HomeMy WebLinkAboutBy-law 3154 DEBENTURE BY-LAW
THE.CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NO. ~/~
~ By-law to authorize the borrowing of
$29,105.25 upon debentures to pay part
of the cost of construction of certain
watermains as set forth in Schedule "B"
attached hereto.
WHEREAS the Council of the Township of Pickering by By-law
No. 2944, authorized the construction of certain watermains as set
forth in Schedule "B'' attached hereto.
AND ~WHEREAS the Ontario Municipal Board, by its Order made
on the 3Otb day of March 1965, under file No. F5763-64, approved the
expenditure by the Corporation of the sum of $100,947.00 in connection
with the work described in the said By-law and the borrowing of money
for such purposes by the issue of debentures repayable over a term not
exceeding 20 years.
AND WHEREAS the Rhinister of Municipal Affairs by his commit-
ment to make Loan No. L450 dated the 30th day of June 1965 approved the
making of a loan under The Municipal Works Assistance Act in the amount
of $38,807.00 bearing interest at the rate of 5~% per annum repayable
over a term not exceeding 20 years.
AND WHEREAS the portion of the cost to be borne by the
Corporation is $7,509.35 and the portion of the cost to be borne by the
owners is $30,927.65.
AND WHEREAS special assessment rolls have been prepared and
certified.
AND WHEREAS the Council by an application for a payment on
a loan dated the 19th day of April 1966, has requested the ~inister of
Municipal Affairs to make a final payment on a loan in the amount of
$38,807.00.
AND WHEREAS the ~[inister of Municipal Affairs has requested
the Corporation to deliver to him a debenture of the Corporation in the
principal amount of $29,105.25 bearing interest at the rate of 5~% per
annum, certified as to validity by The Ontario Municipal Board, as
security for the repayment of the above loan and it is now deemed
-2-
expedient to authorize the issue and delivery of such a debenture.
NOW THEREFORE the Council of The Corporation of the Township
of ?ickering, ENACTS AS FOLLOWS:
1. THAT money shall be borrowed on the credit of The Corporation
of the Township of ?ickering at large by the issue of a debenture of the
Corporation in the principal amount of ~29,105.25. The said Debenture
shall bear interest at the rate of 5~% per annum calculated yearly,
not in advance, and payable on the 1st day of June in each year of
the currency of the Debenture.
2. THAT the said Debenture shall be dated the 1st day of June
1966, and shall be payable in 20 equal annual payments of principal
and interest combined of $2,385.24 each, on the 1st day of June in
each of the years 1967 to 1986 inclusive, and the respective amounts
of principal and interest payable in each of such years shall be as
set forth in Schedule "A" hereto which is hereby declared to be and
to form part of this By-law.
3. THAT the said payments of principal and interest combined
shall be payable in lawful money of Canada by cheques sent through
the post to the registered address of the registered owner of the
Debenture and such cheques shall be payable at par in Toronto or
Montreal at the option of the payee.
4. THAT the said Debenture shall be sealed with the Seal of
the Corporation and shall be signed by the Reeve or by some other
person authorized by By-law to sign the same and by the Treasurer.
5.(a)THAT there shall be raised in each of the year 1967 to
1986 inclusive, by special rate sufficient therefor, over and above
all other rates, on all the rateable property in the Township of
Picketing at the same time and in the same manner as other rates,
the total annual sums of principal and interest payable in such
years on the said debenture as is set forth in the fifth column of
Schedule "A" attached hereto, but no greater rate shall be levied
in any year for such purpose, khan is required to pay the instalment
after taking into account receipts from the special assessments
and (c)
provided in Clauses(b)/hereof or from any source in respect to the
said work.
-3-
5.lb) COMMENCING in the year 1967 and in each year thereafter in
which an instalment of principal and interest becomes due, the Corpora-
tion shall levy and raise for the payment of the said principal and
interest the specific sum shown for the respective year in the said
Schedule "A" on all the rateable property in Water Area No. i as
established by By-law 2490 and enlarged by By-law 2943, 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 rate provided in Clause (c) hereof.
(c) FOR payment of the owners' portion of the cost and interest
thereon, the special assessments set forth in the special assessment
roll are hereby imposed upon the lands liable therefor as therein set
forth; which special assessments with a sum sufficient to cover the
interest thereon at the rate aforesaid, shall be payable in twenty
equal instalments, and for that purpose an annual rate per foot
frontage is hereby imposed upon each lot entered in the said special
assessment roll, according to the assessed frontage thereof, over
and above all other rates and taxes, and said special rates shall be
collected annually by the collector of taxes for the Corporation at
the same time and in the same manner as other rates.
6. THAT the debenture be sold to the Treasurer of Ontario on
the condition that he shall not sell or otherwise dispose of the
debenture except after the expiration of six months from the dispatch
by the Treasurer of Ontario to the Treasurer of the Corporation, by
registered mail, of a notice of intention to sell or otherwise dispose
thereof; but any subsequent holder, subject to compliance with any
conditions arising as a result of registration of the debenture, may
sell or dispose thereof without notice to the Corporation.
7. THAT the said Debenture shall contain a clause providing
for the registration thereof pursuant to section 323 of The Municipal
Act.
8. THAT application shall be made to The Ontario Municipal
Board for the approval of this By-law and for the certification of
the debenture to be issued thereunder pursuant to Part IV of The
Ontario Municipal Board Act.
-4-
9- THAT the Reeve and the Treasurer are hereby authorized to do
all things and to execute all documents and other papers in the name of
the Corporation in order to carry out the provisions of this By-law and
the Treasurer is authorized to affix the seal of the Corporation to all
such documents and papers.
READ a first, second and third time and finally passed this 3~.f~ day
of /~y 1966.
Re~ve. /
Clerk
THE CORPORATION OF THE TOWNSHIP OF PICKERING
SCHEDULE "A" TO BY-LAW NUMBER ~
Loan Number L450 5. Rate of Interest 5~%
Amount of the Loan $ 38,807.00 6. Term 20
Amount of the forgiveness 9,701.75
Amount to be repaid 29,105.25
(1) (2) (3) (4) (5)
Payment
Number Date Due Principal Interest Total
i i June 1967 857.21 i 528.03 2,385.24
2 i June 1968 902.22 i 483.02 2,385.24
3 i June 1969 949.58 i 435.66 2,385.24
4 1 June 1970 999.44 1 385.80 2,385.24
5 1 June 1971 1 O51.91 1 333.33 2.385.24
6 1 June 1972 i 107.13 i 278.11 2.385.24
7 i June 1973 i 165.26 i 219.98 2.385.24
8 i June 1974 i 226.43 I 158.81 2.385.24
9 i June 1975 i 290.82 i 094.42 2.385.24
10 1 June 1976 i 358.59 i 026.65 2.385.24
ll I June 1977 1 429.92 955.32 2.385.24
12 i June 1978 i 504.99 880.25 2 385.24
13 i June 1979 i 584.00 801.24 2,385.24
14 1 June 1980 i 667.16 718.08 2,385.24
15 i June 1981 I 754.68 630.56 2,385.24
16 i June 1982 i 846.80 538.44 2,385.24
17 1 June 1983 i 943.76 441.48 2,385.24
18 i June 1984 2,045.81 339.43 2,385.24
19 1 June 1985 2,153.21 232.03 2,385.24
20 i June 1986 ~,266.33 118.94..' 2,~8~.24
$29,105.25 18,599.55 . 47,704.80
THE CORPORATION OF THE TO'~NSH~p OF P!CKERING
SCHEDULE "B" TO BY-LAW NUMBER 3154
Construction of Watermains on:
FAIRPORT ROAD from Vistula Drive to the Road allowance
between Range 3 and Concession 1
ROAD ALLOWANCE BETWEEN RANGE ),,and CONCESSION 1 from
Fairport Road to the West limit of Lot 29, Range 3
$100,947.00