HomeMy WebLinkAboutBy-law 3576 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3576
A By-law to authorize the issue of
Debentures in the principal amount
of $134,000 in lawful money of the
United States of America to pay the
cost oi~ construction of an addition
to an existing police station.
WHEREAS the Council of The Corporation of the Township
of Picketing has heretofore by By-law Number 3346, as amended
by By-law Number 3513, authorized the construction of an
addition to the police station in Lot 26, Range 3, of the
Township of Pickering~
AND WHEREAS, for the purpose of realizing the moneys
required to pay the cost of the said work, Council now deems
it necessary to borrow money by the issue and sale of Debentures
of the Corporation in the principal amount of $13~,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 instal-
ments of principal over a period of twenty 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 Township of Pickering
at large by the issue and sale of Debentures of the Corporation
in the principal amount of $13~,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.
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2. THAT the Debentures shall be dated the 1st day of
December, 1968 and shall be payable in twenty annual instalments
of principal on the 1st day of December in each of the years
1969 to 1988, 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. (a) 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
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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 special rates provided for in sub-paragraph (b)
hereof.
(b) 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 Police Area
of the Township of Picketing as defined in said By-law Number
3346, 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 prlnciDal
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 said Schedule "A" attached hereto, as the re-
quirements for such purpose may from year to year vary.
6. THAT the said 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
~ Reeve '
R~ a third ~ime and finally passed this fF/
THE CORPORATION OF THE TOWNSHIP 01~ PICKERING
BY-LAW NUMBER 3576
SCHEDULE "A"
TriAL
PRINCIPAL INTEREST ANNUAL PAYMENT
YEAR _ _ IN U.S.DqLLARS IN U.S. DOLLARS IN U.S.DOLLARS
1969 $ 3,000.00 $ 10,050.00 $ 13, O50.00
1970 3,000.00 9,825.00 12,825.O0
1971 4,00O.00 9,600.00 13,600.00
1972 4,000.00 9,300.00 13,300.00
1973 4,000.00 9,000.00 13,000.O0
1974 4,000.00 8,700.00 12,700.00
1975 5,000.00 8,400.00 13,4OO.00
1976 5,00o.00 8,025.00 13,025.00
1977 6,000.OO 7,650.00 13,650.00
1978 6,00o.00 7,200.00 13,200.00
1979 6,000.00 6,750.00 12,750.00
1980 7,00o.00 6,30o.00 13,300.o0
1981 7,000.00 5,775.00 12,775.00
1982 8,000.00 5,250.00 13,250.00
1983 9,000.00 4,65O.0O 13,650.o0
1984 %000.00 3,975.00 12,975.oo
1985 10,0OO.00 3,300.00 13,300.00
1986 11,000.o0 2,550.00 13,550.00
1987 11,000.00 1,725.00 12,725.00
1988 12,000.00 900.00 12,900.0o
$134,000.00 $128,925.00 $262,925.00