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HomeMy WebLinkAboutBy-law 3174THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3174 A By-law to authorize the issue of Debentures in the principal amount of $6,400.00 to pay the cost of constructing certain works as local improvements. WHEREAS the Council of The Corporation of the Township of Pickering has heretofore constructed as local improvements under the authority of By-law Number 2908 the works described in Schedule "B" hereto under the provisions of The Local Improvement Act; AND WHEREAS the whole of the cost of the said works, amounting to $6,400.00, is to be assessed at an equal rate per foot frontage upon the lots abutting on the works and a special assess- ment roll has been duly made and certified in respect thereof; AND WHEREAS it is now desirable to borrow money to pay the cost of the said works by the issue and sale of Debentures of the Corporation in the principal amount of $6,400.00 bearing interest at the rate of 6-1/2% per annum, which is the amount of the debt intended to be created by this By-law. NOW THEREFORE, the Council of The Corporation of the Town- ship of Pickering enacts as follows: 1. THAT for the purpose aforesaid money shall be borrowed on the credit of The Corporation of the Township of Pickering at large by the issue and sale of Debentures of the said Corporation in the principal amount of $6,400.00. The said Debentures shall bear interest at the rate of 6-1/2% per annum payable annually on the 1st day of August in each year of the currency of the Debentures and coupons shall be attached to the Debentures for the payment of such interest. 2. THAT the said Debentures shall be dated the 1st day of August, 1966 and shall be payable in twenty annual instalments of principal on the lst day of August in each of the years 1967 to 1986, both inclusive, and the respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto. - 2 - 3. THAT the said Debentures shall be payable as to both principal and interest in lawful money of Canada at the Canadian Imperial Bank of Commerce in Claremont, Ontario, or at the principal office of the said Bank in either of the Cities of Toronto or Montreal, at the holderrs option. 4. THAT 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, lithographed, printed or otherwise mechanically reproduced. The signature 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 Treasurer may be written or engraved, litho- graphed, printed or otherwise mechanically reproduced. 5. THAT for the payment of the cost of the said works and the interest thereon the special assessments set forth in said special assessment roll are hereby imposed on the lands liable therefor as therein set forth, which said special assessments, with a sum sufficient to cover interest thereon at the rate aforesaid, shall be payable in twenty annual instalments, and for that purpose the re- spective annual rates per foot frontage set forth in said special assessment roll are hereby imposed upon each lot mentioned in said special assessment roll for each of the works according to the assessed frontage thereof, over and above all other rates and taxes, which said special annual rates shall be collected annually at the same time and in the same manner as other rates. 6. THAT to the extent, if any, that the respective sums of principal and interest payable on the said Debentures in the prin- cipal amount of $6,400.00 as set forth in the fourth column of Schedule "A" hereto have not been provided for by the special rates imposed by paragraph number 5 of this By-law they shall be raised - 3 - in each of the years 1967 to 1986, both inclusive, by a special rate sufficient therefor over and above all other rates on all the ratable property in Pickering Industrial Area. No. 1, as defined in said By-law Number 2908, at the same time and in the same manner as other rates. 7. THAT Schedules "A" and "B" attached hereto are hereby declared to be and to form part of this By-law. 8. THAT the said Debentures may contain a clause providing for the registration thereof pursuant to Section 323 of The Municipal Act. READ a first, second and third time and finally passed this 1164 day of July, 1966. THE CORPORATION OF THE TOWNSHIP OF PICIERING BY-LAW ITUTIMER 3174 SCEMULE "A" TOTAL YEAR PRINCIPAL INTEREST ANNUAL PAYMENT 1967 $ 200.00 $ 416.00 $ 616.00 1968 200.00 403.00 603.00 1969 200.00 390.00 590.00 1970 200.00 377.00 577.00 1971 200.00 364.00 564.00 1972 200.00 351.00 551.00 1973 200.00 338.00 538.00 1974 300.00 325.00 625.00 1975 300.00 305.50 605.50 1976 300.00 286.00 586.00 1977 300.00 266.50 566.50 1978 300.00 247.00 547.00 1979 300.00 227.50 527.50 1980 400.00 208.00 608.00 1981 400.00 182.00 582.00 1982 400.00 156.00 556.00 1983 500.00 130.00 630.00 1984 500,00 97.50 597.50 1985 500.00 65.00 565.00 1986 500.00 32.50 532.50 $6,400.00 $5,167.50 $11,567.50 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3174 SCHEDULE "B" CONSTRUCTION OF: WATERMAIN on: INDUSTRIAL ROAD, from South limit of Base Line Road to South limit of Industrial Road - 595 feet. SANITARY SEWER with connections to the street line, on: INDUSTRIAL ROAD, from 110 feet South of south street line of Base Line Road to South limit of Industrial Road - 489 feet.