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HomeMy WebLinkAbout1536A By-law to authorize the borrowing of ~13,21q.16 upon debentures to pay part of the cost of the construction of certain bridge and road work as set out in Schedule "B" attached hereto. WHEREAS the Council of the Township of Clarke by Resolution dated March 9, 1g65 authorized the construction of certain bridge and road work as set out in Schedule "B" attached hereto. AND WHEREAS the Ontario Municipal Board, by its Order made on the 30th day of June 1965, under file No. F. 62g1 -65, approved the expenditure by the Corporation of the sum of ~gi~,000.00 in connection with the said work and the borrowing of money for such purposes by the issue of debentures in the amount of X31,7$5.00 repayable over a term not exceeding 5 years. AND WHEREAS the Minister of Municipal Affairs by his commitment to make loan No. L~.53 dated the 15th day of July 1965 approved the making of a loan under The Municipal Works Assistance Act in the amount of #17,625.55 bearing interest at the rate of 5-3/$~ per annum repayable over a term not exceeding 5 years. AND WHEREAS the Council by an application for a payment on a loan dated the 6th day of September 1966, has requested the Minister of Municipal Affairs to make a final payment on a loan in the amount of X17, 625.55 . AND WHEREAS the Minister of Municipal Affairs has requested the Corporation to deliver to him a debenture of the Corporation in the principal amount of ~13,21q.16 bearing interest at the rate of 5-3/$~ per annum, certified as to validity by The Ontario Municipal Board, as security for the repayment of the above loan and it is now deemed expedient to authorize the issue and delivery of such a debenture. NOW THEREFORE the Council of The Corporation of the Township of Clarke ENACTS AS FOLLOWS: 1 THAT money shall be borrowed on the credit of The Corporation of the Township of Clarke at large by the issue of a -, debenture of the Eorporation in the principal amount of $13,219.16. The said Debenture shall bear interest at the rate of 5-3/$~ per annum calculated yearly, not in advance, and payable on the 1st day of December in each year of the currency of the Debenture. 2 THAT the said Debenture shall be dated the 1st day of December 1966 and shall be payable in five equal annual payments of principal and interest combined of X3,0$5.01 each, on the 1st day of December in each of the years 1967 to 1971 inclusive, and the respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto which is hereby declared to be and to form part of this By-law. 3 THAT the said payments of principal and interest combined 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 Toronto or Montreal at the option of the payee. !~ THAT the said Debenture shall be sealed with the Seal of the Corporation and shall be signed by the Reeve or by some other person authorized by By-law to sign the same and by the Treasurer. 5 THAT there shall be raised in each of the years 1967 to 1971 inclusive, by a special rate sufficient therefor, over and above all other rates on all the rateable property in the Township of Clarke at the same time and in the same manner as other rates, the total annual sums of principal and interest payable in such years on the said Debenture as are set forth in the fifth column of Schedule "A" attached hereto. 6 THAT the debenture be sold to the Treasurer of Ontario on the condition that he shall not sell or otherwise dispose of the debenture except after the expiration of six months from the dispatch by the Treasurer of Ontario to the Treasurer of the Corporation, by registered mail, of a notice of intention to sell or otherwise dispose thereof; but any subsequent holder, subject to compliance with any conditions arising as a result of registration of the debenture, may sell or dispose thereof without notice to the Corporation. 7 THAT the said debenture shall contain a clause providing for the registration thereof pursuant to section 323 of The Municipal Act. .~ ~ THAT application shall be made to The Ontario Municipal Board for the approval of this By-law and for the certification of the debenture to be issued thereunder pursuant to Part IV of The Ontario Municipal Board Act. 9 THAT the Reeve and. the Treasurer are hereby authorized to do all things and to execute all documents and other papers in the name of the Corporation in order to carry out the provisions of this By-law and the Treasurer is authorized to affix the seal of the Corporation to all such documents and papers. 10 THAT all the provisions of By-Law No. 1.73 and By-Law No. 1197 not consistent with the provisions of this By-Law are hereby repealed. READ a first, second and third time and finally passed this 21st day of_ Januar4 ~9~, Clerk Reeve -(Seal) lT The Corporation of the Township of Clarke SCHEDULE "A'1 TO BY-LA1a~ NUMBER. /a~Ce 1 Loan Number L~.53 5 Rate of Interest 5-3/$~ 2 Amount of the Loan ~ 17,625.55 6 Term 5 3 Amount of the forgiveness ~ ta.,1.i.06.39 ~. Amount to be repaid ~ 13,219.16 (1) (2) (3) (~+) (5) Payment Number Date Due Prin .;~a In PrPm Total_ 1 1 December 1967 2,37~+.~+$ 71©.53 3,©$5.01 2 1 December 196$ 2,502.11 5$2.90 3,0$5.01 3 1 December 1969 2, 636.60 !~!~$.l~l 3, 0$5.01 ~. 1 December 1970 2,77$.31 306.70 3,0$5.01 5 1 December 1971 2,927.66 157.35 3,0$5.01 13,219.16 2,205.$9 15,x+25.05 THE CORPORAT ION OF THE TOWNSHIP OF CLARRE SCHEDULE rtBtt TO BY-LAW NUMBER_.,~ Details of Reconstruction of Roads 1),~joad Bride including land acquisition and road construction of approximately 1/$ mile in all, extending north and south of the proposed bridge, Lots $/g, Concession B.F. ttA". 2) Crooked Creek Bride and grading on the approaches of the proposed structure for a total distance of approximately 1,100 feet, Lot 10, Concession 3/~+. The purchase of land and construction of an addition to the Road Department Machine Garage on Lot 27, Concession 5. The building to be concrete block, $10 sq. ft. in area. 3) Sixth Concession Road including culverts at various locations. The total length is approximately one mile, Lots 17 to 20 inclu- sive and part of Lot 16, Concessions 5/6. ~ !- '~ n "i O A~ ,--' C7 F- ~J V ~ . }r' Y+ ~~ t ~'J (V `.jam ~ - ( 1, '. T P) r~ n ~ C, fi O r3 c ~ ~ L~ F~ 1 fi ~J ~ ~ ~ :U 7 ~ 7 ~ ,%. '~' 7~ ~ :t ~`7~ of Qf ;~ ,~' O ; ~ -~, •3- y~ ~ ~ ~~. : * 'v7 ~J ~ ~ ~ ~ W 7 ~ Q, J C7 ~3 r~ n l'~ i ~~ O n M ~. ;r r~ :r p .s J J. may' .r ~l ~ '"~ ~ ~ ~ ~f !~' ~-J O ~`' ;t ~ '" ~ ;~ ~ O G1. fi J J. `~ J