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HomeMy WebLinkAboutBy-law 4004/71T11]? C011110RATic)N OF 79111, TO%IN111111` O1' 1'TC1;1:RiPd? BY-LAW NUMBER 4004/71 Being a by-law to authorize the borrowing of $ 70,577.01, upon debentures towards the cost of construction of roads on Salk Road and Plummer Street. WHEREAS by By-law Number 3688/69, the Council of The Corporation of the Township of Pickering authorized the construction of granular based roads with asphalt pavement and ditches for surface drainage on Salk Road from Bayly Street to the north limit of Salk Road and on Plummer Street from Brock Road to Salk Road; AND WHEREAS the said works have been constructed as local improvements, special assessment rolls drawn up and a Court of Revision duly held in accordance with the relevant provisions of The Local Improvement Act, R.S.O. 1960, Chapter 223; AND WHEREAS for the purposes aforesaid it is now expedient to issue debentures in the amount of $ 70,577.01 payable in lawful money of Canada on the terms hereinafter set forth; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICKERING ENACTS AS FOLLOWS: 1. For the purpose aforesaid, there shall be borrowed upon the credit of the Corporation at large the sum of $ 70,577.01 in lawful money of Canada and the Corporation shall issue deben- tures therefor in denominations of not less than:$1,000 each. 2. The debentures shall be dated the 15th day of June, 1971, shall be issued at one time and shall be payable in ten annual instalments of principal on the 15th day of June in each of the years 1972 to 1981, both inclusive, and shall bear interest semi- annually on the 15th days of June and December in each year at the rate set out in Schedule "A" attached hereto and forming part of this By-law. The debentures shall have coupons.attached for the payment of such interest, and the respective amounts of principal and/or interest payable in each of the vears'1971 to 1981 shall be as set forth in the said Schedule "A". 3. The debentures shall be payable as to both principal and interest in lawful money of Canada 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, at the holder's option. 4. The debentures shall be sealed with the seal of the Corporation and signed by the head of the Council or by some other person authorized by by-law to sign them and by the Treasurer. The interest coupons shall be signed by the Treasurer and his signature to them may be written or engraved, lithographed, printed or other- wise mechanically reproduced. The signature of the Reeve on the debentures may be written or engraved, lithographed, printed or otherwise mechanically reproduced. - 2 __ 5. (a) There shall be levied and rained in each year in which an instalment of principal and/or interest become:; due by special, rate sufficient therefor, over and above all other rates, on all rateable property in the area as defined in By-law Number 3688/69, the respective amount set forth in Column 6 of Schedule "A" hereto, but no greater rate shall be levied in any year than is required after taking into account receipts from the special rate imposed by clause (b) hereof; (b) For the payment of the owner's portion of the cost and interest thereon the special rate per foot frontage provided for by By-law Number 3688/69 is hereby imposed upon the lands liable there- for as set forth in said By-law Number 3688/69 , which special rate with a sum sufficient to cover interest thereon shall be payable in ten equal annual instalments and for that purpose the said special rate per foot frontage is hereby imposed on the said lands described in the said By-law according to the assessed frontage thereof, over and above all other rates and taxes, and the special rate shall be collected annually by the collector of taxes for the Corporation at the same time and in the same manner as all other rates. 6. The said debentures may contain any clause providing for the registration thereof, authorized by any statute relating to municipal debentures in force at the time of issue thereof. 7. The reference to the rate of interest on such deben- tures referred to in By-law Number 3688/69shall be deleted and the said by-law is hereby amended accordingly. READ a FIRST AND SECOND time in open Council this 7th day of June , 1971. 0 eeve < < i 6L Clerk AND READ a THIRD time and PASSED in open Council this 7th day of June , 1971. EICHEMILE "A" TO BY-LAW NUMBEli 400)4 $70,577.01 TOWNSHIP OF PICKERING (Province of Ontario) 8-1/8% Debentures To be dated: 15 June, 1971 To mature: 15 June, 1972 to 1981 PAYMENT P DATE. RATE PRINCIPAL INTEREST TOTAL 1 Dec. 15, 1971 8-1/8% $ 2,867.19 $ 2,867.19 2 June 15, 1972 8-1/8% $ 4,577.01 2,867.19 7,444.20 3 Dec. 15, 1972 8-1/8% 2,681.25 2,681.25 4 June 15, 1973 8-1/8% 5,000.00 2,681.25 7,681.25 5 Dec. 15, 1973 8-1/8% 2,478.12 2,478.12 6 June 15, 1974 8-1/8% 6,000.00 2,478.13 8,478.13 7 Dec. 15, 1974 8-1/8% 2,234.37 2,234.37 8 June 15, 1975 8-1/8% 6,000.00 2,234.38 8,234.38 9 Dec. 15, 1975 8-1/8% 1,990.62 1,990.62 10 June 15, 1976 8-1/8% 7,000.00 1,990.63 8,990.63 11 Dec. 15, 1976 8-1/8% 1,706.25 1,706.25 12 June 15, 1977 8-1/8% 7,000.00 1,706.25 8,706.25 13 Dec. 15, 1977 8-1/8% 1,421.87 1,421.87 14 June 15, 1978 8-1/8% 8,000.00 1,421.88 9,421.88 15 Dec. 15, 1978 8-1/8% 1,096.87 1,096.87 16 June 15, 1979 8-1/8% 8,000.00 1,096.88 9,096.88 17 Dec. 15, 1979 8-1/8% 771.87 771.87 18 June 15, 1980 8-1/8% 9,000.00 771.88 9,771.88 19 Dec. 15, 1980 8-1/8% 406.25 406.25 20 June 15, 1981 8-1/8% 10,000.00 406.25 10,406.25 $ 70,577.01 $ 35,309.38 $ 105,886.39