HomeMy WebLinkAbout1518A By-law to authorize the borrowing of $107, 442.00 upon debentures to pay part of the cost of a Water Works Project as more fully described in Certificates Number 65-B-15 issued by The Ontario Water Resources Commission and known as Ontario Water Resources Commission Project 64-W-130.
'NHEREAS the Council of the Township of Clarke by By-law
No. 14']2 authorized the construction of a Water Works Pro~eet as
more fully described in Certificates No. 65-B-15 issued by The
Ontario Water Resources Commission and known as Ontario Water
Resources Commission Pro~eet 65-W-130.
AT?D WHERE.A,S the Ontario Municipal Board, by its Order
dated the third day of March 1965, under file No. F2834-63, approved
the application by the Corporation to enter into an agreement with
The Ontario Water Resources Commission in connection with the work
described in the said By-law and the borrowing of money for such
purposes by the issue of debentures repayable over a term not
exceeding 30 years.
ATID ~~HEREAS the Minister of Municipal Affairs by his
commitment to make loan ~?o. L311 dated the first day of April 1965
approved the making of a loan under The Municipal Works Assistance
Act in the amount of X143,256.00 at the rate of interest of 5~°fo
per annum repayable over a term not exceeding 30 years.
AND WHEREAS the Counoil by an application for a payment
on a loan dated the twenty-first day of January 1966, has requested
the 1!:Zinister of Municipal Affairs to make a final payment on a loan
in the amount of 143,256.00.
AND WHEREAS the Ainister of bunicipal Affairs has
requested the Corporation to deliver to him a debenture of the
Corporation in the principal armount of X10'],442.00 bearing interest
at the rate of 5~`~o per annum, Qertified 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.
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NOW THEREFORE the Council of The Corporation of the
Township of Clarke -E~n?.CTS AS FOLLOV~IS;
1 "'z-I.4T mor_ey shall be borrowed on the credi t of The
Corporation of the Township of Clarke at large by the issue of a
debenture of the Corporation in the principal amount of 101,442.00.
The said Debenture shall bear interest at the rate of 5g~o per annum
calculated yearly, not in advance, and payable on the First da.y of
June in each year of the currency of the Debenture.
2 TKA.T the said Debenture shall be dated the First day of
June 1966 and shall be payable in 30 equal annual payments of
principal and interest combined of ~1,1$9.6q each, on the First
day of June in each of the years 1961 to 1996 inclusive, and the
respective amounts of principal and interest payable in each of
such years ~a11 be as set forth in Schedule "A" hereto which is
hereby declared to be and to form part of this By-law.
3 TI?AT the said payments of principal and interest combined
shall be parable in lawful mone~r of Canada by cheques sent through
the cost to the registered address of the registered owner of the
Debenture and such cheques shall be payable at par in Toronto or
r."ontreal at the option of the payee.
4 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 -E3y-law to sign the same and by the Treasurer..
~ ~_am there shall be raised in each of the years 1961 to
1996 inclusive, by a special rete 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 is set forth in the fifth column
of Sehedlale "A" attached hereto. But it shall not be necessary to
levy in any year a greater amount than is required to pay the
said instalment after taking into account net receipts from any
source in connection with the said works.
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6 TH~~!T the debenture be sold to the Treasurer of Ontario
on the condition that he shall not sell or otherwise dispose oP
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 ir_tention 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 se.id debenture shall contain a clause providing
for the registration thereof pursuant to section 323 of The
r~!~unicix~al Act.
8 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 n.~unicipal Board Act.
9 TH~A~' 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 Ry-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-laws No. 1419, Tto. 1420,..
and 1~To. 142 not consistent with the provisions of this Bev-law
are hereby repealed.
READ a first, second and third time and finally passed
thi s '2-~
day of 19 G<`
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- Reeve
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The Corx~ora ti on of the Township of Clarke
SCNEDU?,E "A" TO 3Y-LA6"J NiJRRBER _ ~Sl~
1 Loan Number L311 5 Rate of Interest 5~°f,
2 Amount of the Loan ~ 143,256.00 6 Term 30
3 Amount of the forgiveness ~ 35,814.00
4 _Amount to be repaid ~ 107,442.00
(1) (2) (3) (4) (5)
Fayment Date Due Principal Interest Total
Number
1 1 June 1967 1,548.98 5,640.71 7,188..69
2 I June 1868 1,630.31 5,559.38 7,189.69
3 1 June 1968 1,715.90 5,473.19 7,189.69
4 I June 1870 1,805.9Q 5,383.71 7,18q.69
5 1 June 1971 1,900.80 5,288,.~Sg 7,1$9.69
6 1 June 1872 2,000.59 5:189.10 7,189.69
7 1 June 1973 2,105.62 5,084.07 7,188.69
8 1 June 1974 2,216.1.6 4,973.53 7,i89.69
q 1 June 1975 2,332.51 4,857.18 7,189.69
10 1 June 1976 2,454.87 4,734.72 7,188.69
11 1 June 1977 2,583.86 4,605.83 7,189.69
12 1 June 1978 2,719.51 4,470.18 7,189.69
13 Z June 1879 2,862.28 4,327.41 7,189.68
14 1 June 1980 3,012.55 4,177.14 7,189.b9
15 I June 1981 3,110.71 4,018.98 7,189.69
16 1 June 1982 3,337.17 3,852.52 7,189.69
17 1 June 1883 3,512.37 3,677.32 7,18q.6g
18 1 June 1984 3,696.17 3,492.92 7,189.69
1g 1 -June 19$5 3,Sgo.85 3,298.84 7,189.69
20 I June 1986 4,095.12 3,094..57 7,189.6q
21 1 June 1987 4,310.12 2,879.57 7,18q.69
22 1 June 1988 4,536.40 2,653.2q 7,189.69
23 1 June 1989 4,774.56 2,415.13 7,189.69
24 1 June 1990 5,025.22 2,164.47 7,189.69
25 1 June 1991 5,289.05 1,900.64 7,1$9.69
26 i June 1992 5,566.72 1,622.91 7,189.69
27 1 June 1993 5,858.98 1,330.71 7,189.69
28 1 June 1994 6,166.57 1,023.12 7,189.68
29 1 June 1995 6,490.32 699.37 7,189.69
30 1 June 1996 ~-6 831.05 358.64 7,189.69
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lu'/, 442.00 10 4.70 215, 690.70
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