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HomeMy WebLinkAboutBy-law 1880BY-LAW NUMBER... /.J. A BY-LAW TO ISSUE DEBENTURES FOR THE PURCHASE OF FIRE-FIGHTING EQUIPMENT, A FIRE HALL AND A LOT FOR SAME IN THE SOUTH WEST PART OF THE TOWNSHIP OF PICKERING WHEREAS on June 20th, 1950, this Council passed By-Law No. 1823 creating a Fire Area composed of Lots Numbered 24 to 35 inclusive from Lake Ontario to half way between Concessions 3 and 4 except + that portion of Frenchman+s Bay subdivision that lies in Lot 24; AND WHEREAS the Council have purchased a lot for a site for the proposed Fire Hall at a cost of $1,100.00, and $ 24,468.14 value of fire-fighting equipment on the recommendation of the Trustees of said Fire Area, and with approval of the Provincial Fire Chief; AND WHEREAS the Trustees of said area called for tenders for the erection o a Fire Hall and received no tenders, the Trustees and Council agreed that Trans-Northern Ste&l Company build a Fire Hall, cisterns, etc., for a price of X13,974.00; AND WHEREAS Provincial grants for said fire equipment are ex- pected to amount to $ 8,563.84; J AND WHEREAS the amount of the whole rateable property of the Muni - c pa ty, according to last revised assessment roll thereof is ,492,853.85 and that of the Fire Area is $ 2,480,105.61; AND WHEREAS it is expedient to borrow upon the credit of the Corporation and to issue debentures therefor bearing interest at the rate of four and one quarter per centum ft4l,gb) payable_aroually and to provide for the discount and the expenses incidental to 'L1 3 negotiations and sale of such debentures; ??Flr1 AND WHEREAS it is expedient to male the principal of the said ebeture 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 existing debenture deot of the Corporation is . 619 72869, which is all school debentures and no part of such interest or principal is in arrear; THEREFMRE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF PICKERING ENACTS AS FOLLOWS: 1. For the purpose aforesaid the Corporation shall borrow upon the credit of the Corporation,TXfsum apt e-Ae**d&%7 $32,000.00 (Thirty Two Thousand Dollars) and shall issue debentures therefor in sums of not less that X100.00 (One Hundred Dollars) eacn. Each debenture shall bear interest at the rate of four and one- quarter percentum (14__ payable annually, and shall i,ave rr 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 tlie 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 ?f and interest payable in each of such years shall be the v amounts so designated in SCHEDULE "A" hereto affixed. By-LAVV No. Page 2 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. 4. The said debentures shall be sealed with the seal of the Corporation and signed by the =lead of the Council or by some other person authorized by By-Law to sign the same, and the 1 Treasurer. The said interest coupons shall be signed by the J Treasurer and his signature thereon may be written, stamped, lithographed or engraved. 5. Commencing in the year 1953, 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 J the said SCHEDULE. Such sum shall be levied and raised by a special rate sufficient therefor, over and abQ_Ve all other rates, upon all the rateable property in th4AArea. 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 336 of the Municipal Act. 7. Pending the sale of the said debentures, the head of the 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. P8. The Corporation shall have the right, at its option, to redeem debentures maturing in the year 1967 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 ex- pressed 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 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 deben- ture, 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 A6,0i41t/ 1951 - -- )ec. 11C, 1951, the P"nnir.ipal 3oard, under P.F.Q. 9- 'IT TS OT?D^RF,D, under and i_n pursuance of tl-le .04 ...:.... ...... aticn ,?PreinhePore referred to and of any and` Reeve ier powers vetted in the ";oard, that tp,P ^,aid itton be and tbA 9,1mo s ham.*,e r, apr,rovPd, and ?e said ,iiiniciFalit-,= r:a;/ now proceed ar,t;h ?.he lderlal{in' unl Prr SU(; til purpose mal, pass all .,... ...... ?_fe h?--laws, including by-laws providin7 for Clerk iUe C1f del?-rttirps renn.rph]_e Over 3 {-e ,mj nOt na fi rteen years." S,,;: "'N.J."'oore", Vice-tlhai_rman BY-LAW read a THIRD time and FINALLY PASSED this 11,1-Z day of 1951 G .. Reeve ................... ?? Clerk S C H E D U L E " A" ATTACHED TO AND FORMING PART OF BY-LAW NO. 1880 $ 32,000.00 - 4 3/4% - 15 year Debenture - equal (to $100.00) yearly payments - 1953 to 1967. Year PRINCIPAL INTERIs3T TOTAL 1953 $ 1,500.00 1,520.00 3,020.00 1954 1,6oo.oo 1,448.75 3,°48.75 1955 1,700.00 1,372.75 3,072.75 1956 1,700.00 1,292.00 2,992.00 1957 1,800.00 1,211.25 3,011.25 1958 1,900.00 1,125.75 3,025.75 1959 2,000.00 s s o 1,036.68- so 3,03 .w- 1960 2,100.90 940.50 3,040.50 1961 2,200.00 .840.75 3.040.75 1962 2,300.00 736.25 3,036.25 1963 2,100.00 627.00 3,027.00 1964 2,500.00 513.00 3,013.00 1965 2,600.00 394.25 2,994.25 1966 2,800.00 270.75 3,070.75 1967 2,900.00 137.75 31037.75 $32,000.00 ?P13,466.T5 45,466.7'5 Issued in $1,000.00 each, or balance in one Debenture.