HomeMy WebLinkAboutBy-law 3573 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-IAW NUMBER 3573
A By-law to authorize the issue of
Debentures in the principal amount
of $~8,000 in lawful money of the
United States of America 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 3472, as amended
by By-law Number 3572, both passed by votes of three-fourths
of all the members of the Council, authorized the purchase of
18.6637 acres of land in Lot 19, Range 3 for industrial sites;
AND WHEREAS, for the purpose of realizing the moneys
required to pay part of the cost of the said lands, Council now
deems it necessary to borrow money by the issue and sale of
Debentures of the Corporation in the principal amount of $48,000
expressed and payable in dollars of the United States of America,
bearing interest at the rate of 7-1/2% per annum and maturing in
instalments of principal over a period of five years, which is
the amount of the debt intended to be created by this By-law;
AND WHEREAS this By-law, prior to the final passage
thereof, has been approved by The Ontario Municipal Board
pursuant to Section 285 of The Municipal Act.
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
upon the credit of The Corporation of the Townshlp of Picketing
at large by the issue and sale of Debentures of the Corporation
in the principal amount of $48,000 in lawful money of the
United States of America. The said Debentures shall bear
interest from the 1st day of December, 1968 at the rate of
7-1/2% per annum payable in like money semi-annually on the
1st day of June and on the 1st day of December in each year of
their currency and shall have coupons attached thereto for the
payment of such interest.
2. THAT the Debentures shall be dated the 1st day of
December, 1968 and shall be payable in five annual instalments
of principal on the 1st day of December in each of the years
1969 to 1973, both inclusive, and the respective amounts of
principal and interest payable in each of such years shall be
as set forth in Schedule "A" attached 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 the United States
of America at the office of The Canadian Bank of Commerce
Trust Company in the City of New York, in the State of New
York, in the United States of America.
THAT the Debentures shall be sealed with the Seal
of the Corporation and shall be signed by the Reeve, or by
some other person authorized by By-law to sign the same, and
by the Treasurer, and the interest coupons attached to the
Debentures shall be signed by the Treasurer. The signature
of the Reeve to the Debentures, the signature of the Treasurer
to the interest coupons and, if the Debentures are counter-
signed in writing by the Deputy Treasurer, the signature of
the Treasurer to the Debentures~ may be written or engraved,
lithographed, printed or otherwise mechanically reproduced.
5. THAT commencing in the year 1969 and thereafter in
each year of the currency of the Debentures there shall be
levied and raised by a special rate sufficient therefor over
and above all other rates on all the ratable property in the
Township of Picketing, at the Same time and in the same manner
as other rates, such amounts in lawful money of Canada as may
be required for the purpose of paying the respective aggregate
amounts of principal and interest in lawful money of the United
States of America falling due on the Debentures in such year
as set out in the fourth column of Schedule "A" attached hereto
as the requirements for such purpose may from year to year vary,
provided that no greater rate shall be levied in any year for
such purpose than is required after taking into account receipts
from the sale or lease of the lands referred to in the first
recital to this By-law.
6. THAT the Debentures may contain a clause providing
for the registration thereof pursuant to Section 323 of The
Municipal Act.
READ a first and second time this ~--~day of
R~D a third time an~finally passed th~s
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3573
SCHEDULE "A"
TOTAL
PRINCIPAL INTEREST ANNUAL PAYMENT
YEAR IN U.S.DOLLARS IN U.S.DOLLARS IN U.S.DOLLARS
1969 $ 8,000.00 $ 3,600.00 $ 11,600.00
1970 9,000.00 3,000.00 12,000.00
1971 10,000.00 2,325.00 12,325.00
1972 10,000.00 1,575.00 11,575.00
1973 11,000.00 825.00 11,825.00
$48,000.00 $11,325.00 $59,325.00