HomeMy WebLinkAboutBy-law 2816 B Y - L A W N U M B E R ~-~';
A BY-LAW OF THE CORPORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF $130,050.09 UPON DEBENTURES FOR THE INSTALLATION OF
SEWERS IN WEST ROUGE FROM CENTRAL MORTGAGE AND HOUSING CORPORATION.
WHEREAS the Township of Picketing entered into an agreement with the
Ontario Water Resources Commission for the construction of a sewer
main extension to serve the West Rouge Area on March 8, 19B2, and same
is now completed;
AND WHEREAS such agreement estimated the cost of such work to be paid
for as foilows:
Estimated Debt to Ontario Water Resources Commission - $357~O00.O0
Estimated Debt to Central Mortgage & Housing Co~p. - 130,500.00
Estimated Central Mortgage g Housing Corporation
Write-Off - ~3,5~Q~00
Cash on Hand - 26t500..00_.'
Estimated Net Long Term Debt -$ ~88,000.00
AND WHEREAS the Ontario Municipal Board has approved By-Law No. 2610
for $577,500.00, less $26,500.00;
AND WHEREAS the final statement of cost of such work as submitted by the
Ontario Water Resources Commission is $509,135.00,,thirty year, 5 1/8%
convertible S.A. debentures;
AND WHEREAS it is expedient to borrow such sum from Central Mortgage and
Housing Corporation for the installation of the said sewer main extension
in the Township of Picketing upon the credit of the Corporation and to
issue debentures therefor, bearing interest at the rate of 5 1/8 per
cent per annum convertible S.A. payable annually;
AND WHEREAS it is expedient to make the said debt repayable in annual
znstallments during the period of thirty (30) years next after the
date of issue of such debentures, and such amounts respectively that,
with the interest in respect of the debt, the aggregate amount payable
for principal and interest each year shall he, as nearly as possible,
the same;
THEREFORE the Council of the Corporation of the Township of Picketing
ENACT~ AS F.OLLOWS:
1. For the purpose aforesaid, the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $130,050.09, and shall
issue debentures therefor in sums of not less than $100.00 each.
Each debenture shall bear interest at the rate of 5 1/8% (per cent)
per annum payable annually convertible S.A. and shall have coupons
attached thereto for the payment of such interest.
2. All the debentures shall bear daw of September 30, 1963; shall be
issued at one time and ~ithin two years after the day on which
this By-Law is passed; and shall be made payable in annual install-
ments during the period of THIRTY (30) 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 annexed.
3. The debentures 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 ~he City of Montreal.
2
The 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 intemest coupons shall he signed by the Tmeasurer and his
signatupe to them may be written or engraved, lithographed,
printed or otherwise mechanically ~eproduced. The signatume of
the Head of the Council may be written or engraved, lithographed,
printed or otherwise mechanically reproduced and, if such debentures
are countersigned in writing by the deputy treasurer, the signature
of the Treasumer thereon may be written oP engraved, lithographed,
printed om otherwise mechanically reproduced.
5. (a) That there shall he raised, in each year in which an installment
becomes due, by a special rate ~ on all the
rateable property in the Municipality, a specific sum
sufficient to pay the said instalment when and as it becomes
due, but no greater rate shall be levied in any year, for
such purpose, than is required to pay the instalment after
taking into account receipts from the special mate, pmovided
in clause (b) hereof, or fmom any source in respect to the said
work.
(b) Commencing in the year 196g and in each year thereafter in
which an instalment of principal and interest becomes due,
The Corporation shall levy and raise for the payment of the
said pmincipal and interest the specific sum shown fo~ the
respective year on all the rateable pPopemty in Sewer Amea
No. 1 as established by By-Law Number 2~89.
6. The said debentures may contain a clause providing rom the
registration thereof pursuant to Section 328 of the Municipal
Act.
7. Pending the sale of the said debentures, the Head of the Council
and the Treasurer may raise for the purposes aforesaid by way of
loan on such debentures any sum o~ sums of money not exceeding
in all the sum hereby authorized to be borrowed and may hypothecate
such debenture for such loan.
a h ~
Clerk
BY-LAW read a Third time and PASSED thi day M~ 1963.
Reeve
Clerk
S C H E D U L E " A "
BY-LAW NO.
T O W N S H I P O F P I C K E R I N G
130,050.09 5 1/8% - 1 to 30 year Debentures
Project Completed: January 1, 1963 Loan Amount: $ 173,400.32
Less Forgiveness: .
Balance to be Amortized: $ ;30,050.~9
Ba~ment No., Date Due, ~rincipal Interest Total
1 January 1, 1964 $ 473.56 $ 1,655.73 $ 2,129.29
2 January 1, 1965 2 014.65 6,725.88 8,740.53
3 January 1, 1966 2 119.22 6,621.31 8~7q0..53
4 January 1, 1967 2 229.22 6,511.31 8,740.53
5 January 1, 1968 2 344.93 6,395.60 8,740.53
6 January 1, 1969 2 466.65 6,273.88 8,740.53
7 January 1, 1970 2 594.69 6,145.84 8,740.53
8 January 1, 1971 2 729.37 6,011.16 8,740.53
9 January 1, 1972 2 871.04 5,869.49 8,740.53
10 January 1, 1973 3 020.07 5 720.46 8,740.53
11 January 1, 1974 3 178.83 5 563.70 8,740.53
12 January 1, 1975 3 341.73 5 398.80 8,740.53
13 January 1, 1976 3 515.19 5 225.34 8,740.53
14 January 1, 1977 3,697.65 5 042.88 8,740.53
15 January 1, 1978 3,889.58 4 850.95 8,740.53
16 January 1, 1979 4 091.47 4 649.06 8,740.53
17 January 1, 1980 4 303.85 4 436.68 8,740.53
18 January 1, 1981 4 527.25 4 213.28 8,7~0.53
19 January 1, 1982 4 762.24 3 978.29 8,740.53
20 January 1, 1983 5 009.43 3 731.10 8 740.53
21 January 1, 1984 5 269.46 3,~71.07 8 7~0.53
22 January 1, 1985 5 542.98 3,197.55 8 740.53
23 January 1, 1986 5 830.69 2,909.84 8 740.53
24 January 1, 1987 6 133.35 2,607.18 8 740.53
25 January 1, 1988 6 451.71 2,288.82 8 740.53
26 January 1, 1989 6 786.59 1,953.94 8 740.53
N.B~ 1) THIS SCHEDULE HAS BEEN PREPARED ON THE
ASSUMPTION THE FIRST AND FINAL ADVANCE WILL
BE MADE ON SEPTEMBER $0TH, 1963o
The FIRST PRINCIPAL PAYMENT HAS BEEN CAL-
CULATED FOR A $ MONTHS PERIOD, BASED ON A
30 YEAR REPAYMENT FACTOR. THE BALANCE OF
PRINCIPAL HAS BEEN AMORTIZED OVER 29 YEARS.
3) THE FIRST INTEREST PAYMENT HAS BEEN CAL-
CULATED AS FOLLOWS:
$130,050.09 x .01273145 (COMPOUND INTEREST FACTOR
FOR 3 MONTHS) (SEPT. 30TH. TO DEC. 3tST)
= $1,655.73
Payment No. Date Due Principal Intemest Total
27 JanuaPy 1, 1990 7,138.86 1,601.67 8,740.53
28 JanuaPy 1, 1991 7,509.42 1~231.11 8~740.53
29 JanuaPy 1, 1992 7,899.21 841.32 8,740.53
30 Januamy 1, 1993 8;309.20 ~31.33 8~7~0.53
$ 130,050. 09 125,554.57 $ 255,60~.66