HomeMy WebLinkAboutBy-law 4353B/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW
A By-law to authorize the issue of a
Debenture in the principal amount of
$77,283.00 for the purposes referred
to in Schedule "A" attached hereto.
WHEREAS the Council of The Corporation of the Township of
Pickering now deems it expedient for the purposes set out in
Schedule "A" attached hereto to borrow money by the issue and sale
to The Treasurer of Ontario of a Debenture of this Municipality in
the principal amount of $77,283.00 bearing interest at the rate of
7% per annum payable semi-annually, which is the amount of debt
intended to be created by this By-law.
NOW THEREFORE the Council of The Corporation of the Township
of Pickering enacts as follows:
1. THAT for the purposes aforesaid money shall be borrowed on
the credit of The Corporation of the Township of Pickering by the
issue of a Debenture of the Corporation in the principal amount of
$77,283.00 bearing interest at the rate of 7% per annum payable
semi-annually on the lst day of May and the 1st day of November in
each year of the currency of the Debenture, upon the principal amount
from time to time remaining unpaid.
2. THAT the said Debenture shall be dated the 1st day of May,
1973, and shall be payable in 20 annual instalments of principal on
the 1st day of May in the years 1974 to 1993, inclusive, and the
respective amounts of principal and interest payable in respect o
such Debenture in the years 1973 to 1993, inclusive, shall be as set
forth in Schedule "B" attached hereto.
3. THAT the said payments of principal and interest shall be
payable in lawful money of Canada by cheques sent through the post
to the registered address of the registered owner of the Debenture
and such cheques shall be payable at par in the City of Toronto.
4. THAT the said Debenture shall be sealed with the Seal of
the Corporation and shall be signed by the Head of the Council or
by some other person authorized by By-law to sign the same, and by
the Treasurer.
TO.JNSHIP OF PICKERING i
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5. (a) THAT there shall be levied and raised in the years 1973
to 1993 inclusive, by a special rate sufficient therefor, over and
above all other rates, upon all the rateable property in the
municipality, the specific sum required to pay off the instalments
of principal of the debenture and to pay interest thereon as set
out in Schedule "B" attached hereto, but no greater rate shall be
levied in any year for such purpose than is required to pay the
principal and interest falling due in such year after taking into
account receipts from the special rate provided for in Clause (b)
hereof.
(b) For the payment of the owners' portion of the cost and
interest thereon the special assessments set forth in the special
assessment roll 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 20 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 upon the lots entered in the said
special assessment roll according to the assessed frontage thereof
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 same manner as other rates.
6. THAT the said Debenture be sold to The Treasurer of Ontario.
7. THAT the said Debenture shall contain a clause providing
for the registration thereof pursuant to Section 326 of The
Municipal Act.
8. (a) The Corporation shall have the right, at its option, to
redeem the said debenture on any interest payment date prior to
maturity by payment of the unmatured principal amount thereof
together with interest accrued to the date set for redemption.
(b) The unmatured principal of the debenture shall become
due and payable on the date set for redemption thereof, and from
and after such date interest ceases to accrue thereon where pro-
vision is duly made for the payment of the amount thereof.
(c) Notice of intention so to redeem shall be sent by post
at least thirty days prior to the date set for such redemption to
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the person in whose name the debenture is registered at the
address shown in the Debenture Registry Book.
(d) At least thirty days prior to the date set for such
redemption, notice of intention so to redeem shall be published
in The Ontario Gazette and in a newspaper of general circulation,
if any, in the municipality.
9. THAT application shall be made to the Ontario Municipal
Board for approval of this By-law and for the certification of
the Debenture to be issued hereunder pursuant to Section 58 to 60
of The Ontario Municipal Board Act.
10. THAT Schedules "A" and "B" attached hereto, are hereby
declared to be and to form part of this By-law.
By-law read a First, Second and Third Time and PASSED in open
Council this 21L day of 1973.
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THE CORPORATION OF THE TOWNSHIP OF PICKERING
SCHEDULE "D " TO BY-LAW NO. '7Z 717
1 2 3 4 5
PAYMENT DATE PAYMENTS
NUMBER DUE PRINCIPAL INTEREST TOTAL
1 Nov. 1/73 21704.90 2,704.90
2 May 1/74 2,283 2,704.91 4,987.91
3 Nov. 1/74 2,625.00 2,625.00
4 May 1/75 2,000 2,625.00 4,625.00
5 Nov. 1/75 21555.00 2,555.00
6 May 1/76 2,000 2,555.00 4,555.00
7 Nov. 1/76 21485.00 2,485.00
8 May 1/77 2,000 2,485.00 4,485.00
9 Nov. 1/77 2,415.00 2,415.00
10 May 1/78 2,000 2,415.00 4,415.00
11 Nov. 1/78 2,345.00 2,345.00
12 May 1/79 3,000 2,345.00 5,345.00
13 Nov. 1/79 2,240.00 2,240.00
14 May 1/80 3,000 2,240.00 5,240.00
15 Nov. 1/80 21135.00 2,135.00
16 May 1/81 3,000 2,135.00 5,135.00
17 Nov. 1/81 2,030.00 2,030.00
18 May -1/82 3,000 2,030.00 5,030.00
19 Nov. 1/82 1,925.00 1,925.00
20 May 1/83 3,000 11925.00 4,925.00
21 Nov. 1/83 1,820.00 1,820.00
22 May 1/84 4,000 1,820.00 5,820.00
23 Nov. 1/84 1,680.00 1,680.00
24 May 1/85 4,000 1,680.00 5,680.00
25 Nov. 1/85 1,540.00 1,540.00
26 May 1/86 4,000 1,540.00 5,540.00
27 Nov. 1/86 11400.00 1,400.00
28 May 1/87 5,000 1,400.00 6,400.00
29 Nov. 1/87 1,225.00 1,225.00
30 May 1/88 5,000 1,225.00 6,225.00
31 Nov. 1/88 1,050.00 1,050.00
32 May 1/89 5,000 1,050.00 6,050.00
33 Nov. 1/89 875.00 875.00
34 May 1/90 6,000 875.00 6,875.00
35 Nov. 1/90 665.00 665.00
36 May 1/91 61000 665.00 6,665.00
37 Nov. 1/91 455.00 455.00
38 May 1/92 6,000 455.00 6,455.00
39 Nov. 1/92 245.00 245.00
40 May 1/93 7,000 245.00 7,245.00
77,283 68,829.81 146,112.81
6
TOTAL ANNUAL
AMOUNT PAYABLE
2,704.90
7,612.91
7,180.00
7,040.00
6,900.00
6,760.00
7,585.00
7,375.00
7,165.00
6,955.00
6,745.00
7,500.00
7,220.00
6,940.00
7,625.00
7,275.00
6,925.00
7,540.00
7,120.08
6,700.00
7,245.00
146,112.81