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HomeMy WebLinkAboutBy-law 3738/69CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3738 Being a By-law to raise the sum of $310,000 upon debentures towards the cost of an indoor ice arena WHEREAS the Council of The Corporation of the Township of Pickering enacted By-law Number 3668 on the 15th day of September, 1969 authorizing the construction of an indoor ice arena on Part of Lot 19, in Range 3, of the Township of Pickering; AND WHEREAS it is deemed expedient to borrow for the purpose aforesaid the sum of Three Hundred and Ten Thousand Dollars ($310,000) 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 Three Hundred and Ten Thousand Dollars ($310,000) and debentures shall be issued therefor in denominations of not less than Fifty Dollars ($50) each. Each debenture shall bear interest at the rate of Nine and Three-quarters Per Cent (9 3/4%) per annum payable annually and shall have coupons attached for the payment of such interest. 2. All 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. 3. 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. -a- 4. Tho said debenturea shall be sealed with tha anal of t5a Corporation and signed by the head of the Council or by soma other person authorized by by-law to sign the sa=5 and by the Troaaurar; the signature of the head of the Council may be written or en3raved, litho4raphod, printed or otherwise mechanically reproduced on tho debentures. The said interact coupons shall be signed by the Treasurer and his signature thoreon may ba written, engraved, lithographed, printed or otherwise re chaniczlly reproduced. 5. Cor"Tencing in the year 1970 and in each year thereafter during the currency of the debentures, the Corporation shall raise the specific sum Chown 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 Wroof, authorized by any statute relating to municipal debentures in force at the time of Issues thereof. 71 Pending the sale of the said debentures, the held of this Council and the Treaaurer may raise for the purpose aforesaid by say of loan on such debentures any sum or sums of money not exceeding in all the sum, hereby authorized to be borrowed and may hypothecato such debentures for such loan. READ a FUnT AND SECOND time in open Council this O t day of Decerber, 1969. READ a THIRD tiao and PASSED in open Council thin &JOV" day of Decembor, 1959. $310,000 TOWNSHIP OF PIC:CERING (Province o f Ontario) 9-3/47 Deb entures To mature 1 to 20 years BY-LAW 3738 SCHEDULE "An YEAR PRINCIPAL INTEREST TOTAL 1970 $ 6,000 $ 30,225.00 $36,225.00 1971 6,000 29,640.00 35,640.00 1972 7,000 29,055.00 36,055.00 1973 8,000 28,372.50 36,372.50 1974 8,000 27,592.50 35,592,50 1975 9,000 26,812.50 35,812.50 1976 101000 25,935.00 35,935.00 1977 11,000 24,960.00 35,960.00 1978 12,000 23,887.50 35,887.50 1979 13,000 22,717.50 35,717.50 1980 14,000 21,450.00 35,450.00 1981 16,000 20,085.00 360085.00 1982 17,000 18,525.00 35,525.00 1983 19,000 16,867.50 35,867.50 1984 201000 15,015.00 35,015.00 1985 223000 13,065.00 35,065.00 1986 24,000 10,920.00 34,920.00 1987 27,000 8,580.00 35,580.00 1988 29,000 5,947.50 34,947.50 1989 32,000 32120-00 352120.00 $ 310,000 $ 402,772.50 $712,772.50