HomeMy WebLinkAboutBy-law 2793 BY-LAW NUMBER
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING 0F $151,694.72 UPON DEBENTURES FOR THE INSTALLATION OF
A WATERWORKS EXTENSION.
WHEREAS under By-Law No. 2490 a Water Area was created comprising all
~ands in the Township of Picketing west of Ajax and south of
Highway 401 and west of Rouge River;
AND 'WHEREAS under By-Law Number 2626 known as "The Construction By-Law",
our Engineer estimated the cost of watermains to the Rosebank - East
Rouge area south of Highway 401 to be $173,650.00;
' ~D ~P~S The Ontario Munioi~a! ~card by order dated November 20,
bas apprc';ed the ~npcnditura cf $173,550.99 for the purposes authcrizc~
AND WHEREAS the net cost of installation of the said waterworks is
$1§~,8~.2~ less owners' payments in cash of $13,147.57 leaves
$151,a94.72 to be debentured for~
AND WHEREAS it is expedient to borrow for the installation of the said
waterworks extension in the Township of Picketing, a sum not exceeding
~151,fi94.72 upon the credit of the Corporation,,~o issue debentures
therefor, bearing interest at the rate o'f ~'~¥ ~er cent per annum,
payable annually, and to provide the discoun--~-~d expenses incidental
to negotiations and sale of such debentures;
AKD WHEREAS it is expedient to make the sa~d debt repayable in annual
installments duping the period of twenty ~20) years next after the date
of issue of such debentures~ and such amoun~ts respectively that~ with
the interest in respect of the debt, the aggregate amount o~vable for
principal and interest each year shall be. as mear%y as possible, the
same;
'THEREFORE the Council of the Comporation of the Township of Picketing
1. FoP the purpose aforesaid~ the Corporation shall borrow upon the
credit of the Corporation a s~ not exceeding $151~694.72, and
shall issue debentures therefor in sums of not fees than $108~00
each. Each debenture shall bear interest at the rate
per cent per annum payable annually.F and shall have coup~
attached thereto for the payment of such interest.
2. All the debentures shall beam date of July ~, 1963; shall be issued
at one time and within two years after the day on which this By-Law
is passed; and shall be made payable in annual installments during
the period of TWENTY~ ~20~) years next aftem the date of issue thereof;
and the respective amounts of principal and interest payable in each
of such yea~s shall be the amounts so designated in Schedule "A"
hereto annexed.
3. The debentumes shall be payable as to both principal and interest
in lawful money of Canada, and may be made payable at the Canadian
Imperial Bank of Commerce in Claremont or at the principal office
of the said Bank in the City of Toronto or the City of Montreal.
S C H E D U L E " A "
TOBY-LAW NUMBER 2793
T O W N S H I P O F P I C K E R I N G
$ 151,69~.72 - 5 1/2% - 1 to 20 year - DebentuPes
Annual
Year Principal Interest Payment
198~ $ ~,694.72 $ 8,343.20 $ 13,037.92
1965 5,000.00 8,085.00 13,085.00
1966 5,000.00 7,810.00 12,810.00
1967 5,000.00 7,535.00 12,535.00
1968 5,000.00 7,260.00 12,260.00
1969 6,000.00 6,985.00 12,985.00
1970 6,000.00 6,655.00 12,655.00
1971 6,000.00 6,325.00 12,325.00
1972 7,000.00 5,995.00 12,995.00
1973 7,000.00 5,610.00 12,610.O0
1974 7,000.00 5,225.00 12,225.00
1975 8,000.00 ~,8~0.00 12,840.00
1976 8~000.00 ~,400.00 12,~OO.00
1977 9,000.00 3,960.00 12,960.00
1978 9,000.00 3,~65.00 12,~65.00
1979 10,000.00 2,970.00 12,970.00
1980 10,000.00 2,420.00 12,~20.00
1981 11~000.00 1,870.00 12,870.00
1982 11,000.00 1,265.00 12,265.00
1983 12~000.00 660.00 12~660.00
$ 151,694.72 $ 101,678.20 $ 253,372.92