HomeMy WebLinkAboutBy-law 3164 THE CORPORATION OF THE TOWN~HIP OF. PICKERING
Being a By-law to provide for the
borrowing of $61,500.00 upon Debentures
of the Corporation of the Township of
Picketing, for the purchase of the lands
described in Schedule IAI hereto annexed
for the purpose of establishing Industrial
Sites.
WHEREAS it is deemed advisable to purchase the lands
described in Schedule A annexed hereto for the purpose of
sites for the establishment and carrying on of industries and
industrial operations;
AND WHEREAS it is deemed advisable for the purpose
of purchaSing the said lands, to borrow a sum not exceeding
the sum of $61,900.00 upon the credit of the Municipal
Corporation, and to issue debentures therefore bearing
interest payable at the rate of 6~% per annum;
AND WHEREAS iris expedient to make the said debt
repayable in annual instalments during the period of 5 years
next after the date of issue of such debentures and in such
amounts respectively that with the interest in respect of
the debt, the aggregate amount payable for principal and
interest shall be, as nearly as possible, the same.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF
THE TOWNSHIP OF PICKERING ENACTS AS FOLLOWS:
1. That the purchase of the lands described in
Schedule ~A~ annexed hereto and forming a part of this By-
law be and the same is hereby authorized.
2. That for the purpose aforesaid, the Corp~ation
shall borrow upon the credit of the Corporation the sum of
$61,900.00 and shall issue debentures therefor in the amount
of $61,500o00 payable in the manner and at the time herein-
after set forth.
3. Each debenture shall bear interest at the rates set
out for the respective years in Schedule ~B! attached to this
By-law and shall have coupons attached thereto for the payment
of the said interest.
4. All debentures shall bear the same date, shall be
issued at the one tir~ and within one year after the day on
which the issue of the said debentures is approved by Order
of The Ontario Nnnicipal Board, may bear any date within such
year and shall be made payable in ' annual instalments during
the period of ~ 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 tB~ hereto snuexed, 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 Imperial Bank of Commerce in the Villsge
of Clarem~nt in the Township of Pickering, or at the principal
office of the said Bank in the Cities of Toronto and Montreal.
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 or engraved, lithngraphed, printed or otherwise
mechanically reproduced. The signature of the Head of
0ouncil 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 Treasurer may be written or engraved, litho-
graphed, printed or otherwise mechanically reproduced.
?. That there shall be raised in each year in which an
instalment becomes due, by a special rate on all the rateable
property in the M~nicipality, a specific sum sufficient to
pay the said instalment when and as it beco~S 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 sale of the said lands or part or psrts
the re of.
8. The said debentures may contain a clause providing
for the registration thereof pursuant to Section 32~ of The
MAnlcipal act, R.~.0. 1960, C. ~49.
9. pending the sale of the said debentures, the Head
of the ~ouncil 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 bor~'owed and may hypothecate such ~ebentures for such
loan.
READ a first and second time this
READ a third time and finally passed
this 2o day of ~L~ 1966.
Cler~
SCHEDULE iAI to By-law Number .~ ~ ~ 4-
of the TOWNSHIP OF PICKERING
Part of Lot 19,Broken Front Concession, Range 3 in the
Township of Picketing in the County of Ontario, comprising
an area of 20 acres, having a frontage of 730 feet more or
less on the West limit of the Road Allowance between Lots
18 and 19, commencing 960 feet south of the North limit of
the said Lot 19 and running thence South, by a depth of
1190.99 feet to the East limit of the lands of the Hydro
Electric Power Commission of Ontario.
SCHEDULE tB~ referred to in
the annexed By-law No. ~ ~ ~
$61,500
TO~SHIP OF PICKERING
6 ~ Debentures
To mature one to five years
SCHEDULE
ANNUAL
YEAR PRINCIPAL INTEREST PAYMENT
1967 $ 11,500 $ 3,997.50 $15,497.50
1968 11,000 5,250.00 14,250.00
1969 12,000 2,535.00 14,535.00
1970 13,000 1,755.00 14~755.00
i97i i~,ooo ~lo.oo i~,~io.oo
$ 61,500.00 $12,447.50 $73,947.50