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HomeMy WebLinkAbout1483To authorize the borrowing of $20,000.00 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 Electriic Commission. 11HLREAS it has been Seemed desirous to eztend and improve the works for the distribution of electrical power or energy of the Orono Hydro Electrical Commission; AND ~PHEREAS it is expedient to borrow for the eztension and improve- meat of such works for the use of the Police Village of Orono and its inhabitants, a sum not ezceeding $20,000.00 upon the said oredit of the Corporation of the Township of Clarke secured by the assets of the Orono Hydro Electric Commission and by the wh©le rateable property of the sai8 Police Village of Orono, to issue debentures therefor bearing interest at the rate of five and three-quarters percentum per annum payable yearly and to provide for the discount and ezpenses incidental to the negotiation and sale of such debentures; AND 9~iEREAS 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 of the sums required for the payment of the debentures issued for such eztensions and improvement; AND WHEREAS it is ezpedient to asks the princlpal of the said debt repayable in annual instalments during the period of fifteen years neat after the date of the issue of such 8ebentures in such amounts respectively so that with the interest in respect of the debt the aggregate amount payable for principal and interest in eaoh year shall be as nearly as possible the same; NO1P 3SEREFORE tha Counoil of th® Corporation of the Township of Clarke ENACTS as follows;- 1. gor the purposes aforesaid the Corporation of the Township of Clarke shall borrow upon the general cr®dit of the Corporation a sum • w 2 r not exec®ding $20,000.00 and shall issue debentures therefor in sums not less than ~I00.00 each. Each debenture shall bear interest at the rata of five and thre®-quarters per centum per annum payable annually and shall have coupons attached thereto for the payment of such interest; 2. All deb®ntures shall bear the same date, shall be issued at one time during the year 1965 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 next after the data of issue thereof and the respective announts of principal an8 interest payable in each of suoh years shall be the amounts so designated in Schedule "A" hereto annexed; 3. Tha debentures shall be payable as to both principal and interest in lawful money of Canada at the Canadian Imperial Bank of Commerce, Orono, Ontario, or at the principal office of the said Bank in Toronto, Ontario, or Montreal, Quebec, at holders option. 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 1965 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 et 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 ann®xed, 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 oP 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 3'~ of the Municipal Act; ~. Pending the sale of the said debentures the head of the Council :i ti - 3 r and the said Treasurer may raise for the purposes aforesaid by way of loan on such debentures, any sum or sums of mon®y not exceeding in all the sum hereby authorized to be borrow®d and may hypoth®cate such deben- tures for such loan. READ A FIRST TIME thi s F~%rsr day of READ A SECOND TIME this F.icsr day of READ A THIRD TIME AND PASSED this S E A L- e%,/t 1965, /•..~e 1965. Reap ...~ ~~ z~~, day of ~9~~r 1965. ~..~ ~~ er . { l i. ~ ti~ TOWNSHIP 0~' CLARRE SCHEDULE "A" TO BY-Z,~lw N0. 14 83 X20,000. 5-3/4'~ 1 to 15 ~®ars Year Principal Interest Toteel 1966 X1,000 ~ 1,150.00 ~ 2,150.00 1967 1,000 l,og2.5o 2,og2.5o 1968 1,000 1,035.00 2,035.00 196q 1,000 977.50 1,977.50 1970 1,000 920.00 1,920.00 1971 1,000 862.50 1,862,50 1972 1,000 805.00 1,805.00 1973 1,000 74 7.50 1,747.50 1974 1,000 690.00 1,690.00 1975 1,000 632.50 1,632.50 1976 ~,oo0 575.00 2,575.oa 1977 2,000 a6o.oo 2,460.00 1978 2,000 345.00 2,345.00 1919 2,000 230.00 2,230.00 1980 2,000 115.00 2 1, 15.00 ~ 20,000 ~ 10,637.50 ; 30,637.50 Y~ (__~ T~ ~~. 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