HomeMy WebLinkAbout1051A By-law to authorize the borrowing of $7,365.50 upon debentures for the retirement of certain debentures.
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NOW THEREFORE the Municipal Council of the
Corporation of the'Township of Clarke ENACTS AS FOLLOWS:
1. That for the purpose aforesaid there shall
be borrowed on the credit of the Corporation at large
the said sum of X7,356.50, and debentures shall be
issued therefor in sums of not less than X50.00 each,
bearing interest at the rate of 3,~ per annum, and having
coupons attached thereto for the payment of such interest
semi-annually.
2. Such debentures shall all bear the same date
and shall be issued within two years from the date on
which this by-law is passed and may bear any date within
such two years and subject to the provisions of Paragraph
7 shall be payable 3.n eight annual instalments during the
eight years next after the time when the same were issued,
and the respective amounts of principal and interest payable
in each of such years shall be set forth in Schedule "A~
hereto attached.
3. The debentures as to both principal and interest
shall be expressed in Canadian currency and shall be pay-
able at the ~~~ ~ ~~~~ ~-- ~ 1~-L• in the Township
of Clarke.
4. The Reeea of the Corporation shall sign and
issue the debentures, and the same shall also be signed
by the Treasurer of the Corporation, and the debentures
dhall be sealed with the seal of the Corporation. The
coupons shall be signed by the Treasurer and his sig-
nature thereon may be written, stamped, lithographed
or engraved.
5. During the period of eight years, the currency
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of the debentures, the respective sums of each year as
provided by Schedule "A" hereto attached shall be raised
annually by a special rate sufficient therefor over and
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above all other rates on all the rateable property
in the municipality at the same time and in the same
manner as other rates provided, however, that it shall not
be necessary to levy any special rate hereunder in any
year except to the extent to which the payments received
by the Corporation from the local hydro-electric power
commission in such year is insufficient to pay the amount
set forth in Schedule rAr as payable in such year.
6. The debentures may contain a clause providing
for the registration thereof pursuant to section 336 of
The Municipal Act.
7. (a) All the debentures or a portion thereof
shaIl be redeemable at the option of the Corporation at
the above-mentioned place of payment on any d ate prior
to maturity at face value together with accrued interest
to the date set for such redemption.
(b) Where only a portion of the debenture is
so to be redeemed, such portion shall comprise only the
debentures that have the latest maturity dates, and no
debenture issued under this by-law shall be called for
such redemption in priority to any such debenture that
has a later maturity date.
(e) At least thirty days prior to the date set
for .such redemption, notice of intention so to redeem
shall be published at least once in the -~Ontario Gazetter
and once a week for two consecutive weeks in a news-
paper published in the Village of Orono or the Town of
Bowmanville and in a daily newspaper published in the
City of Toronto. The date of the second publication
of such notice in such newspaper shall be at least
thirty days prior to the date set for such redemption.
(d) In the case of a registered debenture,
notice of intention so t o redeem shall be sent by post
at least thirty days prior to the date set for such
redemption to the person in whose name the debenture is
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registered at the address shoRn in the Debenture Registry
Book.
(e) Such notice shall specify the date set
for such redemption, the debentures so to be redeemed, the
place of payment and the redemption price thereof, and
shall state that, from and after the date set for such
redemption, interest on the debentures so to be redeemed
shall cease to accrue.
(f) In the event. of the exercise of the said
option the principal amount of the debentures so to be
redeemed shall become due and payable on the date set
for such redemption.
(g) In the event of default by the Corporation
in payment of a debenture that is called for such re-
demption and, on the date`set for such redemption, is duly
presented for payment, interest on such debenture, shall
continue to accrue at the said rate.
(h) In the event of the redemption of any
debenture under this section the annual sum thereafter
to be levied and raised pursuant to section 5 shall be
reduced accordingly.
~3. Pending the sale of the debentures, the head
of the Council and the Treasurer may raise for the purposes
aforesaid by way of loan on such debentures any sum or sums
of money not exceeding in all the sum hereby authorized to
be borrowed and may hypothecate the debentures for such loan.
9. This by-1a.~r shall come into force and take effect
on the day of the passing thereof.
PASSED THIS ~~ day of ~-~ 19 ~- a .
First Reading: ~S ~~G. 19 ~ ~
Second Reading: ~S' ~~-6 19 4 ~
Third Reading: /S" ~'-~
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19 ~ °.i~-
(Corporate Seal}
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THE CORP TION OF THE TO~1tTSHIP OF CLARKS
SCHEDULE
tign
Year
1941
1942
1943
1944
1945
x.946
1947
1948
Principal
~ 827.28
852.10
877.67
904.00
931.12
959.05
9 87.82,
r
1, OI7. Q-6
~7, 356.50
terest
~ 220.70
195.88
170.31
143.98
116.86
88.93
60.16
30.52
~I,027.34
Total
~I,047.98
1047.98
1,047.98
1,047.98
1,047..98
1,047.98
1,047.98
1,047.98
~8, 383.84
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