HomeMy WebLinkAboutBy-law 3579 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3579
A By-law to authorize the issue of
Debentures in the aggregate principal
amount of $1,183,000 in lawful money
of the United States of America for
the purposes herein mentioned.
WHEREAS the Council of The Corporation of the
Township of Picketing has heretofore passed the following
By-laws to authorize the issue of Debentures dated the 1st
day of December, 1968, bearing interest at the rate of 7-1/2%
per annum payable semi-annually and maturing in varying instal-
ments of principal on the 1st day of December in the following
respective years, namely:
Principal
By-law Amount Years of
Number .~.n U.S.~911.ars' Maturity Purpose
3573 $ 48,000.00 1969 to 1973 Purchase of Industrial
Sites
3574 91,000.00 1969 to 1988 Watermains as Local
Improvements
3575 130,000.00 1969 to 1988 Sanitary Sewers and
Watermains as Local
Improvements
3576 134,000.00 1969 to 1988 Addition to Police
Station
3577 178,000.00 1969 to 1988 Sanitary Sewers and
Watermains as Local
Improvements
3578 602,000.00 1969 to 1988 Waterworks as Local
Improvements
AND WHEREAS no Debentures have been issued under the
authority of any of said By-laws;
AND WHEREAS, instead of borrowing money by the issue
and sale of DebenSures under the said By-laws, the said Council
deems it desirable to provide for the borrowing of money for
the said purposes under the authority of this By-law by the
issue and sale of one series of Debentures in the aggregate
principal amount of $1,183,000 in lawful money of the United
States of America, bearing interest at the rate of 7-1/2% per
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annum and payable in varying instalments of principal in the
years 1969 to 1988, both inclusive, 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 the sums authorized to be borrowed by said By-laws
Numbers 3573 to 3578, both inclusive, are hereby consolidated
into one sum and, for the purposes referred to in said By-laws,
money shall be borrowed upon the credit of The Corporation of
the Township of Picketing at large by the issue and sale of one
series of Debentures of the Corporation in the aggregate prin-
cipal amount of $1,183,000 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 twenty annual instalments
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 said 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.
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4. THAT the said 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 countersigned
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 in each of the years 1969 to 1973, both inclusive,
the rates imposed by said By-law Number 3573, and in each of
the years 1969 to 1988, both inclusive, the rates imposed by
said By-laws~Numbers 3574, 3575, 3576, 3577 and 3578, respec-
tively, shall be levied and collected as provided in said
By-laws and shall be applied in payment of the respective
aggregate amounts of principal and interest in lawful money
of the United States of America falling due in each of such
years on the Debentures to be issued under the authority of
this By-law as set forth in the fourth column of said
Schedule "A" attached hereto.
6. THAT the Debentures may contain a clause providing
for the registration thereof pursuant to Section 323 of The
Municipal Act.
READ a firs$.~d second time this ~ day of
~,,~' -Reeve ~--
READ,a third--time and finally passed this ~
THE CORPORATION 0F THE TOWNSHIP OF PICKERINO
BY-LAW NUMBER 3579
Schedule
TOTAL
PRINCIPAL INTEREST ANNUAL PAYMENT
y_EAR IN U.S.D.0~LARS IN U.~._D.OLLARS IN U.S.DOLLARS
1969 $ 34,000.00 $ 88,725.00 $ 122,725.00
1970 37,0OO.0O 86,175.00 123,175.00
1971 40,000.00 83,400.00 123,400.00
1972 44,000.00 80,400.00 124,~00.00
1973 46,000.00 77,100.00 123,100.00
1974 37,000.00 73,650.0o 110,650.00
1975 41,000.00 70,875.00 111,875.00
1976 43,000.0o 67,800.00 110,800.o0
1977 48,0OO.OO 6~,575.00 112,575.00
1978 5O, 00O.00 60,975.00 110,975.00
1979 53,000.00 57,225.00 110,225.00
1980 59,000.00 53,250.00 112,250.00
1981 62,000.00 48,825.00 110,825.00
1982 67,000.00 44,175.00 111,175.o0
1983 72,000.00 39,15o.0o 111,15o.o0
1984 77,00o.oo 33,750.00 11o,750.o0
1985 85,000.00 27,975.00 112,975.o0
1986 89,0oo.oo 21,6oo.oo 11o,6o0.oo
1987 96,00o.oo 14,925.0o 11o,925.o0
1988 103,0o0.o0 7,725.0o 110,725.oo
$1,183,000.00 $1,102,275.00 $2,285,275.00