HomeMy WebLinkAboutBy-law 3472 THE CORPORATION OF THg TOWNSHIP OF PICK~RING
being a By-law to authorize
purchase or 18.6637 acres oz
land in Lot la, Range 3
Viking Developments Limited~
and for the borrowing of
$50,000.00 therefor for %he pur-
pose os establishing an
Industrial Site.
WHEREAS it is deemed advisable to purchase the
lands described in ~chedule "A" hereto aF~nexe, d for the sum of
$65,322.95 for the purpose ox extending a site for the
carrying on of industry 3nd industrial operations;
AkO W}~REAS it is deemed advisable for the purpose
oI purchasing the said lands to pay $15,322.95 fzom the
general revenues of the Corporation and to bor~o~ a sum
exceeding $50,000.00 upon the credit or the Corporation and
to issue d~entures therefor bearing interest payable at the
rate of ~r annum;
ASD WHEREAS it is expedien~ to make the said deb~
$50,000.00 repayable in annual instalments durfng the period of
5 yea~s next after the date of issue o~ such debentures and in
such amounts respectively that with the interest in respect
the deb%, %he aggregate amount payable for principal and interest
shall be, as nea~ly as possible~ the same.
NOW THEREFORE TP~ CCUNCIL OF THE CORPO~'£ION OF THE
TOW~HIP OF PICKERING ENACTS AS FOLLOWS:
1. That the purchase of the lands described in Schedule
"A" hereto annexed and forming part oz this By-law for the sum
of $65,322.95 be and the same is hereby authorized and the l{eev~
and Clerk are authorized to execute the agreement o~ purchase and
sale and any other documents required to complete the purchase.
2. That for the purposes aforesaid, the Corporation shall
borrow upon the credit of the Corporation the sum of $50,000.00
and shall issue debentures theiefor in the amount of $50~000.00
payable in %be manner and at the times hereinafter set
and shall raise the sum of $15,322.95 by the levy of a mill rate
against all the rateable p~operty in the Township of Pickerin9.
- 2 -
3, Each of the said debentures shall bear interest at
the rate set our for the respective years in Schedule "~"
a~tached to this By-law and shall have coupons attached thereto
for The payment of The said interest.
4. All debentures shall bear the same date, s~all be
issued at the one Time and within one year afte~ the day on
which the issue of the said debentures is approved by Order of
The Ontario Municipal Boazd~ may bear any date ~viThin such year
and shall be made payable in 5 annual instalments during the
period of 5 yeaxs ne×% after the date of issue thexeof, and
the respective amounts of principal and interest payable in
each of such years shall be The amounts so designated in
Schedule "B" he~eto annexed, w~lich said schedule i~ hereby
declared to form l~zt of th~s By-la,N.
5. The debentures sbmll 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 Com~erce in the Village
of Picketing in the County or Ontaxio~ or at the px~ncipal
offices of the said Bank in the Cities o~ Toronto and Montreal.
6. The said debentures shall be sealed with The seal of
the Corpo~ation~ and signed by the Head of the Council ox by
some ozher person auiberized by By-law to sign The same, and by
the Treasurer. The said interest coupons shall be signed by
the Treasurer and his signature Thexeon may be %vxitten or engraved,
lithographed~ printed or othe~wLse mechanically reproduced. The
signature of the Head of Council may be wxizten or engxaved~
lithooraphed, printed or otherwise mechanically reproduced, and,
ii such debentuxes are coumtersigned in wxiring by The Deputy-
Treasurer: The sig~tuxe of The TIeasure~ may be written ox
engraved~ lithographed, printed ox otherwise mechanically
reproduced .
7. That There shall be raised in each year in ~;hich an
instalment becomes due, by a special rate on all the rateable
pxoperty 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 fcr such purpose than
~ required to pay The instnl~eni after taking into account
xeceipTs from +~he sale of The said lands or part ox parts
8. The said debentures may contain a clause pioviding
fox the registration thereof pursuant to Section 323 of The
Municipal Act, R.S.O. 1960, C. 249.
9. Pending the sale ot the said debentures, the Head
of the Council and the Tre&suzer may raise for the purpose
aforesaid by way of loan on such debentures any sum or sums
o£ money not exceeding in ail the sum hereby authorized To be
boriowed and may hypothecate such debentures for such loan.
10. This By-law shall not take effect until %he approval
of The OnTario Municipal Board under Sec%ion 64(1) o~ The
Ontario Municipal Board Act ~ R.S.O. 196O, has been obtained.
READ a First, Second and Third +~--~,,,~ and passed in
open co n¢ l this
I~ Douglas J. Plitz, Clerk or the To~vnship of
Picketing, hereby cerT'lfy T~at the w~thin By-law was approved
by three-quarters of t~e members of Counc3! entitled iD vote
on the said By-law on %he f~-~ day or /)~%~. A.D. 1968.
Douglas J.
SCHEDULE. "A"
ALL AND SINGULAR that certain parcel or tract oS land and
premises situate lyin9 and being in the To~vnsnip o~ Picketing
in the County of Ontario, and being composed or that part of
LoT 19 in Range 3 of the Township of Pickerin9 containing by
admeasurement an area of 18.6637 acres and being more particu-
larly described as follows:
PREMISIN~ that the easterly limit of said Lot 19 has an assumed
bearing of North 17 degrees 09 minutes 10 seconds West and
relating all bearings herein thereto; then
COMMENCIN3 at a point in the interior of said Lot 19 which may
be located as follows:
B~GINNING at a point in the easterly limit o~ said Lot 19 distant
2411.21 fee~ measured southerly along the said easterly limit
from the north-east angle thereof;
THENCE South 7z degrees 37 minutes 40 seconds West a distance of
27 feet more or less to a point in a line drawn ~allel to the
said easterly limit and distant westerly 27 .00 feet measured
perpendicularly therefrom being the PoiNt oF COS~flFNCEb~i%rf:
THENCE southerly along the said parallel line a dislance of 717.34
feet more or less being on a bearing of South 17 degrees 09 minutes
10 seconds East to a point in an o1~ post and wire fence;
THENCE South 71 degrees 31 minutes 20 seconds East along the said
old post and wire fence a distance of 1106.23 feet more or ]sss
to a standard iron bar planted in th~ easterly limit of the
lands of the Hyd~ro-F. lectr~c Power Commission of Ontario;
THENCE northerly along the lands o% the Hydro-Electric Pc~er
Commission of Ontario a distance oS 738.93 feet to the inter-
section w~th a line drawn on a bea~in9 of South 72 degrees 37
minutes 40 seconds West Through the point of commencement;
THENCE North 72 degrees 37 minuZ~s 40 seconds East a distance
of 1126.93 feet more or less to the POINT OF COS~V~NCEMF.~N~.
SCHEDULE "B" By-Law
PRINCIPAL INTEREST ANNUITY
1969 8,000.00 3,750.00 11,750.O0
1970 9,000.00 3,150.OO 12,150.OO
1971 10,O00.O0 2,475.00 12,475.OO
1972 11,OOO.OO 1,725.OO 12,725.OO
1973 12,000.00 900.00 12,900.00