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HomeMy WebLinkAbout1446To authorize the borrowing of` $15,000.00 upon debentures to extend and improve certain works for distributing electrical power or energy for the use of the Police Village of Orono and its inhabitants, called the Orono Hydro Electric Commission. WHEREAS it has been deemed desirous to extend and improve the works for the distribution of electrical power or energy of the Orono Hydro Electrical Commission; AND WHEREAS it is expedient to borrow for the extension and improve- went of such works for the use of the Police Village of Orono and its inhabitants, a sum not exceeding X15,000.00 upon the said credit of the Corporation of the Township of Clarke secured by the assets of the Orono Hydro Electric Commission and by the whole rateable property of the said Police Village of Orono, to issue 8ebentures therefor bearing interest at the rate of five and one-half per eentum per annum payable yearly and to provide for the discount and expenses incidental to the negotiation and sale of such debentures; AND WHEREAS the Trustees of the said Police Village of Orono have made application to the Council of this Corporation for the passing of this By-law in pursuance of the Power Commission Act, R.S.O. 1960, Chapter 300 and the amendments thereto for the issue of such debentures and for the levying by an annual special rate upon the rateable property in the said Police Village of Orono oP the .sums required for the payment of the debentures issued for such extensions and improvement; AND TNHEREAS it is expedient to make the principal of the said debt. repayable in annual instalments during the period of fifteen years next after the date of the issue of such debentures in such amounts respectively so that with the interest in respect of the debt the aggregate amount payable for principal and interest in each year shall be as nearly as possible the same; NOti'~ THEREFORE the Council of the Corporation of the Township of Clarke ENACTS as follows:- l. For the purposes aforesaid the Corporation of the Township of Clarke shall borrow upon the general credit of the Corporation a sum ,•a - ~ - not exceeding X15,000.00 and shall issue debentures therefor in sums not less than 100.00 each. Each debenture shall bear interest at the rate of five and one half per centum per annum payable annually and shall have coupons attached thereto for the payment of such interest; 2. AlI debentures shall bear the same date, shall be issued at one time during the year 1964 after the day on which this By-Law is passed, may bear any date within such period and shall be made payable in annual instalments during the period of fifteen years nett after the date of issue thereof and the respective amounts of principal and interest payable in each of such years shall be the amounts so designated in Schedule "A'~ hereto annexed; 3. The debentures shall be payable as to both principal and interest in lawful money oP Canada at the Canadian Imperial Bank of Co:rnnerce, Orono, Ontario; 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 of this corporation. The said interest coupons shall be signed by the said Treasurer and his signature thereon may be written, lithographed, engraved, or mechanically reproduced; 5. Commencing in the year'1964 and in each year thereafter of the currency of the debentures there shall be levied and raised by special rate suffi- cient therefor, over and above all other rates, on all the taxable property of the ratepayers of the Police Village of Orono at the same time and in the same manner as other rates, the sum shown for the respective year in the fourth column of Schedule "A" hereto annexed, but it shall not be necessary to levy in any year a greater amount than is required to pay the instalment after taking into account receipts under Section 36 of The Public Utilities Act or from any other source in connection with the proposed work; 6. The said debentures may contain a clause providing for the registration thereof pursuant to Section 335 of the Municipal Act; 7. Pending the sale of the said debentures the head of the Council E -3- and the said Treasurer may raise for the purposes aforesaid by way of loan on such debentures, any sum or sums of money not exceeding in all the sum hereby authorized to be borrowed and may hypothecate such deben- tures for such loan. READ A FIRST TIC this 24 th day of April 1964 . READ A SECOi~ID TI ``+ this 24th day of April 1g64. i~~Z ,z, °lJ.cy~~y Reeve. Cler . ~' A THIRD TI~~E AIy'D PASSED this ~~'~' day of ~.,~./y 1964. ~. "" save. ~~ °~i/cti~-'~ S ~ E ~. L -- _ t ,~ _~ Z~1er. • - ~ +; TO~~t11y OF CI,. ~CL~BL '-~' '~A" '~C BY-1,.~~' ItiTO. 1446 ~15fi70C. 5~~, 1 to 15 years Year Principal Interest Dotal Pa:~m.ent 1965 ~ 700 ~ 825.oc 1,525.00 1966 700 786.50 1,4~?b.SG 1967 800 748.00 1,548.OG 1968 8GO 704.GG 1,504.oc 1869 800 66o.oc 1,46o.ao 1970 900 616.co 1,516.oc1 1971 900 566.50 1,466.50 1972 1,000 517.00 1,517.OG 1973 110J0 462.vG 1,462.OG 1974 1,14E 4G7.OG 1,507.GG 1975 1,100 346.50 1,44b.,o 197b 1.,260 286.60 1,486.Go 1977 1, 30C 220.00 1, 520. G~'; 1973 1,300 148.50 1,44$.50 197 1,40`1' 77.60 1,477.66 ~15,cco ~7,37o.GO ~22,370.oG ,~d -~ . ~},v-Law No. ] 1~.~6 A by-law of the Corporation of the Township of Clarke to authorize the borrewinb of ~61~,000.00 upon debenti.zres to extend and improve certain works for dist.ributin~T electrical Hower or ener~'v for the i~se~ of the Police 1!i.lla~'e of Orono and its inhabitants, called the Orono ?~ydro Electric Commission. Read a first time-~1~. April 19h1_~ Read a second time-~la April 19h4. Read a third i,ime ~ passed- ? July 1~~6t,-. . E. P-lillson, Clerk.