HomeMy WebLinkAboutBy-law 3396 THE COtlPORATION OF Tile TO:~SHI? OF PICKEi~ING
BY-LAW NU~IBEi~ 33?6
A By-law to authorize the borrowing
of $$6,~00.00 upon debentures for
the construction of watermains and
sewersin the Frenc~aan's Bay area.
~HEREAS the Comncil of the Corporgtion of the Township
of Pickering has constructed under the a~thority of ~y-law No.
3063, watermains with connections and sanitary sewers witn connec-
tions as a local improvement under the provisions of T~e Local
Improvement Act;
AND WHEREAS the total cost, after ~educting prepayments,
of the said watermains with connections was ~34,529.31 and the said
sanitary sewers with connections was ~52,~8~.7o, to bec~mroea~ as
provided in SM-law 3063;
AND WHEREAS special assessment rolls have been made and
certified;
AND WHEREAS the Council of the Corporation of the Town-
ship of Picketing deems it exp.edient to borrow for the above
purpose a sum not exceeding $8o,9OO.OO upas the credit of the
Corporation and to issue debentures therefor bearing interest,
payable annually, at the rate per annum shown in Schedule "A"
attached to this By-law and to provide for the discount and
expenses incidental to the negotiation and sale of such debentures;
AND WHEREAS it is expedient to make the principal of
the said debt repayable in annual instalments during the period
of twenty (20) years next after the date of issue of such
debentures;
NOW THEI~EFOt~ the Council of the Corporation of the
Township of Fickering ENACTS AS FOLLO/~S:
1. For the purpose of the construction of watermains with
connections and sanitary sewers with connections, tl~e
Corporation of the Township of Picketing shall borrow upon
the credit of the Corporation the stun of $86,900.00 and
shall issue debentures therefor.
2. Each debenture shall bear interest at the rate of 7-3/4
percent per annum set out for the respective years in
Schedule "A" attached to this By-law and shall have coupons
attached for the payment of the said interest.
The debentures shall be dated the 3Oth day of September, 1967~
and shall be made payable in twenty (20) annual instalments
on the 30th day of September in each of the years 1968 to
1987, both inclusive and the respective amounts of principal
and interest payable in each of the said years shall be t[~e
amount so designated in Schedule "A" attached to and
part of this By-law.
The debentures to be issued shall be 20 in number one falling
due in each year of the said term.
5. The debentures s[mll be payable as to both principal and
interest in lawful money of Canada and shall be payable at
the Canadian Imperial Bank of Co~.~erce in the Village of
Yickering or at the principal office of the said bank in
the CiSy of Toronto.
6. The debentures shall be sealed with the seal o£ the Corporatio;~
and signed by the head o£ the Council or by some other persol~
authorized by 2y-law to sign the same and by the treasurer.
The said interest coupons shall be signed by the Treasu£ex·
and his signature to them may be written or engraved,
By-Law 3396
lighographed, printed or otherwise mechanically reproduced.
The signature of the head of the Council may be written or
engraved, lithographed, printed or otherwise mechanically
reproduced and, if such debentures are countersigned in
writing by the deputy treasurer, the signature of the
treasurer thereon may be written or engraved, lithographed,
printed or otherwise mechanically reproduced.
7.(a)Co~mmencing in the year 1968, and thereafter in each year in
which an instalment of principal of the said debt and interest
becomes due, the Corporation shall levy and raise, by a
special rate sufficient therefor over and above all o~her rates,
on all the rateable property in the Municipality, the specific
sum shown for the respective year in the said Schedule "A",
bu~ no greater rate shall be levied in any year for such pu~-
pose than is required to pay the instalment after taking into
account receipts from the special assessment provided in
clause (b) hereof or from any source in respect to the said
work.
(b)For the payment of the abutting and benefiting o~ers' portion
of the cost and interest thereon the special assessments set
forth in the special assessment rolls are hereby imposed upon
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 (20)
equal instalments and for that purpose annual rates per foot
frontage are hereby imposed upon the lots entered in the said
special assessment rolls according to t~e assessed frontage
thereof and in accordance with the provisions of By-law 306~
over and above all other rates and taxes, and the special
rates shall be collected annually by the collector of taxes
for the Corporation at the same time and in the sm~e manner
as other rates.
$. The sail debentures may contain a clause providing for the
registration thereof pursuant to Section )2) of The Eunicipal
Act.
9. 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 s~m oz~ 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 SECOI~D time this 7th day of ~ovember, 19~7.
READ A TIqIRD time and PASSED this ~~~/a~/day of ~.~, 1908
.SCHEDULE "A"
By-Law ~3396
Debenture Year of
No. Maturity Principal Rate Interest ( ~ _Total
1 1968 2,100.00 7~% 6, 7~,.~0
2 1969 2,300. O0 ,,
3 1970 2,~00.00 . ~ ~ .... ~' '
o,
~ 1971 2,600. OO "
5 1972 2,800.00 "
6 1973 3,000.00 ', ~ ~S~ ~ ~ ~ ~,,
7 1974 3,200.00 ,,
8 1975 3,~00.00 ,, = .... -~ ~ ~
9 1976 3,600.00 ',
10 1977 3,900.00 "
11 1978 4,200.00 -
12 1979 ~, 400.00 " *,~.00 ~, ~.00
13 1980 ~,800.00 ,, 3, ~ ~.00 ~ .~ ~, ~.OU~
15 1982 5,500.00 ',
16 1983 5,800.00 "
98¢ 6, oo.oo
18 1985 6,700.00 " i '~' ~ ~/~ ~, ~
19 1986 7,200.00 "
20 1987 7,700.00 ,,
86,900.00 g5 421.00 ~ 1~ ~ ~,',,~