HomeMy WebLinkAboutBy-law 3407 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3407
A By-law to authorize the issue of
Debentures in the principal amount
of $40,000 to pay part of the cost of
the acquisition of certain lands for
industrial sites.
WHEREAS the Council of The Corporation of the Township
of Picketing has heretofore by By-law Number 3315, as amended
by By-19w/Number 3406, both passed by votes of three-fourths
oftSll the members of the Council, authorized the purchase for
~/industrial sites of 19 acres of land, being part of Lot 19,
Broken Front Concession, Range 3 in the Township of Picketing
as more particularly described in Schedule "A" to said By-law
Number 3315;
AND WHEREAS it is now desirable to raise part of the
moneys required to pay the cost of the said lands by the issue
and sale of Debentures of the Corporation in the principal
amount of $40,000 bearing interest at the rate of ?-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 Picketing enacts as follows:
1. THAT for the purpose aforesaid money shall be borrowed
on the credit of The Corporation of the Township of Picketing
at large by the issue and sale of Debentures of the said
Corporation in the principal amount of $40,000. The said
Debentures shall bear interest at the rate of 7-1/2% per annum
payable annually on the 15th day of December 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 15th day
of December, 1967 and shall be payable in five annual instalments
of principal on the 15th day of December in each of the years
1965 to 1972, 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 said Debentures shall be payable as to both
principal and interest in lawful money of Canada at the Canadian
Imperial Bank of Cominerce in Picketing, 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 shell 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 mechani-
cally 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.
5. THAT there shall be levied and raised in each of the
years 1968 to 1972, both inclusive, by a special rate sufficient
therefor over and above all other rates, on all the ratable
property in the Municipality, at the same time and in the same
manner as other rates, the aggregate amount of principal and
interest falling due on the Debentures in such year, as set out
in the fourth column of Schedule "A" attached hereto.
6. THAT the said Debentures may contain a clause providing
for the registration thereof pursuant to Section 323 of The
Municipal Act.
READ e first, second and third time and finally passed
by a vot$ of thre~ourths)of all the members of Council this
~th day ~f D~mbl.r, ~96~// ~ ~
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3407
SCHEDULE "A"
TOTAL
YEAR PRINCIPAL INTEREST ANNUAL PA YME]~T
1968 $ 7, OOO.OO $ 3, OOO. OO $ 10, OOO.O0
1969 7, O00. OO 2,475. OO 9,475. OO
1970 8, OOO. OO 1,950. OO 9,950. OO
1971 9, OOO. OO 1,350. OO 10,350. OO
1972 9, OOO. OO 675. OO 9,675 .OO
$4 o, ooo. oo $9 · 4 50. oo $49,4 50. oo