HomeMy WebLinkAboutBy-law 3737 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3737
Being a By-law to raise the sum of $150,000
upon debentures towards the cost of a~re hall
WHEREAS the Council of The Corporation of the Township of
?ickering enacted By-law Number 3581 on the 20th day of January,
1969 authorizing the construction of a fire hall on Part Lot 19,
Concession 1, in the Township;
AND WHEREAS it is deemed expedient to borrow for the
purpose aforesaid the sum of One Hundred and Fifty Thousand Dollars
($150,000) upon the credit of The Corporation of the Township of
Pickering and to issue debentures therefor bearing interest at the
rate of Nine and Three-quarters Per Cent (9 3/4%] per annum payable
annually;
NOW THEREFORE the Council of The Corporation of the
Township of Pickering enacts as follows:
1. That for the aforesaid purpose there shall be borrowed
upon the credit of the Corporation the sum of One Hundred and Fifty
Thousand Dollars ($150,000) and debentures shall be issued therefor
in denominations of not less than Fifty Dollars ($50) each. Each
dabenture shall bear interest at the rate of Nine and ?hrea-quarter~
Per Cent (9 3/4%) per annum payable annually and shall have coupons
attached for the payment of such interest.
2. Ail the debentures shall be dated the 15th day of December,
1969, and be made payable in twenty annual instalments of principal
and interest during the years 1970 to 1989, both inclusive. The
respective amounts of principal and interest payable in each of such
years shall be as designated in Schedule "A" annexed hereto and
forming a part hereof.
The debentures shall be payable as to both principal and
interest in lawful money of Canada and may be payable at the office
of the Canadian Imperial Bank of Commerce in the Village of Pickering
or at the principal office of the said Bank in either of the Cities of
Toronto or Montreal.
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4. 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 signature of the head of the Council may be written or engraved,
lithographed, printed or otherwise mechanically reproduced on the
debentures. The said interest coupons shall be signed by the
Treasurer and his signature thereon may be written, engraved,
lithographed, printed or otherwise mechanically reproduced.
5. Commencing in the year 1970 and in each year thereafter
during the currency of the debentures, the Corporation shall raise
the specific sum shown for the respective year in the fourth column
of Schedule "A" hereto. Such sum shall be levied and raised by a
special rate sufficient therefor, over and above all other rates upon
all rateable property in the municipality.
6. The said debentures may contain any clause providing for
the registration thereof, authorized by any statute relating to
municipal debentures in force at the time of issue thereof.
7. Pending the sale of the said debentures, the head of the
Council and the Treasurer may raise for the purpose aforesaid by way
of loan on such debentures any sum or sums of money not exceeding in
all the sum hereby authorized to be borrowed and may hypothecate such
debentures for such loan.
READ a FIRST AND SECOND time in open Council this /~
J
day of December, 1969.
READ a THIRD time and PASSED in open Council this
day of December, 1969.
\ r- Reeve
$150,000
(Province of Ontario)
9-3/4% Debentures
To =n~ure I to 20 years
BY-LAW 3737
~.F.~R ~RiNCI?AL I%]TEREST ~9TAL
1970 $ 3,090 $ 16,625.00 $ 17,625.00
1971 3,000 14,332.50 17,332.50
1972 3,000 14,040.00 17,040.00
1973 4,000 13,767.50 17,747.50
1974 4,090 13,357.50 17,357.50
1975 '4,000 12,967.50 16,967.50
1976 5,000 12,577.50 17,577.50
1977 5,000 12,090.00 17,090.00
1975 6,000 11,602.50 17,602.50
1979 6,000 11,017.50 17~017.50
1980 7,000 10,432.50 17,432.50
1981 7,000 9,750.00 16,750.00
1982 8,000 9,067.50 17,067.50
1983 9,000 8,287.50 17,287.50
1984 10,000 7,~10.00
1985 11,000 6,435.00 17,435.00
1986 12,000 5:~62.50 17,362.50
1987 13,000 &,192.$0 17,192.50
1983 I~,000 2,925.00 16,925.00
1989 · 16,000