HomeMy WebLinkAboutBy-law 3315 OF TI E 'rO'.m'Sti 'P O?
Being a.i.;y-law to provide for the borrow-
inS of ~350,000.00 upon Debentures of the
Corporation of the Township of Picketing,
for the purchase of the lands described
in Schedule 'A' hereto annexed for the
purpose of establishing Industrial Sites.
.IHEiteSAS 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 ~,'fHEREAS it is deemed advisable fop the puspose of
purchasing the said lands, to borrow a sm~ not exceeding the sam
of ~50,000.00 upon the credit of the i~lunicipal Corporation, and
to issue debentures therefor bearinS interest payable at the
rate of per annum;
AND ?fHEI~EA5 it is expedient to make the said debt
repayable in ann~al instalments d~ring the period of 5 years ne~:t
after the date off issue of such debentures an~ in such amounts
respectively that with the interest in respect oF the debt, the
aggre6ate amount payable for principal and interest shall be,
nearly as possible, the same.
NOtf T/t~t~FOI[E T~IE COJNCIL OF THE CO~POI~ATION OF
TO',fNSiIIP OF PICK~llING ENACTS AS FOLLO¥~S:
1. That the purchase of the lm~ds described in Schedule
'A' annexed hereto and forming a part of this by-law for bile sum
of ~5'51,750.00 be and the same is hereby authorized.
2. That for the purpose aforesaid, the Corporation shall
borrow upon the credit of the Corporation the s~a of $50~000.00
and shall issue debentures therefor in the amount of }50,000.00
payable in the manner and at the time hereinafter set forth.
3. Each debenture shall bear interest at the ra~es set
out for the respective years in Schedule 'B' attached to this
By-law and shall have co~pons attached thereto fop the payment
or the said interest.
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4. Ail debentures shall bear the same date, shall be
issued at the one time and within one year after the day on
which the issue of the said debentures is approved by Order o£
tile Ontario ~'lunicipal Board, may bear any date within such year
and shall be made payable in 5 annual instalments during
pe~'iod of 5 years next after the date of issue tz~ereof, and the
respective amounts of principal and interest payable in each of
such years shall be the amounts so designated in Schedule '~'
hereto annexed, which said schedule is hereby declared to form
part of this By-law.
5. 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 Co~uaerce in the Village
of Pickering in the Township of Picketing, or at the principal
offices 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 ssune, 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 Council may be written or engraved,
lithograi~hed, printed on 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~ lithographed, printed or otherwise mechanically
reproduced.
7. 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 Municipality~ a specific sum sufficient to pay
the said instalment when and as it becomes 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 parts thereof.
S. The said debentures may contain a clause providing for
the registration thereof pursuant to Section 323 of The Municipal
Act, R.S.O. 1960, C.2~9.
9. Pending the sale of the said debentures, the Head of the
Council and the Treasurer may raise for the purpose aforesaid by
way of loan on such debentures any sum or sums of money not exceed-
ing in all the sum hereby authorized to be borrowed and may
hypothecate such debent,~res £or such loan.
i{EAD a first and second time this //~ day offs; 1%:67.
i~ee~e ~
~ierk
Read a t~ird time ~d finally passed this ~ day of
aCHEDULE 'A' TO ~3Y-LA~f N'JMBE~ ~.~ /~
of the TO~SHIP OF ?ICKERING
Part of Lot 19, Broken Front Concession, Range 3 in
the Township of Picketing in the Couaty of Ontario,
comprising an area of 19 acres, having a frontage of
715 feet more or less on the ,~est li~it of the 2oad
Allowance between Lots 18 and 17, commencing in the
easterly limit of Lot 19 distant 16~6.19 feet south
from the north limit of the said Lot 19 and running
south 715 feet more or less by a depth of 11~0.97
feet more or less to the East limit of the lands of
the itydro Electric Power Commission of Ontario.
SCHEDULE
$50,000
6-3/4% Debentures
To mature 1968 to 1972
ANNUAL
YEAR PRINCIPAL INTEREST PAYMENT
1968 $ 9,000.00 $ 3,375.00 $ 12,375.00
1969 9,000.00 2,767.50 11,767.50
1970 10,000.00 2,160.00 12,160.00
1971 11,000.00 1,485.00 12,485.00
1972 lit000.00 742..50 11,742.50.
$ 50,000.00 $ 10,530.00 $ 60,530.00