HomeMy WebLinkAbout1551A By-law to authorize the borrowing of $25,000.00 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.
WHEREAS it has been deemed desirous to extend and improve the works
for the distribution of electrical power or energy of the Orono Hydro
Electrical Commission;
AND WHEREAS it is expedient to borrow for the extension and improve-
merit of such works for the use of the Police Village of Orono and its
inhabitants, a sum not exceeding X25,000.00 upon the said credit of the
Corporation of the Township of Clarke secured by the assets of the Orono
Hydro Electric Commission and by the whole rateable property of the said
Police Village of Orono, to issue debentures therefor bearing interest
at the rate of six and three quarters percentum per annum payable
yearly and to provide the discount and expenses incidental to the
negotiation and sale of such debentures;
AND WHEREAS 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 extensions and improvements; 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 of The Public Utilities Act or from any other source in
connection with the proposed work;
AND WHEREAS it is expedient to make the principal of the said=debt
repayable in annual instalments during the period of fifteen years next
after the date of the issue of such debentures irk such amounts respectively
so that .with the interest in respect of the debt the aggregate amount
payable for principal and interest in each year shall be as nearly as
possible the same;
NOW THEREFORE the Council of the Corporation of the Township of Clarke
ENACTS as follows:•
1. For the purposes aforesaid the Corporation of the Township of Clarke
shall borrow upon the general credit of the Corporation a sum not exceeding
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X25,000.00 and shall issue debentures therefor in sums not less than
X100.00 each. Each debenture shall bear interest at the rate of six
and three quarters percentum per annum payable annually and shall have
coupons attached thereto for the payment of such interest;
2. All debentures shall bear the same date, shall be issued at one time
during the year 1967 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 date of
issue thereof and the respective amounts of principal and interest
payable in each of such years shall be the amounts so designated in
Schedule ttAn hereto annexed;
3. The 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 Toront®, Ontario,
or Montreal, Quebec, at holders option.
!~. 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 196$ 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 at 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't hereto annexed,
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 of 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 335 of the Municipal Act;
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7.- Pending the sale of the said debentures the head of the Council and
the said Treasurer may raise far the purposes aforesaid by way of loan f
on such debentures, any sum or sums of money not exceeding in all the
sum hereby authorized to be borrowed and may hypothecate such debentures
for such loan.
Read a first and second time this First day of August 1967.
Reeve
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Clerk
Read a third time and finally passed this day of 1967.
Reeve
S E A L
Clerk
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