HomeMy WebLinkAboutBy-law 2527 THE CORPORATION OF THE TOWNSHIP OF. PICKERIN_____~G
By-law No. ~ ~Z
A By-law to authorize the borrowing of Two
thousand three hundred and fifty dollars and
seventy-one cents ($2,350o71) upon debentures
for the installation of a water main extension
on Island Road from Rouge Hills Drive easterly
to a point One hundred and forty (140') feet
distant west of ~ivc~Jrd? ~ve in Water Area #1.
WHEREAS under By-laws 2097 and 2360 all the lands in
Pickering Township lying west of the Rouge River were created
into Water Area #1;
AND WHEREAS By-law 2412 was passed authorizing the
construction of a Water main extension on Island Road from
Rouge Hills Drive easterly to a point One hundred and forty
feet (140') distant west of R~.'y~-rsid~ve for the sum of
Two thousand four hundred an~sixty~lars ($2~460.00)~ the
said by-law having been amended by by-law to conform ~ith the
Notice of Intention dated July lOth~ 1959 and published July
24th, 1959~ and the said by-law 2412 having been approved by
the Ontario Municipal Board by order dated August 19th, 1959~
and by the Ontario Water Resources Board by order #59B335
dated June 15th, 1959;
AND WHEREAS the above work has now been completed at
a cost of Two thousand three hundred and fifty dollars and
seventy-one cents ($2,350o71) as compared to the estimates
of Two thousand four hundred and sixty dollars 152,460.00);
AND ~HEREAS it is expedient to borrow for ~ e installa-
tion of the said water main extension the sum of Two thousand
three hundred and fifty dollars and seventy-one cents
($2~350.71) upon the credit of the Corporation of the Township
of Pickering and to issue debentures for the said sum bearing
interest at the rate of Six and one quarters per cent (6¼%)
per annum payable annually and to provide the discount and
expenses incidental to negotiations and sale of such debentures;
AND WHEREAS the said water area has an assessment of
Two million seven hundred and forty-four thousand eight
hundred and ninety dollars ($2,744,890.00), the assessment
of the Township of Picketing is Sixteen million six hundred
and twenty-seven thousand one hundred and eighteen dollars
and fourteen cents ($16,627,118.14}, the total debenture
debt including the debentures to be issued under this By-law
is Two million eight hundred and ten thousand three hundred
and seventy-seven dollars and ninety-four cents ($2,810,377.94)
and no part of the principal or interest of such debenture
debt is in arrear;
AND WHEREAS a special assessment roll has been duly
made and certified in respect of the said work;
THEREFORE the Municipal Council of the Corporation of
the Township of Picketing ENACTS AS FOLLOWS:
1. FOR the purpose of financing the water main extension
on Island Road from Rouge Hills Drive easterly to a point
One hundred and forty feet {1~0'} distant west of Riverside
Drive in the Township of Picketing, the said Corporation shall
borrow upon the credit of the Corporation Two thousand three
hundred and fifty dollars and seventy-one cents ($2,350.71)
and shall issue debentures therefor.
2. EACH debenture shall be for the sum of not less than
One hundred dollars ($100.00) and shall bear interest at the
rate of Six and one quarter per cent (6¼~) per annum payable
annually and shall have coupons attached thereto for the
payment of such interest.
3. ~LL the debentures shall bear the same date~ and shall
be issued at one time and within one year after the day on
which the purpose of the said borrowing is approved by Order
of the Ontario Municipal Board~ may bear any date within such
year and sha±l be payable in annual instalments during the
period of twenty (201 years next after the date of issue thereof~
and the respective amounts of principal an~ interest payable
in each of such years shall be the amounts so designated in
Schedule ',A" hereto annexed, which said schedule is hereby
declared to form part of this By-law.
THE debentures shall be payable as to both principal
and interest in lawful money of Canada, at the option of
the holder, at the Canadian Bank of Commerce in the Village
of Claremont, in the Township of Picketing or at the principal
officesof the said Bank in the City of Toronto and the City
of Montreal.
5. 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.
6. THE amount of the said debenture debt to be paid by
the Corporation is to be the sum of One thousand and fifty-
four dollars and ninety cents ($1,05~1~.90) and there shall be
set aside in each year in which an instalment becomes due
out of the general revenues received by the Corporation a
specific sum sufficient to pay the Corporation's liability
towards the said instalment of principal and interest
when and as it becomes due.
6. THE balance of the said debenture debt being the amount
of One thousand two hundred and ninety-five dollars and eighty
one cents ($1,295.81) is to be pa±d by special annual assess-
ment upon the lands abutting directly upon the said water main
extension and for that purpose, the special assessments set
forth in the said special assessment roll are hereby imposed
upon the lands liable therefor, unless payment is commuted~
which said special assessments with a sum sufficient to cover
interest thereon at the rate aforesaid shall be payable in
each year coramencing in the year 1961 at a special annual rate
per foot frontage of Twenty seven and fifty-five one hundredths
cents ($0.2755) and for that purpose the special annual rate
set forth in the said special assessment rolls is hereby
imposed upon each lot mentioned in the said special assess-
ment rolls according to the assessed frontage thereof over
and above all other rates and levies, which sums shall be
collected annually by the collector of taxes for the Corpora-
tion at the same time andin the same manner as other taxes.
8. THE said debentures may contain a clause providing
for the registration thereof pursuant to Section 33~ of The
Municipal Act.
9. PENDING the sale of said debentures, the Head of the
Council and the Treasurer may raise for the purpose afore-
said by way of loan on such debenture 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.
By-law read a first and second
1960.time this '~O~day °~~'~/ .. ~~
Clerk
By-law read a third time ~nd
passed this~/~day o ~~
1960.
.eeve
Clerk
$ C H E D_,~ ~ E "A "
TO BY-LAW NUMBER 2527
TOWNStIIP OF PICKETING
$ 2.350...,71.-.. 6~ - 1..to 20 sear Debenture
Year _. _Princioal ~n~ergst Total
1961 ~ 100.00 ~ 146.92 ~ 246.92
1962 100.00 140.67 240.67
1963 100,00 134.42 234.42
1964 100,00 128.17 228.17
1965 100,00 121.92 221.92
1966 100 O0 115.67 215.67
1967 100,00 109.42 209.42
1968 100 O0 103.17 203.17
1969 100 O0 96.92 196.92
1970 100 O0 90.67 190.67
1971 100,00 84.42 184.42
1972 100.00 78,17 178.17
1973 100,00 71.92 171.92
1974 100,00 65.67 165.67
1975 100,00 59.42 159.42
1976 100,00 53.17 153.17
1977 200.00 46.92 246.92
1978 200.00 34.42 234.42
'1979 200.00 21.92 221.92
1980 150.7! 9,42 160,13
~ 2~350.71 ~ 1~713.40 ~ 4~064.11