HomeMy WebLinkAboutBy-law 1260B Y- L A W N 0. 1 2 6 0
Or' THR "UNICIPAL -QRT "BRA ?O'T " 7"' T_)4113HIP OF fICF?Pj*
A By-Law to authorize th- sail ^orpcration to enter into and xecute
a con ract with the Hvdro-r'lectric Power Commission of Ontario for
the supply of electr'_.cal power or enerty for t:;e purp_se of 1'- Jiting
the Streets and other 1'.iblic Hi,'•,w;,vs in t',e Police Villa -e of
Pickerin7, and to authorize the borrcwin- of One thousand 7ollars to
defrav tie cost of installin_ such li^hta and the works, plant,
machiner,'• and appliances n-ces?Tarv in connection t".erewith ! the
said Pr,,lice Villa,-e.
WV11'r!:AS a majority of the resident freeholders, accordln? to the list
revised assessment roll of the said +ownship, residing- in the colice
Villa?,e o^ Pfckering, have petitioned the Council of tree said Town-
ship to take the necessarv proceedings and to procure from the said
Co-!^ ission e sup_ ly of electrical power or energy for p> irpose of
li rhtinf* the streets and other Public tii">hwavs in tlp said colic e
Villa, -, the said petition 'oeinr> dulv certified by th^ "ierk of the
said Township as containing the si>n+atures of a rlajority o(' the said
resident !'reeholAers cf said Police Village.
AND 'P,'HTE;eEAS by r quest of the Council of the said ?orporatlon, the
sa C-77 scion h:s furnished the sz,id Council with es'-inmates of
th- maximur cost at which the electrical power or enerc,y Ali c)e
supplied for tli., 117htinrr of the said Streets and rc_:.9s anc of in-
staliin- all uecesaarv AOr'kS, plant, machlnery <cnd sup is ;-.
connection t'nerewl.th.
-AS at a Special oleeti"n,,; of the Council of the said ^orpora-
tion, by d o- the 12th' day c.f --pril, 1926 (of which -pecial ...eeti.n
eacn o" th TAforc iid petitioners received due and ti•nely notice)
none f the said petitioners withdrew their nanes fro=m the said
Petition.
AIM 'VTTEv^AS. the said ^ounc'l deems it desirable to com-l-, pith the
sa_ T=on and to pass iv-i,aw authorizing the e°ecutioc; by
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the said Corporation of a contract with the aroresaid ro!ariissio
for the scupsses stated above, vnd to authoraze the borrowin- of
the said sum of "ne ''ho-;sand Dollars, on the credit of the corpora-
tion, and to issue debentures therefor, bearin- interest at the rate
of fire and one-h,alf percent per, annum, which is the amount of the
debt intended to be created by this f3v-Lew.
AND NHFRFAS the amount o1' the whole rateable property of the said
u-n c pa t^ -f the Township of Pickering, according to the last
revised assessment roll, is $3,650,526.72.
AND "WHFI ?SAS the amount of the existing debenture debt of the said
Corporation, exclusive of Local Improvement, secured by special rates
or :ssps-rent9, is rI02,390.13", and no part of the Principal or
interest !.s 'n arrear.
THFR-'FAR°_ Tz ;'iJVICIPAL C 1IINCIL ')c' Tf T CORP'1RATIDN OF 'ft?T TOVINSHIP
1. That a contrast in terms of the Airreament in such cases required
by the s"ald ';avdro-3lectric Power Commission of Ontario or bT the
Power Commission ,ct, and amendments thereto, is hereby approved and
authorized to •-e entered into by the said Corporation with th- said
Commission for the furnishin- or electrical power or ener3y f or the
1'_r*htinr_f of the streets and other public hir-hwa-s in the said Police
Village of Pickering, the said Police Village consti.tutin- a part of
the said 'ownship of Pickering.
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2. To meet the cost of conBtruetion and installation of the works,
plant, mschinarv and ap liances necessar r ror t?Zn slip; ly and dist-
ribution of the electrical power or enemy there shall be borrowed,
on the credit of the said "unicipal Corporation of the Township of
Pickerin, at large, the sun of' One Thoo,aw3 L llars, and debentures
shall be is::uel tierefor, bearin, intarnst at the rati of five and
one-?vllf (5z) percent, per annum and hav -i- coupons at-ached thereto
for the pa -ent of t'io interest.
3. The debontures shall all 'ce dated as of the fifteenth day of
December, lQ2',, and shall be payable in fifteen eiual annual instal-
ments of Principal and T-iterent -?n the f fteent:i day of December in
each u^ t,ie v?ars 1' 27 to 1-)41 _nclusive, and the respective ar-aints
of pr' cipal and Inter st pa-•r :>le In =-+c' of such years s'lall be as
set out `n Schedule "A" hereto anne-red, ?vlilch is ';erebr declared to
be and for-i p,rt ?)f th - "r.-LUa.
4. The debentures, is to 'both principal dna interest, 8'i511 I)e
expressed in CA,iadian currencv and nfall be payable at; the
Standard "an'F of -a iada at Claremont, )ritari.o.
5. "'he Revive of the said ('orp,ration shall si -n and issue tree said
debentures, and the debentrre9 and interest coupons mall also be
sinned b-, the treasurer oi' the suid Corporation, :n ! the de:)eetures
s=ill b9 sealed with th= seal of t'ie "orporation. The signe.tur- of
the ' reasurer to the coapcns mmay be written, st.mped or ll the .. raphed
or en-raved.
5, 7urim fifteen vea,•s, the currency of t'-,e debentur,s, the sum of
"inaty-n ne and 13/l_00 Dollars ("99,53) shall be raised annually for
the payment of the debt and Interest by a special rate sufficient
the"Ofor ver and above all ot!ier rates, on all the rateable property
within the limit9 of the said Police Village of Pickering.
7. The debent*nres may contain an.r clause providing for the reRis-
trat on thereof authorized by an,, rclatin- to Municipal Debenti.res
in force at the t'qe of the issue thereof.
S. q r.a shall take effect on t} dap of t)m fl_-ial passi!,g
the eof.
Finally IAS^^.r t`!;s 19th day of -pril, A. D., 1926.
"A'A' SPARS"
........................
Reeve
"D^NALD R. Pv, r,...,,
.................. ..
Clerk
SCHEDULF. "A"
No, of
ehenture ea Principal Interest Total
1 1027 (y1t.63 55.00 4 99.63
2 'L92 47.0 52.55 99.63
1)29 49.67 49.96 99.53
1930 52.41 47.22 99.63
5 1;31 55.29 4 -34 99.63
6 1932 58.3 41.30 99.63
3C .09 09,63
193
9 193 51.92 3.1? 99.63
35 49 31 t 99.53
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No. of
^el,enture Year Principal Interest Total
l0 1936 72.26 A 27.37 = 99.13'1
11 1%37 7;.23 23.40 99.53
12 i?33 '?'i.I 19.2; 99.",3
13 "39 fl!?.$5 99.53
1! 1940 89.-:)2 10.11 99.63
11-3 1941 94-35 .19 99-54
$ 11OJJ?.000 $ ?9?.35 u 1,! ®