HomeMy WebLinkAboutBy-law 1845B Y- L A W N 0. / 9 y-6
of the Township of Pickering, to issue debentures for the purchase
of fire-fighting equipment and site for the Fire Hall in the south-
west part of the Township.
WHEREAS on June 20th, 1950, this Council passed By-law No. 1823
?y creating a Fire Area composed of Lots numbered 24 to 35 inclusive
from Lake Ontario to halfway between Concessions 3 and 4, except
that portion of Frenchman's Bay that lies in Lot 24.
AND WHEREAS Fire fighting equipment has been purchased by the
Township Council amounting to $24,468.14 and land for Fire Hall
site at a cost of $1,100.
AND WHEREAS 4grants for said fire equipment are expected to amount
o , 3•
AND WHEREAS it is expedient to borrow upon the credit of the Corporation
an'- to7ssue debentures therefor bearing interest at the rate of THREE
AND ONE QUARTER (3%) Percentum payable annually, and to provide for the
discount and the expenses incidental to negotiation and sale of such
debentures.
AND WHEREAS it is expedient to make the principal of the said
debentures repayable in annual instalments during the period of
fifteen (15) years next after the date of issue of such debentures,
of such amounts respectively that, with the principal and interest
in respect of the debentures, the aggregate amount payable for
principal and interest in each year shall be, as nearly as possible
(within $100.00) the same.
+ AND WHEREAS the amount of the whole rateable property of the Municipality,
accordfng to the last revised Assessment Roll thereof, is $7,743,547.90.
AND WHEREAS the amount of the existing debenture debt of the Corporation
s , 0 . which is all issued for a High School, and said Corporation
guarantees $$139,192.54 for local schools and $355.67 for a local
improvement and no part of such principal or interest is in arrear.
0000; AND EAS the assessment of said Fire Area is ?p1,937,720.00.
THEREFORE the Council of the Corporation of the Township of Pickering
E N A C T S as follows
1. For the purpose aforesaid the Corporation shall borrow 3,Z
upon the credit of the Corporation, a sum not exceeding $1+y949w4DG
( ) and shall issue debentures therefor
in sums of not less than $100.00 (One hundred Dollars) each
Each debenture shall bear interest at the rate of (Three and
one quarter percentum) payable annually, and shall have coupons
attached thereto for the payment of such interest. ,
2. All the debentures shall bear the same date; shall be
issued at one time and within two years after the date on which
this By-law is passed, may bear any date within such two years;
and shall be made payable in annual instalments during the period
of FIFTEEN (15) years next after the date of issue thereof, and
the respective amounts of principal and interest payable in each
of such years shall be the amounts so designated in SCHEDULE "A"
hereto affixed.
3. The debentures, shall be payable as to both principal and
interest in lawful money of Canada and may be made payable at
such place or places in Canada as shall be designated thereon.
(+no
4. The said 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 the same, and the Treasurer. i
The said interest coupons shall be signed by the Treasurer and his
signature thereon may be written, stamped, lithographed or engraved.
I %W
BY-LAW N06 Page 2.
3
5• Commencing in the year 195X, and thereafter in each year
in which an instalment of principal of the said debt and interest
become due, the Corporation shall levy and raise the specific
amount shown for the respective year in the fourth column of
the said SCHEDULE. Such sum shall be levied and raised by a
special rate sufficient therefor, over and above all other rates,
upon all the rateable property in the Area.
6. The said debentures may contain a clause providing for
? the registration thereof pursuant to Section 336 of the Municipal
• Act.
7. Pending the sate of the said debentures, the head of the
,J Council and the Treasurer may raise for the purpose aforesaid,
by way of loan on such debentures, any sum or sums of money not
exceeding in all the sum hereby authorized to be borrowed, and
may hypothecate such debentures for such loan.
S. The Corporation shall have the right. at its option, to _
redeem debentures maturing in the year 19?•Y of such issue, either
in whole or in part, on any date prior to maturity at the places
where and in the monies in which the said debentures are expressed
to be payable, upon payment of the principal amount thereof,
together with interest accrued to the date of redemption, and
" upon giving previous notice of such intention to redeem by
advertising once in the "Ontario Gazette", once in a daily
1 newspaper of general provincial circulation published in the
City of Toronto, and once in a local newspaper, such notices
to be advertised as aforesaid at least 30 (thirty) days before
the date fixed for redemption. Notice of intention so to redeem
shall also be sent by post at least 30 (thirty) days prior to
the date set for such redemption, to each person in whose name
a debenture, so to be redeemed, is registered, at the address
shown in the Debenture Registry Book.
BY-LAW read a FIRST and SECOND time this day
of ? 12ti? 1951• -
Reeve.
BY-LAW read a THIRD time and
of 1951.
Clerk.
this
day
. . . . . . . . . . . . .
Reeve.
. . . . . . . . . . .
Clerk.
/ S C H E D U L E " A"
ATTACHED TO AND FORMING PART OF BY-LAW # /S* S
! -s
$17,000. - A'% - 1-S-year Debentures - equal (to $100.) yearly
payments - 195 to 196.
Year Principal Interest TOTAL
1952 900. 552.50 1,452.50
1953 900. 523.25 1,423.25
1954 11000. 494.00 1,494.00
1955 1,000. 461.50 1,461.50
1916 1,000. 429.00 1,429.00
1957 1,100. 364.oo 1,464.00
1958 1,100. 328.25 1,428.25
1959 10200. 292.50 1,492.50
1960 1,200. 253.50 1,453.50
1961 1,200. 214.50 1,414.50
1962 1000. 175.50 1,475.50
1963 1,300. 133.25 1,433.25
1964 1,400. 91.00 1,491.00
1965 1,400. 45.50 1,45.50
"117,000. $4,754.75 $21,754.75
Issued in $1,000. each, or balance in one Debenture.