HomeMy WebLinkAboutBy-law 3397 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3397
A By-law to authorize the borrowing
$1&,800.00 upon debentures for the of
construction of watermains and sanitary
sewers on Chesterhill Road.
WHEREAS the Council of the Corporation of the Township of
Picketing has constructed under the authority of By-law No. 31~l
watermamns and sanmtary sewers on Chesterhill Road as a local ~mprove-
ment under the provisions of The Local Improvement Act;
AND WHEREAS the total cost of the sanitary sewer with
connection, after deductinm commutations and subsidies from the
Province of Ontario, was $~,770.72, and the total cost of the water-
main with connection,_afte~ deducting commutations and subsidies
from the Province of untar~o, was $6,022.00, to be charged as provided
in By-law 3141;
certified;AND WHEREAS special assessment rolls have been made and
.AND WHERE~S the Council of the Cornoration ·
~ Pic~ermng deems_mt expedient to borrow fo4 th~ -~-~f the Township
~um no~ exceeding $14,800.OO uno th~ ~.~ -~ ~.~u~e purpose a
_ ~ n ......... ~ one uorporation and
to issue debentures therefor bearing interest, payable annually, at
the rate pe~ annum shown in Schedule "A" attached to this By-law and
to provide for the discount and expenses incidental to the negotiation
and sale of such debentures;
AND WHEREAS it is expedient to make the principal of the
said debt repayable in annual instalments during the period of .
twenty (20) years next after the date of issue of such debentures,
NOW THEREFORE the Council of the Corporation of the
Township of Picketing ENACTS AS FOLLOWS:
1. For the purpose of the construction of watermains and
sanitary sewers on Chesterhill Road the Corporation of
the Township of Pickering shal% borrow upon the credit
of the Corporation the sum of $14,800.00 and shall issue
debentures therefor.
2. Each debenture shall bear interest at the rate of 7~per
cent per annum set out for the respective years in
Schedule "A" attached to this By-law and shall have
coupons attached for the payment of the said interest.
3. The debentures shall be da~ed the 30th day of Se tember
and shall be made payable mn twenty (20) annual ~nstalm~nts
on the 30th day of September in each of the years 1968 to
1987, both inclusive and the respective amounts of principal
and interest payable in each of the said years shall be
the amount so designated in Schedule "A" attached to and
forming part of this By-law.
4. The debentures to be issued shall be 20 in number, one
falling due in each year of the said term.
5. The debentures shall be payable as to both principal and
interest in lawful money of Canada and shall be payable at
the Canadian Imperial Bank of Commerce in the Village of
Picketing or at the principal office of the said bank in
the City of Toronto.
2 - By-Law #339?
6. The debentures shall be sealed with the seal of the Corpora-
tion 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 to them 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
thereon may be written or engraved, lithographed, printed or
otherwise mechanically reproduced.
7.(a) Commencing in the year 1968, and thereafter in each year
in which an instalment of principal of the said debt and
interest becomes due, the Corporation shall levy and raise,
by a special rate sufficient therefor, over and above all
other rates, on all the rateable property in the Municipality,
the specific sum shown for the respective year in the said
Schedule "A", 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 special assessments
provided in clause {b) hereof or from any source in respect
to the said work.
7.{b) For the payment of the owner's portion of the cost and
interest thereon the special assessments set forth in the
special assessment rolls are hereby imposed upon 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 {20)
annual instalments and for that purpose annual rates per
foot frontage are hereby imposed upan the lots entered in
the said special assessment rolls according to the assessed
frontage thereof over and above all other rates and taxes,
and the said special rates shall be collected annually by
the collector of taxes for the Corporation at the same time
and in the same manner as other rates.
8. The said debentures may contain a clause providing for the
registration thereof pursuant to Section 323 of The Municipal
Act.
9. Pending the sale of the said debentures the head of the
Council and the Treasurer may raise for the purpose afore-
said by way of loan on such debentures, any sum or sums of
money not exceeding in all the sum hereby authorizgd ~o ~
borrowed and may hypothecate such debentures for Such loa~.
READ a FIAT and ~ECOND time this ~l~day of N
SCHEDULE "A" By-Law #3397
Debenture Year of
No. Maturity Principal Rate Intere st Total
1 1968 400.00 72% 1,147 .OO 1, 54?.00
2 1969 400.00 " 1,116.00 1,516.00
3 1970 400.00 " 1,085.00 1,485.00
4 1971 400.00 " 1,054.00 1,454.00
5 1972 500.00 " 1,023.00 , 523.00
6 1973 500. O0 "
7 1974 500. OO "
8 1975 600. O0 "
9 1976 6OO. O0 "
10 1977 7OO. OO "
11 1978 700. O0 "
12 1979 8OO. OO "
~.~ ~.~
13 1980 800.00 "
14 1981 900. O0 "
15 1982 900. O0 "
16 1983 1,000. O0 "
17 1984 1,100. O0 " 364. O0 > ~ 464 · O0
18 1985 1,100.00 " 2?9.00
19 1986 1,200.00 "
20 1987 1,300.00 "
1~, 800. O0