HomeMy WebLinkAbout1515A By-Law to authorize the borrowing of $49,124.86 upon debentures to pay part of the cost of the purchase of land, construction of Road Department Machine Garage and reconstruction of certain roads.
~IHEREAS the Council of the Township of Clarke by Rv-Law
ATo. 1457 and 1497 authorized the construction of oertain works as
set forth in schedule "p" attached hereto.
AA?D 'AREAS the Ontario P~?unicipal Board, by its Order
made on the 27th day of October, 1964, under file No. F 4535-64,
approved the expenditure by the Corporation of the sum of X267,530.00
in connection with the work described in the said B,y-Laws and the
borrowing of money for such purposes by the issue of debentures
repayable over a term not exceeding 5 years.
!STD WHEREAS the 11?inister of ~~.?unicipal Affairs by his
commitment to make loan No. L148 dated the 29th day of October 1964
approved the making of a loan under The ~?unieipal Works Assistance
Act in the amount of $65,499.82 bearing interest at the rate of
5-3/8~, per annum repayable over a term not exceeding 5 years.
ADtD UVHEREAS the Council by an application for a payment
on a loan dated the 4th day of February 1966, has requested the
minister of L~unicipal Affairs to make a final payment on a loan in
the amount of X65,499•$2•
AND ~~??EREAS the Minister of rJ!unicipal Affairs has requested
the Corporation to deliver to him a debenture of the Corporation in
the principal amount of X49,124.86 bearing interest at the rate of
5-3/8~o per annum, certified as to validity by The Ontario ?+~tinieipal
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.
NO?N .THEREFORE the Council of The Corporation of the Town-
shin 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
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of the Corporation in the principal amount of X49,124.$6. The said
Debenture shall bear interest at the rate of 5-3/8~. per annum cal--
culated yearly, not in advance, and payable on the lst day of March
in each year of the currency of the Debenture.
2 That the said Debenture shall be dated. the 1st day of
March 1966 and shall be payable in 5 equal ar~uual payments of
prinoipal and interest combined of11,464.48 each, on the 1st dap
of March in each of the years 1967 to 1971 inclusive, and the respec-
tive amounts of principal and interest payable in each of such years
shall b® 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 prinoipal 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
~'lontreal 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 '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 is set forth in the fifth column of Schedule "A"
attached hereto.
6 THAT the debenture be sold to the 'T'reasurer 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.
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8 THAT nppliaation shall be made to The Ontario 1~iinicipal
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 lUlunicipal Board Act.
9 THAT th® Reeve and the Tr®asnrer are hereby authorized to
do all things and to execute all documents and other papers in the
name of the Corporation in order to Derry out the provisions of this
ByLaw and the Treasurer is authorized to affiz the seal of the Cor-
poration to all such documents and papers.
10 THAT all the provisions of By~Law No. 14g~ and By-Law
No. 1497 not consistent with the provisions of this Bye-LaR are hereby
repealed.
READ a first, second and third time and finally passed
thi s ~ 7 day of 1966 .
.v
THE CORPORATION OF THE TOANSHIP OF CLARKS
SCHEDULE "A" TO BY-SLAW N0. 1515
1. Loan Number L148
2. Amount of the Loan X65,499.82
3. Amount of the forgiveness X16,374.96
4. Amount to be repaid X49,124.86
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5. Rata of Interest 5 3/8~
6. T®rm g
t4) (5)
Payment
Number Date Due Principal Interest Total
1 1 March 1967 8,824.02 2,640.46 11,464.48
2 1 Maroh 1968 9,298.31 2,166.17 11,464.48
3 1 Aliarch 1969 9,798.09 1,666.39 11,464.48
4 1 Maroh 1970 10,324.74 1,139.74 11,464.48
5 1 I~.Zarch 1971 10,879.70 X84.78 11,464.48
49,124.86 8,197.54 57,322.40
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SCHEDULE "B"
to By-Law No. 1515
(1) The purchase of land and construction of Road Department
hAachine Garage on Lot 2'J, Concession 5.
(2) Reconstruction of the following roads;
(i) A:7organfs Road Construction 2.65 miles including bridge -
Lot 16/17, Concession 2-3
(ii) North East Pro~eat, reconstruct 4.0 miles -
Lots 4/5, Concession 6-'], Lats 6-$ inclusive;
Concession 8; and Lots $/9; Concession 'j
(iii} Newtonville Realignment - Lot 11 Concession 1
(iv) Leskard Road 2.'] miles including bridge -
Lots 30/31, Concession 6-']
(v) Sixth Concession Road 1.5 miles - Lots 21-26 inclusive,
Concession 5-6
(vi) Kimball Bridge - Lot Z0, Concession B.F.
(vii) Hollowell Bride - Lots 10/lI, Concession 4
(viii} Third Concession Road 1.0 miles - Lots 25-28 inclusive,
Concession 2-3
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