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HomeMy WebLinkAboutBy-law 3175THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3175 A By-law to authorize the issue of Debentures in the principal amount of $78,000.00 to pay part of 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 2927 the works described in Schedule "B" hereto under the provisions of The Local Improvement Act; AND WHEREAS the total cost of the said works, after the deduction of a Winter Works Program subsidy in respect thereof, is $209,463.85, all of which is to be borne by the owners and in respect of which special assessment rolls have been duly made and certified; AND WHEREAS $131,463.85, being part of the moneys required to pay the cost of the said works, is being raised under the provi- sions of The Municipal Works Assistance Act; AND WHEREAS it is now desirable to raise a further part of the moneys required to pay the cost of the said works by the issue and sale of Debentures of the Corporation in the principal amount of $78,000.00 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 Township 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 $78,000.00. 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 - 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 1st 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. 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 holder's 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 Trea- surer, the signature of the Treasurer may be written or engraved, lithographed, 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 rolls 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 respective annual rates per foot frontage set forth in said special assessment rolls are hereby imposed upon each lot mentioned in said special assessment rolls 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. -3- 6. THAT to the extent that the respective sums of principal and interest payable on the said Debentures in the principal amount of $78,000.00 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 in each of the years 1967 to 1986, both inclusive, as follows: (a) The portion of such sums attributable to the sanitary sewers and sanitary sewer connections described in said By-law Number 2927 shall be raised by a special rate sufficient there- for over and above all other rates on all the ratable property in the Sanitary Sewer Local Improvement Area of the Township defined in Schedule "B" to said By-law Number 2927. (b) The portion of such sums attributable to the watermains and water service connections described in said By-law Number 2927 shall be raised by a special rate sufficient therefor over and above all other rates on all the ratable property in the Watermain Local Improvement Area of the Township defined in Schedule "D" to said By-law Number 2927. 7. THAT the said Debentures may contain a clause providing for the registration thereof pursuant to Section 323 of The Municipal Act. 8. THAT Schedules "A" and "B" attached hereto are hereby declared to be and to form part of this By-law. READ a first, this I? dday of July, second and third time and finally passed 1966. THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3175 SCHEDULE "A" TOTAL YEAR PRINCIPAL INTEREST ANNUAL PAYMENT 1967 $ 2,000.00 $ 5,070.00 $ 7,070.00 1968 2,000.00 4,94o.oo 6,94o.oo 1969 2,000.00 4,810.00 6,810.00 1970 2,000.00 4,680.00 6,680.00 1971 3,000.00 4,550.00 7,550.00 1972 3,000.00 4,355.00 7,355.00 1973 3,000.00 4,16o.oo 7,i6o.oo 1974 3,000.00 3,965.00 6,965.00 1975 3,000.00 3,770.00 6,770.00 1976 3,000.00 3,575.00 6,575.00 1977 4,ooo.oo 3,380.00 7,380.00 1978 4,ooo.oo 3,120.00 7,120.00 1979 4,ooo.oo 2,86o.oo 6,86o.oo 1980 5,000.00 2,6oo.oo 7,6oo.oo 1981 5,000.00 2,275.00 7,275.00 1982 5,000.00 1,950.00 6,950.00 1983 6,ooo.oo 1,625.00 7,625.00 1984 6,ooo.oo 1,235.00 7,235.00 1985 6,ooo.oo 845.00 6,845.00 1986 7,000.00 455.00 7,455.00 $78,000.00 $64,220.00 $142,220.00 THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER 3175 SCHEDULE "B" Construction of WATERMAINS and WATER SERVICES CONNECTIONS to the Lot Lines, on: 1. FAIRPORT ROAD from Sunrise Avenue to Lakecrest Boulevard. 2. LAIMMEW AVENUE from North Limit of Registered Plan 331 to 10 feet sout of south limit of Lot 30, Registered Plan 270. 3. PARK CRESCENT from Fairport Road to West limit of Registered Plan 4. PARK BOULEVARD from North limit of Registered Plan 364 to Park Crescent. 5. VICTORY DRIVE from North limit of Registered Plan 331 to 15ark Crescent. 6. HILLVIEW CRESCENT from North limit of Registered Plan 331 to Park rescen . 7. HILLCREST ROAD from North limit of Registered Plan 331 to llview rescent. 8. EASEMENT (to service Lots 31 to 37, Plan 270) from Park reZ scent to Lakeview Crescent. 9. EASEMENT (to service Lots 7 to 11, Plan 270) from Lakeview vet nue to Fairport Road. 10. PINE AVENUE from Fairport Road to Park Crescent. 11. PARK STRMT from Hillview Crescent to West limit of Registered Plan 331. Construction of SANITARY SEWERS and SANITARY SEWER SERVICE CONNECTIONS, to the Lot Lines, on: 12. FAIRPORT ROAD from Pine Avenue to 30 feet south of Sunrise venue. 13. LAKEVIEW AVENUE from North limit of Registered Plan 331 to 50 feet north of Park Street. 14. LAKEVIEW AVENUE from 50 feet south of Park Street to Park Crescent. 15. LAKEVIEW AVENUE from 30 feet south of Pine Avenue to 10 feet south of of 30, registered Plan 270. 16. LAKEVIEW AVENUE from 100 feet south of Park Crescent to Pine venue. 17. PARK CRESCENT from Fairport Road to Pine Avenue. 18. PARK D from North limit of Registered Plan 364 to ark rescent. 19. VICTORY DRIVE from North limit of Registered Plan 331 to 50 feet north of Park Street. 20. VICTORY DRIVE from 40 feet south of Park Street to Park Crescent. 21. HILLVIEW CRESCENT from 50 feet south of Park Street to Park Crescent. 22. HILLVIEW CRESCENT from North limit of Registered Plan 331 to 5 feet north of Park Street. 23. HILLCREST ROAD from North limit of Registered Plan 331 to 25 feet south of Lot 129, Registered Plan 331. 24. EASEMENT (to service Lots 31 to 37, Plan 270, and south half 0 of 8) from 80 feet east of Park Crescent to Lakeview Avenue. 25. EASEMENT (to service Lots 7 to 11, Plan 270) from Lakeview veA- nue to Fairport Road. 26. PARK CRESCENT, West side, from South limit of Lot 7, Plan 364 to North limit of Lot 1, Plan 364. 27. PARK CRESCENT, East side, from Centre line of Lot 38, Plan 270 to South limit of Pine Avenue. 28. FAIRPORT ROAD, West Side, from South limit of Lot 5, Plan 270 Lakecrest Boulevard) to Pine Avenue.