HomeMy WebLinkAboutBy-law 3177THE CORPORATION OF TIE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3177
A By-law to authorize the issue of
Debentures in the aggregate prin-
cipal amount of $155,250 for the
purposes herein mentioned.
WHEREAS the Council of The Corporation of the
Township of Pickering has heretofore passed the following
By-laws to authorize the issue of Debentures bearing interest
at the rate of 6-112115 per annum payable annually and maturing
in varying instalments of principal in the following respective
years, namely:
By-law Principal Years of
No. Amount Maturity Purpose
3164 as amended Purchase of Industrial
by 3173 $61,500.00 1967 to 1971 Sites
3174 6,400.00 1967 to 1986 Watermain and Sanitary
Sewer as Local Im-
provements
3175 78,000.00 1967 to 1986 Watermainsand Sanitary
Sewers as Local Im-
provements
3176 9,350.00 1967 to 1986 Watermains as Local
Improvements
AND WHEREAS no Debentures have been issued under the
authority of any of said By-laws;
AND WHEREAS, instead of borrowing money by the issue
and sale of Debentures under said By-laws, the said Council deems
it desirable to provide for the borrowing of money for the said
purposes under the authority of this By-law by the issue and sale
of one series of Debentures in the aggregate principal amount of
$155,250.00 bearing interest at the rate of 6-1/2% per annum and
payable in varying instalments of principal in the years 1967 to
1986, both inclusive, 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:
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1. THAT the sums authorized to be borrowed by said
By-law Number 3164, as amended by said By-law Number 3173, and
by said By-laws Numbers 3174, 3175 and 3176, are hereby con-
solidated into one sum and, for the purposes referred to in said
By-laws, money shall be borrowed upon the credit of The Corpora-
tion of the Township of Pickering at large by the issue and sale
of one series of Debentures of the Corporation in the aggregate
principal amount of $155,250.00, bearing interest from the 1st
day of August, 1966 at the rate of 6-112% per annum and having
coupons attached thereto for the payment of such interest
annually on the lot day of August in each year of the currency
of the Debentures.
2. THAT the Debentures shall be dated the lot day of
August, 1966, shall be payable in twenty annual instalments on
the lot 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, which is hereby declared to be and to form part of
this By-law.
3. THAT the 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 repro-
duced. The signature of the Head of Council may be written or
engraved, lithographed, printed or otherwise mechanically repro-
duced, and, if such Debentures are countersigned in writing by
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the Deputy-Treasurer, the signature of the Treasurer may be
written or engraved, lithographed, printed or otherwise
mechanically reproduced.
5. THAT in each of the years 1967 to 1971, both inclusive,
the rates imposed by said By-law Number 3164 as amended by said
By-law Number 3173, and in each of the years 1967 to 1986, both
inclusive, the rates imposed by said By-laws Numbers 3174, 3175
and 3176, shall be levied and collected as provided in said
By-laws and shall be applied in payment of the respective
aggregate amounts of principal and interest payable in each of
such years on the Debentures to be issued under the authority
of this By-law as set forth in the fourth column of said
Schedule "A" hereto.
6. THAT the 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 the // d day of July, 1966.
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3177
SCHEDULE "A"
TOTAL
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
1967 $13,950.00 $10,091.25 $ 24,o4i.25
1968 13,500.00 9,184.50 22,684.50
1969 14,500.00 8,307.00 22,807.00
1970 15,500.00 7,364.50 22,864.50
1971 17,500.00 6,357.00 23,857.00
1972 3,500.00 5,219.50 8,719.50
1973 3,6o0.oo 4,992.00 8,592.00
1974 3,700.00 4,758.00 80458.00
1975 3,700.00 4,517.50 8,217.50
1976 3,700.00 4,277.00 7,977.00
1977 4,700.00 4,036.50 8,736.50
1978 4,8oo.oo 3,731.00 8,531.00
1979 4,8oo.oo 3,419.00 8,219.00
1980 5,900.00 3,107.00 9,007.00
1981 6,ooo.oo 2,723.50 8,723.50
1982 6,ooo.oo 2,333.50 8,333.50
1983 7,200.00 1,943.50 9,143.50
1984 7,200.00 1,475.50 8,675.50
1985 7,200.00 1,007.50 8,207,50
1986 8,300.00 539.50 8,839.50
$155,250.00 $89,384.75 $244,634.75