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- L A W N U M B E R 1'k 19
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AMEND
BY-LAW NO. 1892.
WHEREAS By-Law No. 1892, dated February 20, 1952, approved June 16,
2, by the Municipal Board, and passed July 9, 1952, provided for
the borrowing of $230,000.00 - 4e? - 1 to 20 year instalments;
AND WHEREAS the funds from the sale of such debentures were not
required until October, 1952, and such debentures have not been sold;
AND WHEREAS the price of bonds has dropped sharply so that it now
requ res a-5f coupon to bring the same price that a 4e? coupon would
bring several months ago;
BE IT THEREFORE ENACTED BY THE MUNICIPAL COUNCIL OF THE TOWNSHIP OF
PICKERING:
(1) (a) That Clause 1 of By-Law No. 18z, reading "Each debenture
Shall bear interest at the rate of 415 per centum, payable
annually, and shall have interest coupons attached thereto
for the payment of such interest", shall be amended to read:
"Each debenture shall bear interest at the rate of 5 per
centum, payable annually, and shall have interest coupons
attached thereto for the payment of such interest".
(2) That Schedule "A" as stated to be annexed in Clause 2, be
amended to Schedule "B" hereto attached.
(3) That this amendment to By-Law No. 1814 be effective on approval
of the Municipal Board.
BY-LAW read a First time this y' day of
BY-LAW READ A Second time this Y day of
As on October 9, 1952, the Municipal Hoard approved this By-Law.
BY-LAW read a Third time and PASSED this
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J.p D _
AY i.,q
1952.
1952 • _ - -
day of 6?741_ 1952.
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Reeve .
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S C H E D U L E " B II
Attached to and forming part of By-Law Number
$230,000.00 - 5% - 1-20 gears - High School Debenture.
Year Principal Interest Total
1953 7,000.00 11,500.00 18,500.00
1954 7,500.00 11,150.00 18,650.00
1955 7,500.00 10,775.00 18,275.00
1956 8,000.00 10,400.00 18,400.00
1957 I TOO.
901@56.00
10,000.00
18,500.00
1958 90000.00 9,575.00 18,575.00
1959 9,000.00 9,125.00 18,125.00
1960 10,000.00 8,675.00 18,675.00
1961 10,000.00 8,175.00 18,175.00.
1962 11,000.00 7,675.00 18,675.00
1963 11,500.00 7,125.00 18,625.00
1964 12,000.00 6,550.00 18,550.00
1965 12,500.00 5,950.00 18,450.00
1966 13,000.00 5,325.00 18,325.00
1967 13,500.00 4,675.00 18,175.00
1968 14,500.00 4,000.00 18,500.00
1969 15,000.00 3,275.00 18,275.00
1970 16,000.00 2,525.00 18,525.00
1971 17,000.00 1,725.00 18,725.00
1972 17,500.00 875.00 18,375.00
230,000.00 $ 139,075,00 $ 369,075.00
Debentures to be issued in $1,000.00 and odd $ 500.00.