HomeMy WebLinkAboutBy-law 4414/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER
A by-law to authorize the issue of
a Debenture in the principal amount
of $ 130,890.00 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 $ 130,890.00 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 aforementioned 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 $130,890.00 bearing interest at the rate
of 7% per annum payable semi-annually on the 1st day of February
and the 1st day of August 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
August, 1973, and shall be payable in 20 annual instalments of
principal on the 1st day of August in the years 1974 to 1993,
inclusive, and the respective amounts of principal and interest
payable in respect of such Debenture in the years 1974 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
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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.
5. THAT all sums required to pay off the instalments of
principal of the debenture and to pay interest thereof as set
out in Schedule "B" attached hereto shall be levied and raised
in the years 1974 to 1993, inclusive by a special rate sufficient
therefor, over and above all other rates, upon all the rateable
property in the Municipality at the same time and in the same
manner as other rates, but it shall not be necessary to levy in
any year a greater amount than is required to pay the said
instalment of principal and interest after taking into account
receipts from any other source in respect of said works.
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,
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to redeem the said debenture on any interest payment date prior
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to maturity by payment of the unmatured principal amount
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.
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(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.
(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 this i
day of 1973.
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CORPORATION OF -U-- TOWNSHIP 07 PICK--?ING
THE
SCHEDULE "8" TO BY-LAW NO. 1 2 3 4 5 6
PAY,'!::'iT DATE _ __ ___ FAYClE wrs
? TOTAL ANNUAL
Z'U11 !'-1i;R Due PRINCIPAL I U T C R E S T TOTAL AIfOUNT PAYAP,LC
1 Feb. 1/74 $ 4,581.15 $ 4,581.15 $
2 Aug. 1/74 $ 3,890.00 4,551.15 8,471.15 13,052.36
3 Feb. 1/75 4,445.00 4,445.00
4 Aug. 1/75 3,000.00 4,445.00 7,445.00 11,890.00
5 1, 0 0,
5 A - cg. ;6 4,000. 4 , '7.0i .,is0 12,6;;0.0.,
7 Feb. 1/77 4,200,00 4,2CO.O0
6 Aug. 1/77 4,000.00 4,200.00 5,200.00 12,400.00
Feb. 1/78 4,060.00 4,060.00
10 Aug. 1/78 4,000.00 4,060.00 8,060.00 12,120.00
11 Feb. 1/79 3,920.00 3,920.00
12 Aug. 1/79 4,000.00 3,920.00 7,920.00 11,840.00
13 Feb. 1/80 3,780.00 3,780.00
14 Aug. 1/80 5,000.00 3,780.00 8,780.00 12,560.00
15 Feb. 1/81 3,605.00 3,605.00
16 Aug. 1/81 5,000.00 3,605.00 8,605.00 12,210.00
17 Feb. 1/82 3,430.00 3,430.00
18 Aug. 1/82 5,000.00 3,430.00 8,430.00 11,860.00
19 Feb. 1/83 3,255.00 3,255.00
20 Aug. 1/83 6,000.00 3,255.00 9,255.00 12,510.00
21 Feb. 1/84 3,045.00 3,045.00
22 Aug. 1/84 6,000.00 3,045.00 9,045.00 12,090.00
23 Feb. 1/85 2,835.00 2,835.00
24 Aug. 1/85 7,000.00 2,F35.00 9,835.00 12,670.00
25 Feb. 1/86 2,590.00 2,590.00
26 Aug. 1/86 7,000.00 2,590.00 9,590.00 12,160.00
27 Feb. 1/87 2,34S.00 2,345.00
28 Aug. 1/87 8,000.00 2,345.00 10,345.00 12,690.00
29 Feb. 1/88 2,065.00 2,065.00
30 Aug. 1/88 8,000.00 2,065.00 10,065.00 12,130.00
31 Feb. 1/89 1,785.00 1,785.00
32 Aug. 1/89 9,000.00 1,785.00 10,785.00 12,570.00
33 Feb. 1/90 1,470.00 1,470.00
34 Aug. 1/90 9,000.00 1,470.00 10,470.00 11,940.00
35 Feb. 1/91 1,155.00 1,155.00
36 Aug. 1/91 10,000.00 1,155.00 11,155.00 12,310.00
37 Feb. 1/92 805.00 805.00
38 Aug. 1/92 11,000.00 805.00 11,805.00 12,610.00
39 Feb. 1/93 420.00 420.00
40 Aug. 1/93 12,000.00 420.00 12,420.00 12,840.00
130,890.00 116,262.30 247,152.30 247,152.30