in each year
of the currency of the Debentures there shall be levied and
raised by a special rate sufficient therefor over and above all
other rates on all the ratable property in that part of the
Township of Picketing defined as a Sanitary Sewer and Watermain
Local Improvement Area in By-law Number B207, at the same time
and in the same manner as other rates, such amounts in lawful
money of Canada as may be required, after taking into account
receipts from the special assessments provided for in the
foregoing sub-paragraph (b) hereof, for the purpose of paying the
respective aggregate amounts of principal and interest in lawful
money of the United States of America falling due on the Deben-
tures in such year as set out in the fourth column of said
Schedule "A" attached hereto, as the requirements for such
purpose may from year to year vary.
6. THAT the said Debentures may contain a clause providing
for the registration thereof pursuant to Section 323 of The
Municipal Act.
7. THAT Schedules ~'A" and "B" attached hereto are hereby
declared to be and to form part of this By-law.
READ a first an~second time this ~ ~-~day of
- Cler~ ,OS/ ~' -Aeeve
~ay~~t}m~9~~ '~ '.e~ '(~ finally, k,.~~ R~e2ve~~iaased this
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NU~ER 3575
SCHEDULE "A"
TOTAL
PRINCIPAL INTEREST ANNUAL PAYMENT
YEAR IN U.S.DOLLARS IN U.S. DOLLARS IN U.S.DOLLARS
1969 $ 3,000.00 $ 9,750.00 $ 12,750.00
1970 3,000.00 9,525.00 12,525.oo
1971 3,000.00 9,300.00 12,3OO.00
1972 4,000.00 9,075.00 13, O75.00
1973 4,O0O.OO 8,775.0O 12,775.OO
1974 4,000.00 8,475.00 12,475.00
1975 5,000.00 8,175.00 13,175.00
1976 5,000.00 7,800.00 12,8OO.OO
1977 5,000.00 7,425.00 12,425.oo
1978 6,000.00 7,050.00 13,O5O.00
1979 6,000.o0 6,600.00 12,6oo.o0
1980 7,000.00 6,15o.oo 13,150.00
1981 7,000.00 5,625.00 12,625.oo
1982 8,000.00 5,1OO.OO 13,1OO.OO
1983 8,000.00 4,500.00 12,500.OO
1984 9,000.00 3,900.00 12,9oo.oo
1985 10, OO0.OO 3,225.00 13,225.00
1986 10, OO0.OO 2,475.00 12,475.OO
1987 11,ooo.00 1,725.00 12,725.oo
1988 12, OOO.0O 900.00 12,900.00
$13o,00o.o0 $125,550.oo $255,55o.oo
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3575
SCHEDULE "B"
Construction of
SANITARY SEWERS on:
1. COMMERCE STREET from Lot Line between
Lot'g 3 anm 4, Block C, Reg'd Plan 65 to
Front Street
2. BAY STREET from 55 feet East of Lot Line
$'etween Lots 1 and 14, Block C, Reg'd
Plan 65 to Front Street
3. WHARF STREET from 265 feet West of West
~treet Line of Liverpool Road to 485 feet
West of West Street Line of Liverpool Road
4. PLEASANT STREET from 30 feet South of Lot
~ine between Lots 6 and 7, Block D, Reg.d
Plan 65 to Bay Street
5. FRONT STREET from Browning Avenue to Bay
Street
6. BROWNING AVENUE from Douglas Avenue to
Fairview avenue
7. DOUGLAS AVENUE from 139 feet North of South
Limit of Registered Plan M.18 to Browning
Avenue
8. OLD ORCHARD AVENUE from 40 feet West of Lot
Line Setween Lots 9 and l0 Reg'd plan 432 to
Douglas Avenue
9. FAIRVIEW AVENUE from 25 feet South of North
Im o eg s ered Plan 814 to Browning
Avenue
10. EASEMENT from Wharf Street to Bay Street
Connections for above
WATERMAINS on:
11. COMMERCE STREET from West Street line of
Liverpool R6ad to Front Street
12. BAY STREET from West Street line of
Liverpool Road to Front Street
13. WHARF STREET from 265 feet West of West
Street line of Liverpool Road to 520 feet
West of West Street line of Liverpool
Road
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14. PLEASANT STREET from Commerce Street to
~y gtreet
15. FRONT STREET from Bay Street to Commerce
~treet
16. FRONT STREET from Commerce Street to
Browning Avenue
l?. BROWNING AVENUE from Douglas Avenue to
Fa irv'i'ew Avenue
18. DOUGLAS AVENUE from Browning Avenue to
~outh Limit Reg'd Plan M.16
19. OLD ORCHARD AVENUE from Douglas Avenue
to Liverpool Hoad
20. FAIRVIEW AVENUE from Browning Avenue to
~outh Limit Reg'd Plan M.16
Connections for above.