HomeMy WebLinkAboutBy-law 4424/73 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER ~/'~/... '~ ':/,/,://' ~
A by-law to authorize the issue of
a Debenture in the principal amount
of $210,240.83 for the purposes
referred to in Schedule "A" attached
hereto.
WHEREAS the Council of the Corporation of the Township of Pickering
now deems it expedient for the purposes set out in Schedule "A"
attached hereto to borrow money by the issue and sale to The
Treasurer of Ontario of a Debenture of this Municipality in the
principal amount of $210,240.83 bearing interest at the rate
of 7% per annum payable semi-annually, which is the amount of debt
intended to be created by this by-law.
NOW THEREFORE the Council of the Corporation of the Township of
Pickering ENACTS AS FOLLOWS:
1. THAT for the purposes aforementioned money shall be
borrowed on the credit of The Corporation of the Township of
Pickering by the issue of a Debenture of the Corporation in the
principal amount of $210,240.83 bearing interest at the rate
of 7% per annum payable semi-annually on the 1st day of February
and the 1st day of August in each year of the currency of the
Debenture, upon the principal amount from time to time remaining
unpaid.
2. THAT the said Debenture shall be dated the 1st day of
August, 1973, and shall be payable in 20 annual instalments of
principal and interest on the 1st day of June in the years 1974
to 1993, inclusive, and the respective amounts of principal and
interest payable in respect of such Debenture in the years 1974
to 1993, inclusive, shall be as set forth in Schedule "B" attached
hereto.
3. THAT the said payments of principal and interest shall be
payable in lawful money of Canada by cheques sent through the
post to the registered address of the registered owner of the
Debenture.
and such cheques shall be payable at par in the City of Toronto.
THAT The said Debenture shall be sealed with the Seal
of the Corporation and shall be siEned by the Head of the Council
or 'by some other person authorized by by-law to siEn the same~
and by the Treasurer.
5. THAT all sums required to pay off the instalments of
principal of the debenture and tO pay interest thereof as set
out t~ Schedule "B" attached hereto shall be levied and raised
in the years 197~ to 1993, inclusive by a special rate sufficient
therefor, over and above all othe~ rates, upon all the rateable
property in the Municipality at the same time and in the same
manner as other mates~ but it shall not be necessary to levy in
any year a greater amount than is ~equired to pay the said
instalment of principal and interest after taking into account
receipts from any other source in respect of said works.
6. THAT the said Debenture be sold to the Treasurer of
Ontario.
7. THAT the said Debenture shall contain a clause providing
for the registration thereof pursuant to Section 326 of The
Municipal Ac~.
8. (a) The Corporation shall have the right, at its option,
· o redeem the said debenture on any interest payment date prior
to maturity by payment of the unmatured principal amount thereof
together with interest accrued to the date set for redemptiOn
(b) The unmatu~ed principal of the debenture shall
become due and payable on the date set for redemption thereof, and
from and after such date interest ceases to accrue thereon where
provision is duly made for the payment .of the amount %hereof.
- 3 -
(c) Notice of intention so to redeem shall be sent
by post at least thirty days prior to the date set for such
redemption to the person in whose name the debenture is regis temed
at the address shown in the Debenture Registry Book.
(d) At least thirty days prior to the date set fop such
medemption, notice of intention so to redeem shall be published in
The Ontario Gazette and in a newspaper of general circulation,
if any, in the municipality.
9. THAT application shall be made to the Ontario Municipal
Board for approval of this By-law and fop the certification of
the Debenture to be issued hereunder pursuant to Section S8 to 60
of The Ontario Municipal Board Act.
10. THAT Schedules "A:' and ':B'~ attached hereto, are hereby
declared to be and to form part of this by-law.
11. By-law #4415/73 be and the same is hereby repealed.
By-Law mead a First, Second and Third Time and PASSED this
:?'/ day of ,~:/<:. / : 1973.
ReeVe
T~-iE COF, FOiC,~.T~fO.~ OF 'i't!E TO;~$HXP 01: PICKERI~,~G
.%-2'anr. of Debenture
Construction Ontario Total Approved
By-l~w ~unicipal Board Number of O,W.R,C, Ontario To be issue~i
Pur~>ose N%unber File ~o Certificate Municipal Board p~-~.~,~ ~,,~l v rs~ued hereunder
Expansion of ~he 3943/7'1 H2056 3-0940-70-006 $~00 ~ 000.00 $130,890.00 $210,2~0.83
Bay Road
Treatment Plant
· CENTRAL MORTGAGE AND HOUSING CORPORATION/SOCI~:T~- CE~UTRALE D'HYF'O'~H£OUES ETDE LoGEMEtz,
LOAN R~AYMENT SCHedULe/LISTE DES REMBOURSEMENTS SUR U~
1 2 ,,.~3 ! 7.0~G(. . ~
,.951.;0 6~' 5050 19
;73931.91 '7137.89 t269b
i 5;-S~;9 ~.. 72 ~i 90.
14932;].~5 8774.29
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1 ~9832.~9 !O0~a.
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81877.00 13258.56~ 6776.03i
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the f~ ~~.c~ ~ b9 releas~
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$177,351.~ x .0 ~su - Co~om~ ~t~rest Factor
$32,889.69 X .05 ~97~ - Com~~ ~%ere~t Fac%or for