HomeMy WebLinkAboutBy-law 4089/71. f,
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 4089/71
Being a by-law to authorize the
borrowing of $279,270 upon de-
bentures towards the cost of
construction of watermains in
the Altonaea.
K i4
WHEREAS by By-law Number 3870/70, the Council of The
ed the con-
z
Corporation of the Township of Pickering aut Ir
struction of various watermains in the Alton ea as more
particularly described therein;
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. 1970, Chapter
255;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $279,270 pay-
able 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 purposes aforesaid, there shall be borrowed
upon the credit of the Corporation at large the sum of $279,270
in lawful money of Canada and the Corporation shall issue deben-
tures therefor in denominations of not less than $50 each.
2. The debentures shall be dated the 15th day of December,
1971, shall be issued at one time and shall be payable in twenty
annual instalments of principal on the 15th day of December in
each of the years 1972 to 1991, both inclusive, and shall bear
interest semi-annually on the 15th days of June and December in
each year at the rates 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 interest payable in each of the years
1972 to 1991 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 authori::ed 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 en-
graved, lithographed, printed or otherwise mechanically
reproduced. The signature of the Reeve on the debentures
may be written or engraved, litligraphed, printed or otherwise
mechanically reproduced.
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5. (a) There shall be levied and raised in each year in
which an instalment of principal and interest becomes due
by a special rate sufficient therefor, over and above all.
other rates, on all rateable property in the area as defined
in By-law Number 3870/70, the respective amount set forth
in Column 5 of Schedule "A" hereto, but no greater rate
shall be levied in any year than shall be 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 pro-
vided for by By-law Number 3870/70 is hereby imposed upon the
lands liable therefor as set forth in said By-law Number
3870/70, which special rate with a sum sufficient to cover
interest thereon shall be payable in twenty equal 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 Corpora-
tion 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 relat-
ing 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 3870/70 shall be deleted
and the said by-law is hereby amended accordingly.
READ a FIRST AND SECOND time in open Council this
6th day of December, 1971.
AND READ a THIRD time and PASSED in open Council this
6th day of December, 1971.
f
SCHEDULE "A" TO BY-LAW NUMBER 4089/71
$279,270.00
TOWNSHIP OF PICKERING
(Province of Ontario)
To be dated: 15 December, 1971
7-1/2% to mature: 15 December, 1972 to 1981
8.00% to mature: 15 December, 1982 to 1991
YEAR RATE PRINCIPAL INTEREST TOTAL
1972 7 1/2% $ 6,270.00 $ 21,890.25 $ 28,160.25
1973 7 1/2% 6,500.00 21,420.00 27,920.00
1974 7 1/2% 7,500.00 20,932.50 28,432.50
1975 7 1/2% 8,500.00 20,370.00 28,870.00
1976 7 1/2% 8,500.00 19,732.50 28,232.50
1977 7 1/2% 9,500.00 19,095.00 28,595.00
1978 7 1/2% 9,500.00 18,382.50 27,882.50
1979 7 1/2% 11,000.00 17,670.00 28,670.00
1980 7 1/2% 11,000.00 16,845.00 27,845.00
1981 7 1/2% 12,000.00 16,020.00 28,020.00
1982 8% 13,000.00 15,120.00 28,120.00
1983 8% 14,000.00 14,080.00 28,080.00
1984 8% 15,000.00 12,960.00 27,960.00
1985 8% 17,000.00 11,760.00 28,760.00
1986 8% 18,000.00 10,400.00 28,400.00
1987 8% 19,000.00 84960.00 27,960.00
1988 8% 21,000.00 7,440.00 28,440.00
1989 8% 22,000.00 5,760.00 27,760.00
1990 8% 24,000.00 4,000.00 28,000.00
1991 8% 26,000.00 2,080.00 28,080.00
$ 279,270.00 $ 284,917.75 $ 564,187.75