HomeMy WebLinkAboutBy-law 2446THE CORPORATION OF THE TOWNSHIP OF PICKERING
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By-Law No. 1 y f (o `
C. y
By-Law to authorize the construction of an
elevated water storage tank and to borrow
upon debentures therefor the sum of One
Hundred Thousand Five Hundred Dollars
($100,500.00).
WHEREAS the Municipal Council of the Corporation of the Township
of Pickering deems it advisable to borrow for the purpose of constructing
an elevated water storage tank(at/a sum not exceeding One Hundred Thousand
Five Hundred Dollars ($100,500.00) upon the credit of the Corporation and
to issue debentures therefor bearing interest payable annually at the
rate shown in the third column of Schedule "A" attached to this By-Law;
AND WHEREAS the Council of the Corporation of the Township of
Pickering has by By-Law No. 2097 established a Water Area known as
Water Area No. I;
AND WHEFMS the Council of the Corporation of the Township of
Pickering has by By-Law No. 2426 established certain water rates in the
aforesaid Water Area No. I which it is anticipated will provide additional
revenue in the said Area;
THEREFORE the Municipal Council of the Corporation of the Township
of Pickering ENACTS AS FOLLOWS:
n 1. THAT the construction of an elevated water storage tank in Water
/ U Area No. I be and the same is hereby authorized.
2. For the purpose aforesaid, the said Corporation shall borrow
upon the credit of the Corporation One Hundred Thousand Five Hundred
Dollars ($100,500.00) and shall issue debentures therefor.
3. Each debenture shall bear interest at the rates set out for
^/ O the respective years in Schedule "A" attached to this By-Law and shall
IV1a have coupons attached thereto for the payment of the said interest.
4. All the debentures shall bear the same date, shall be issued at
the one time(and within one year after the day on which the purpose of the "i
Q said borrowing is approved by Order of the Ontario Municipal Board,, may
bear any date within such year and shall be made payable in annual instalments
(/? r during the period of twenty (20) 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
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annexed, which said schedule is hereby declared to form part of this by-law.
5. The debentures shall be payable as to both principal and interest
t
in lawful money of Canada, at the option of the holder, at
he
in the
41. of ! ! or at the principal
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office of the said Bank in the City of Toronto. u-? ?i? ++
6. 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 by the Treasurer. The said
interest coupons shall be signed by the Treasurer and his signature thereon
may be written, stamped, lithographed or engraved.
d, 71" That there shall be set aside in each year in which an instalment
Ibecomes due out of the water rate revenues received in the said Water Area
4
pursuant to the said By-Law No. 2426, a specific sum sufficient to pay
the said instalment of principal and interest when and as it becomes due.
1, The said debentures may contain a clause providing for the
p1Y? registration thereof pursuant to Section 335 of The Municipal Act.
9. 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.
10. The
shall have the right\at its option to redeem the
se d debentures e her in whole or in part on any \ateprior to maturity at
the p aces where a nd 'n the moneys in which the ses are expressed
to be pa able, upon pa t of the principal amouogether with
interest ac rued to the date of redemption and upevious notice
of said
and once in a
in the City of
to redeem by
newspaper of
notice to be advertised
fixed for redemption.
and once in a
aforesaid at
by post at least thirty days
once in the Ontario`Cazette
provincial circulation,
newspaper, if any, such
thirty days before the date
of intention sot redeem shall also be sent
ri to the date set r such redemption
to each person in whose name a
so to be redeem'*&,d is registered
at the address shown in the Debenture Registry Book. Where only a portion
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READ a first and second time this
?0/?+l day of A&W
19 5 .
o he debentures of this issue is to be redeemed, such p tion shall
comprise ly the debentures that have the test maturity dates a
no debenture of issue shall be called for suc emption in
priority to any such debentur t has a later maturity date.
READ a third time and finally passed
this
day of
19+
Reeve
Clerk
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