HomeMy WebLinkAboutBy-law 3740 THE CORPORATION OF THE TOWNSHIF OF PICKERING
BY-LAW NUMBER 3740
Being a By-law to consolidate certain By-laws
and to provide for the issue of one series of
debentures in the amount of $491,000
WHEREAS By-laws Numbers 3737, 3738 and 3739 of The
Corporation of the Township of Pickering provide for the issue of
debentures of the Corporation in the ~tal amount of $491,000 dated
the 15th day of December, 1969;
AND WHEREAS none of the debentures authorized by said by-
laws has been sold or disposed of;
AND WHEREAS the Council is by Section 283 of The Municipal
Act, R. S. O. 1960, C.249, authorized to enact as hereinafter set
forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP
OF PICKERING ENACTS AS FOLLOWS:
1. The amounts authorized to be borrowed by By-laws Numbers
3737, 3738 and 3739 are hereby consolidated into one sum of $491,000
in lawful money of Canada and there shall be issued one series of
debentures therefor in the aggregate principal amount of $491,000 in
denominations of not less than $50 each, payable both as to principal
and interest in lawful money of Canada.
2. The debentures shall be dated the 15th day of December, 1969,
shall be issued at one time, be payable in twenty instalments of
of principal on the 15th day of December in each of the years 1970 to
1989, both inclusive, and shall bear interest at the rate of Nine and
Three-quarters Per Cent (9 3Z4%) per annum payable annually. The
debentures shall have coupons attached for the payment of such interest
on December 15th in each year. The respective amounts of principal
and interest payable in each of such years shall be as set forth in
Schedule "A" hereto annexed and forming part of this by-law.
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 Pickering or
at the office of the said Bank in either of the Cities of Toronto or
Montreal.
4. The said debentures shall be sealed with the seal of the
Corporation and signed by the head of the Council or by some other
person authorized by by-law to sign the same and by the Treasurer;
the signature of the head of the Council may be written or engraved,
lithographed, printed or otherwise mechanically reproduced on the
debentures. The said interest coupons shall be signed by the
Treasurer and his signature thereon may be written~ engraved,
lithographed, printed or otherwise mechanically reproduced.
5. The rates imposed by said By-laws Numbers 3737, 3738 and
37~9 shall be levied, collected and applied for the purpose of
providing for the payment of the debentures issued under this by-law
and the interest thereon.
6. Pending the sale of the said debentures, or in lieu of
selling them, the Council may be resolution authorize the Reeve of
the Corporation and the Treasurer thereof to raise money by way of
loan on the security of the said debentures or upon the security of
some part of them, and to hypothecate any or all of the said debentures
as security for the repayment of the said loan.
7. The said debentures may contain any clause providing for
the registration thereof authorized by any statute relating to
municipal debentures in force at the time of the issue thereof.
READ a FIRST AND SECOND time in open Council this /~
day of December, 1969.
!
READ a THIRD time and PASSED in open Council this /~
day of Decembers 1969.
$491,000
TO~SHIP OF PICKERING
(Province of Ontario)
9-3/4% Debentures
To mature 1-20 years
BY-LAW
$CH___~EDI~E "A"
~EAR P_RINCIPAL _INTEREST ~TOTAL
1970 $ 14,000 $ 47,872.50 $ 61,872.50
1971 15,000 46,507.50 61,507.50
.1972 16,000 45,045.00 61,045.00
1973 19,090 43,485.00 62,485.00
1974 19 000 41,632.50 60~632.50
1975 13 000 39 780.00 52 780.00
1976 15 000 38 512.50 53 512.50
1977 16.000 37.050.00 53 050.00
1978 18 000 35 490.00 53 490.00
1979 19 000 33.735.00 52735.00
'1980 21 000 31,882.50 52 882.50
1981 23 000 29 835.00 52 835.00
1982 25 000 27 592.50 52.592.50
1983 28 000 25 155.00 53 155.00
1984 30000 22.425.00 52 425.00
1985 33 000 19,~00.00 52 500.00
1986 36 000 16,282.50 52 282.50
1987 40 000 12,772.50 52 772.50
1988 43 000 8,872.50 51 872.50
1989 __ 48,000 _ 4,680.00 5__2,680.b0
$ 491.00~ $ ~p8=107.5~ $ ~,099 ~07~/~50