HomeMy WebLinkAbout1425To 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.
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not exceerli.n~ $15,000.00 and shall issue debentures therefor in sums
not less than $100.00 each. rash debenture sha11 bear interest at
the rate of five and one-]:la1f per centum per annum payable annually
wnd shall have coupons attached thereto for the payment of sucYl
_~nterest;
2. !?17_ debentures shall bear the same date, shall be issued at
one time during the year 1964 after the day on cahich this ~3y-Law
is ;gassed, may bear any date taithin such neri_od and shall be made
ns.tr.ble in annual instalments during; the :~eri_od of fifteen- years next
after the date of issue thereof and the restaecti ve amol~nts of nri_ncipal
and interest payable in each of such years shall be the amounts so
deli mated. ;_n ~~chedule "~1" hereto annexed;
3. The debentures shall ]:~e na~;ra.ble as to both principal and interest
i.n lataful rn.one~.r of Canada at the Canadian Tmnerial ~an]c of Commerce,
C)rono, Ontario;
4. The sai_cl debentures shall be sealed tai.th the seal of the
Corporation and si,,ned by the ~"iead of the Counci_1 or btr some other
~ervon authorized by 3y-LaGa to sign the same and by the "treasurer of
this Cor-~oration. "1'he said interest coupons shall be signed by the
sUid Tres.surer and his si~_5nature thereon may be t-;ritten, stamped,
lit:no ;rap~red or engraved;
5. Cornr:lencin~ in the ;rear .1964 and in each year thereafter of the
currenc~,r of the debentur. es, all sums required to ?.~a;r off the debentures n
shall be paid out of the Orono Hydro Electric Commission surplus & and remainin ~flrtio
and to ?~av i_nterest thereon,/shall he raised by assessment upon all ~he
rateable nro?~erty of ratepayr-_rs in the Police Village of Orono, and
accordin~l~,r in each year of the currenc,r of the debentures there sh.a.ll
be 1ev.ied and ra.i sect by speci_a1 rate su_ffici.ent t]zere.for, over and
move all other. rates, on ala_ the taxable ~ronertt,r of the raten~,_yer. s
of the Police Vi11a.~e of Orono at the same t:i_me and i_n the same manner
~'.. ~ CtCler rates , trie sU.m shotsln for t]"le res?~eCt1Ve <JEc?r In t<Il~y fOUrti'1
CUIUTi~n of SCl~iedule "ate" ]leret0 annexeC'i;
6. ":ihe said debentur~~s may contain a clause providn~*for the
re~:istration thereof :pursuant to .Section 335 of the "'~unicipal pct;
7. ~~'endin~ the :gale of t'_~e said debentures the head of the Council
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and th.e said Treasurer r:~ac,~ rise for t%Ze rurposes aforesaid by ~aay of
loan on suc}: denentures, any sum or sums of money not exceeding; i.n all
tine sum here:~~~~,~ authorized. to Le borro~-aed. and may hypothecate such
debentures for such loan.
'? ~'r?D A ~ II:ST TI'~i~ this / ST day of ~To6PR. l9 6 3 .
~T'r,,) !~. c~CC~1D TIP=TE this /~ day of Ot'To6e~e 1963.
~'.~,~'?D F TPiInD TIFF A~TD Pf~.S~EI) this /~ day of OtTo6e~e 1963
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.:~C~~LUI~ "A" TO BY-LAVd i~TO. 14 25
X15,000, 5-~, 1 to 15 years
Year Principal Ins, Brest Total Payment
lgb4 ~ 7oa ~ 825.00 ~ 1,525.00
lgb5 7oa 786.50 1,486.50
1g66 800 ?48.oa 1,548.ou
1g67 800 704.00 1,504.OG
1968 800 660.00 1,460.OG
196g 9QO 616.00 1,516.00
1970 qoo 566.50 1,466.50
1871 1,OOO 517.00 1,517.00
lq?~ l,ooc 462.ou 1,462.00
1973 1,100 407.00 1,507.00
1974 1,100 346.50 1,446.50
lg?5 1,200 286.00 1,486.00
1976 1,300 220.OG 1,520.00
1977 1,300 148.50 1,448.50
1878 1,4oa 77.00 1,477.00
X15,000 #7,370.00 ~22,37a.oo
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