HomeMy WebLinkAboutBy-law 4013/71THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 4013/71
Being a by-law to authorize the
borrowing of $260,000 upon
debentures towards the purchase
of lands for an industrial site.
WHEREAS by By-law Number 3917/70 the Council of The
Corporation of the Township of Pickering authorized the purchase
of certain lands described therein from Justine Holdings Limited
and from William A. McKay and Melba E. McKay for the purpose of an
industrial site;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $260,000 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 $260,000 in
lawful money of Canada and the Corporation shall issue debentures
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 five
annual instalments of principal on the 15th day of June in each
of the years 1972 to 1976, both inclusive, and shall bear interest
at the rate of Eight and one-Eighth percent (8-1/8%) per annum
payable semi-annually. The debentures shall have coupons attached
for the payment of such interest on June 15 and December 15 in
each year. The respective amounts of principal and/or interest
payable in each of the years 1971 to 1976 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.
5. There shall be raised in each year in which an instal-
ment of principal and/or interest becomes due, by spec_al rate on all
the rateable property in the Township of Pickering the amount set
out in the fifth column of Schedule "A" hereto.
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.
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7. The rate of interest on such debentures referred to
in said By-law Number 3917/70 shall be changed from 9?% to 8-1/8%,
and the said By-law is hereby amended accordingly.
READ a FIRST AND SECOND time in open Council this i
day of I 1971.
eeve ?
c
Clerk
AND READ a THIRD time and PASSED in open Council this
day of ( 1971.
eeve
Clerk
SCHEDULE "A" TO BY-LAW NUMBER 4013/71
$260,000.00
TOWNSHIP OF PICKERING
(Province of Ontario)
8-1/8ti Debentures
To be dated: 15 June, 1971
To mature: 15 June, 1972 to 1976
PAYMENT # DATE RATE PRINCIPAL INTEREST TOTAL
1 Dec. 15, 1971 8-1/8x S 10,562.50 $ 10,562.50
2 June 15, 1972 8-1/8% $ 44,000.00 10,562.50 54,562.50
3 Dec. 15, 1972 8-1/8% 8,775.00 8,775.00
4 June 15, 1973 8-1/8% 48,000.00 8,775.00 56,775.00
5 Dec. 15, 1973 8-1/8% 60825.00 6,825.00
6 June 15, 1974 8-1/8% 52,000.00 6,825.00 58,825.00
7 Dec. 15, 1974 8-1/8% 4,712.50 4,712.50
8 June 15, 1975 8-1/8% .56,000.00 4,712.50 60,712.50
9 Dec. 15, 1975 8-1/8% 2,437.50 2,437.50
10 June 16, 1976 8-1/8% 60,000.00 2,437.50 62,437.50
$ 260,000.00 $ 66,625.00 $ 326,625.00
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