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HomeMy WebLinkAboutBy-law 4358/73THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NO. � � •y ' � � A By-law to authorize the issue of a Debenture in the principal amount of $340,512.00 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 $340,512.00 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 $340,512.00 bearing interest at the rate of 7� per annum payable semi-annually on the lst day of May and the lst 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 lst day of May, 1973 and shall be payable in 20 annual instalments of principal on the lst day of May in the years 1974 to 1993, inclusive, and the respective amounts of principal and interest payable in respect of such Debenture in the years 1973 to 1993, inclusive, shall be as set forth in Schedule "H" 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 o£ the Council or by some other person authorized by By-law to sign the same, and by the Treasurer. - 2 - 5. (a) THAT there sha11 be levied and raised in the years 1473 to 1993 inclusive, by a special rate su£ficient 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 sha11 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 2� 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 provision 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 the person in whose name the debenture is registered at the address shown in the Debenture Registry Book. - 3 - (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 qeneral circulation, iE any, in the municipality. 9. TxAT 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 � day oE ;%�� u , 1973. 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May Nov. May Nov. May Nov, May Nov. May Nov. May Nov. May NOV. May Nov. May I3ov. 1Kay NoV. May Nov. May Nov. May NOV. May Nov, May NoV. May Nov. May Nov. i�lay Nov. May Nov. May 1/73 1/74 1/74 1/75 1:/75 1/76 1/76 1/77 1/77 1/78 1/78 1/79 1/79 1/80 1/80 1/81 1/81 1f82 1/82 1/83 1/83 1/84 1/89 1/85 1/85 1/86 1/86 1/87 1/87 1/88 1/88 1/89 1/89 1/90 1/90 1/91 1/91 1j92 1/92 1/93 8,512 9,000 10,000 10,000 11,400 12,QU0 12,000 13,000 14,000 15,000 16,000 18,000 19,060 20,000 21,000 23,000 25,000 26,000 28,000 30,000 340,512 11,917.92 11,917.92 11,620.40 11,620.00 11,305.00 11,305.00 10,955.00 10,955.00 10,605.00 10,605.00 10,220,00 10.22U.00 9,800.00 9,80A.00 9,380.00 9,380.00 8,925.00 8,925.00 6,435.00 8,435.00 7,910.00 7,91U.00 7�350.00 7,350.00 6,720.OQ 6,720.00 6,055.00 6,055.00 5,355.00 5,355.00 4,620.00 4,620.00 3,815.00 3,815.OU 2,940.00 2,940.00 2,030.00 2,030.00 1,050.00 1,050.00 302,015.84 11,917.92 20,429.92 11,620.00 20,620.00 11,305.00 21,305.00 10,955.�0 20,955:40 10,605.00 21,605.00 10,220.00 22,220.00 9,800.00 21,800.00 9,380.00 22,380.00 8,925.00 22,925.00 8,435.00 23,435.00 7,910.00 23,910.00 7,350.00 25,350.00 6,72U.00 25,720.00 6,055.00 26,055.00 5,355.p0 26,355.00 4,620.00 27.620.00 3,815.00 28,815.00 2,940.00 28,440.00 2,030.00 30,030.00 1,050.00 31,050.00 642,527.84 TOTAL ANNUAL AMOUNT PAYABLE 11,917.92 32,049.92 31,925.00 32,260.00 3I,560.00 31,825.00 32�020.00 31,160.00 31,305.00 31,360.00 31�345.00 31,260.00 32,Q70.00 31,775.00 31,410.00 30�975.00 31,d35.00 31,755.00 30,970.a0 31,080.OA 31,050.00 642,527.89