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HomeMy WebLinkAboutBy-law 3578 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3578 A By-law to authorize the issue of Debentures in the principal amount of $602,000 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 3191 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 $628,000, of which the Corporation's portion is $571,000 and the owners' portion, for which a special assessment roll has been duly made and certified, is $57,000; AND WHEREAS no payments have been received by way of commutation of special rates; AND WHEREAS, for the purpose of realizing the moneys required to pay the cost of the said works, Council now deems it necessary to borrow money by the issue and sale of Deben- tures of the Corporation in the principal amount of $602,000 expressed and payable in dollars of the United States of America, bearing interest at the rate of 7-1/2% 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 The 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: - 2 - 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 $602,000 in lawful money of the United States of America. The said Debentures shall bear 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. 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 Pickering, 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 msy 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. (c) 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 Water Area Number 1 of the Township of Picketing, as established by By-law Number 2490 as amended by By-laws Numbers 2943 and 3190, 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 re- ceipts 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 Debentures in such year as set out in the fourth column of said Schedule 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 and second time this '~9~4~day 1968. -. . R~ a third time and finally passed this ~g~day of ~ ~ 19 ClOr~ ' d ~J Eeove THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3578 SCHEDULE "A" TOTAL PRINCIPAL INTEREST ANNUAL PAYMENT YEAR IN ,U.S.DOLLARS IN U.S.DOLLARS IN U.S.DOLLARS 1969 $ 14,000.00 $ 45,150.00 $ 59,150.00 1970 16,000.o0 44,100.00 60,100.00 1971 16,000.00 42,900.00 58,900.00 1972 18,000.00 41,700.00 59,700.00 1973 18.oo0.00 40,350.0o 58,350.00 1974 20.000.00 39,oo0.00 59,000.00 1975 22.000.00 37,500.00 59,500.00 1976 22OOO.OO 35,850.00 57,850.00 1977 26000.00 34,200.00 60,200.00 1978 26.000.00 32.250.00 58,250.00 1979 28,000.00 30 30o.00 58,300.o0 198o 31,0oo.o0 28 200.00 59,200.00 1981 33,000.00 25875.00 58,875.00 1982 35,000.00 23 400.00 58,400.00 1983 38, oo0.oo 20 775.00 58,775.00 1984 41,0oo.0o 17 925.00 58,925.00 1985 45,000.00 14,85o.oo 59,850.00 1986 47,000.00 11,475.oo 58,475.00 1987 51,ooo.oo 7,950.00 58,950.00 1988 55,000.00 4,125.oo 59,125.00 $6o2, ooo.oo $577,875.00 $1,179,875.oo THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3578 Schedule "B" Construction of Watermains on: 1. ROSEBANK ROAD from Toynevale Road to 1st Concession Road, a distance of 4668 feet 1st CONCESSION ROAD (south side) ~rom Rosebank ~6ad to Rosebank Road, a distance of 86 feet 3. 1st CONCESS~ON. ROAD (north side) f¥om U40 feet east of Barry D. Drive to Rosebank Road, a distance of 1500 feet EASEMENT east side of Rosebank Road from south side of 1st Concession Road to 515 feet north along Rosebank Road, a distance of 522 feet 5. ROSEBANK ROAD (east side) from Easement easf side of Rosebank Road, to Reservoir Site, a distance of 1063 feet 6. EASEMENT west side of Rosebank Road ro~~th side of 1st Concession Road to 485 feet north along Rosebank Road, a distance of 490 feet 7. ROSEBANK ROAD (west side) from Easement West side of Rosebank Road to Reservoir Site, a distance of 1108 feet 8. 3.0 million gallon storage reservoir and booster pumping"'"station'~n~ controls.