HomeMy WebLinkAboutBy-law 3738 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 3738
Being a By-law to raise the sum of $310,000
upon debentures towards the cost of an indoor
ice arena
WHEREAS the Council of The Corporation of the Township of
Picketing enacted By-law Number 3668 on the 15th day of September,
1969 authorizing the construction of an indoor ice arena on Part of
Lot 19, in Range 3, of the Town~hip of Pickering;
AND WHEREAS it is deemed expedient to borrow for the
purpose aforesaid the sum of Three Hundred and Ten Thousand Dollars
($310,000) upon the credit of The Corporation of the Township of
Pickering and to issue debentures therefor bearing interest at the
rate of Nine and Three-quarters Per Cent (9 3Z4%) per annum payable
annually;
NOW THEREFORE the Council of The Corporation of the
Township of Pickering enacts as follows:
1. That for the aforesaid purpose there shall be borrowed
upon the credit of the Corporation the sum of Three Hundred and Ten
Thousand Dollars ($310,000) and debentures shall be issued therefor
in denominations of not less than F~fty Dollars ($50) each. Each
debenture shall bear interest at the rate of Nine and Three-quarters
Per Cent (9 3/4%) per annum payable annually and shall have coupons
attached for the payment of such interest.
2. Ail the debentures shall be dated the 15th day of December,
1969, and be made payable in twenty annual instalments of principal
and interest during the years 1970 to 1989, both inclusive. The
respective amounts of principal and interest payable in each of such
years shall be as designated in Schedule "A" annexed hereto and
forming a part hereof.
3. The debentures shall be payable as to both principal and
interest in lawful money of Canada and may be payable at the office
of the Canadian Imperial Bank of Commerce in the Village of Picketing
or at the principal office of the said Bank in either of the Cities
of Toronto or Montreal.
Th~ s~ld debentures ~h~ll be ~ealcd with the ~ual of
Corpo~ation ~d si~ned by the he~d of the Coune~l or by som~
per,on authorizes by by-l~ to sign tho s~ ~d by the
li~hoSmaphed, printed or o~h~m~lse m~ch~nicall2 reproduee~ on the
debentures. The said inter,mt'coupons shall be st~ned by the
Treasurer ~d his signature thereon may b~ written, engraved,
lithographed, printed or otherwise mechanically reproduced.
5- Ce~encing in the year 1970 and in 9ach year thereaf~em
4urine the Currency of the debentures, the Co,oration shall raise
the specific s~m eho~ ~r the respective ye~ in the rough column
of Schedule "A" hereto. Such sum shall be levied ~d raised by a
special rate sufficient therefor, over and abo?e all other rates upon
all rateable property ~n the municipality.
6. The said debentures may contain ~y clause providing
the registration th~reo~ authorize~ by any statu~e relating to
7. Pendin~ the sale of the said debentures, the he~d of the
Council and the Treasurer m~y raise for tho purpose aforesaid by
of loan on such deben~uPem ~y sum or sums of money not exceedln~ in
all the sum hereby authorized ~o be borrowed ~d may hypothecate much
debentures for such lena.
READ a P!H.___~ AND S_______~ON_~Dtime in open Council this /~
d~ of D~cemb~r, 1969.
RE~D a ~__~D~imo nnd ~2~S~ in open Council thl~ L
day of December, 19~9.
$310,000
TO~.~S}IIP OF PICKERING
(Province of Ontario)
9-3/4% Debentures
To mature 1 to 20 years
BY-LAW 3738
SCHEDIrLE "A"
YEA____~R ~,RI~ICIPAL I_NTEREST ~OTAL
1970 $ 6,000 $ 30,225.00 $36,225.00
- 1971 6,000 29,640.00 35,640.00
1972 7,000 29,055.00 36,055.00
1973 8,000 28,372.50 36,372.50
1974 8,000 27,592.50 35,592.50
1975 9,000 26,812.50 35,812.50
1976 I0,000 25,935.00 35 935.00
1977 11,000 24,960.00 35 960.00
1978 12,000 23,887.50 35 887.50
1979 13,000 22,717.50 35 717.50
1980 14,000 21,450.00 35 450.00
1981 16 000 20,085.00 36 085.00
1982 17 000 18,525.00 35525.00
1983 19 000 16,867.50 35~867.50
1984 20 000 15,015.00 35 015.00
1985 22 000 13,065.00 35 065.00
1986 24,000 10,920.00 34 920.00
1987 27,000 8,580.00 35 580.00
1988 2~,000 5,947.50 34.947.50
1989 _32,000 3~,120.00 25,120.00
$ 3~10 000 $ 402,772.50 $~12,772.50