HomeMy WebLinkAbout1097 A by-law to provide for the borrowing of $3441.65 upon debentures to pay for the construction of a water main on water main on Third St. and High St. and for the construction of cement sidewalks on certain streets in the Town of Bowmanville. • .fin
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f . A BywLaw of the Corporation of he town of Bowmanvi lle► to
nt provide for the borrowing of X3441 . 65 upon debentureb to
pay for the con4truation of a water main on Third Street
wy and High Street and for the sonstruotion of cement side -
walks on oertain streets in the town of Bowmanville .
Wherege pursuant to conetruotion by-law Tro. 1095 passed
on the 6th day of Oat ober 1924 , a water main has been
oonstruated on rhirl and High streets , from Elgin to High
streets and on IIigh Street extending northerly 455 feet as
a Local Improvement under the provisions of the Local
Improvement Act . ,N
An& whereas pursuant to Construction by-1 ary 1095 passed on
the 6th day of October 1924 , cement sidewalks 4 feet in
width has been eonstruoted as' a Focal Improvement under the
provisions of the hoaal Improvement Act , on Liberty street ,
east side from Queen street to the Base Line , on Second
t
street from Elgin Street running easterly 190 feet to James
Gill ' s residence , said sidewalk three feet in width.
On Temperance street east side from King street to Queen
Street 5 feet and 6* feet in width , on Brown Street west 4Y ,
aide from Churoh Street to Wellington street 3 feet in
width as a Local Improvement under the provisions of the
local, Improvement Acte
And whereas the aggregate cost of the. work constructed
ursuant to by-law No. 1095 , inclusive of interest is
3441.65 of which $1282 . 51 , is the , Corporations p�orti on o
the oost and 42159014, is the owners portion of the cost , for
which special assessment rolls have been duly, made and
certified as follows
;t
Water main on ihird , stre'ets , to High street an U on � .
High Street exte " &ing northerly 455 feet .
. _
Corpora Owners share T
otal t f ona sare
4167e06 . 536. 42 7 0304
8
<„ Cement sidewalks
On Liberty east side from Queen 'stre'et to Base line „
Corporations share X804.09`, owners ahare1303120
total 2107.28
p eat` scat side from King t o Queen St .
,,.: .. , . , ✓ , n em eranae s . �178,* 969 C orporst i ons share owne ra _ share 165 81
total 344.77
On Brown Street west side from Chu re' h t,o Wellington St .
Corporations share X99 .73 , owners share . $83 . 22
,1 Total 182 .95
r,
On Second street , north . side . from Elgin St to J . Gill* s
property
7 49
Corporation s share 2 .68 , owners share - 0.
Total 103. 17
{row
Total ' T of al Grand total
Corporations share 0wnere , shar®
X1282 . 51 X2159. 14 $3441065.
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''And whereas . the .estifnated lifetime of the igdrk is twenty
And whereas i t t s necessary t o borrow t die , s ai ,F.
34.q.1..65 on the credit of, the Corporation and t o issue deb-
entures therefor bearing interest at the rate of , five and one
half percent per annum , whi eh ie the amount of the debt ;
intended to be created by this by-law.
And whereas i t is expedient to wake , the principal of the said
debt repayable in yearly sums during the period of twenty
years ,, of such amount re spa c t ite 1y that the aggregate amount'
z y
payable for principal and interest in an$ yearn shall be equal
as nearly as may be to the , amount so payable for principal
4 and interest -in each of the other years.
And whereas- it will be necessary to raise annually the sum of
9287 . 99 during the period of twenty years to pay the said
yearly sums Of principal and interest as they' may become -
due , of Which 4108. 31 is required to pay the Corporations.
portion of the, cost and the interest the and .7996$
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( '�TT�TT���ry/����
— a VtJiiV�4iu —
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ie ri$quired to pa4 the owners portion of the o os t and Inte►re'st ,
thereon.
And whereas the amount of the whole rateable property of the
t{ municipality acoording to the last assessment roll is r�'2 9213 ,748
t Whereas the aai d extension of_ Waterworke system has been
approved by the Provincial Board of I1ealthe
And whereas the existing debenture debt of the Corporation
w 4
( exclusive of local Improvement debt , secured by speoial
rates or assessment ) is $247310.94 made up as follows ,
Waterworks & Sewerage 15o63 • 56
All othero ( except local Imp. , 9667 . 38 F
and yno rt of the principal or interest is in arrears , and f
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against oiid Debenture Debt the Corporation has in possession
a sinking fund in viat ory Bonds and Debentures of the
Corporation which it has acquired. , amounting to $7226.63
Therefor the Municipal Counoil of the Corporation of the town
- of Bowmanvi lle enacts as follows : -
;lot That for the purpose of the aforesaid there shall be
borrowed on the, oredi t of the Corporation at large the sum. ;
of Thirty fopr hundred and forty. one dollars and sixty five
cents ( 434441. 65 ) and debentures shall ' be issued therefor in.
sums of not less than 450.00 , each bearing interest at the
Fir rate of five and one half . per cent per annum, and having
coupons attached . thereto for the payment of the interest
2nd. The debentures shall all bear the same date and shall be
issued within two years after the day on which this by-law
is , passed and may, bear fA OO Ohf any date within such two years
and shall be payable in twenty annual inat alment s during the
' twenty years next after , the time when the same are issued and :
' the respective amounts of principal and, interest in each year
shall be as, follows ;
Principal Interest
T out 1
1 8;70 189.2 287. 99
2 104. 13 18 .8 Y 2$7. 99
3 .
l09 g5 7
• 17 . 14 2 9
'115.89 1 2 . 10 287 . 99
122927 1 5.72 287.99
128.99. - 159.00 2$7.99
136.09 7 99
151 90
. 2
14357 14 42
2 7.99
9
1510 7 -13 .52 287• 99
1 0 ---- - 7e99
128 19
11 1 19 40
1 287. 99+
7
12 1 ila..13
2 7.99
l 1 7 .6 - 100.35 287 99
14 l9 , 90.03 2 7. 99,
1 20 . 9: 14 287.99
6 287.99
220*3 ' 7 . 5 � � , . . ,
E 232.4 55.53 7 99
1 24 •24 42 :7 287.99
1 25507 29, 2 287. 99
20 272,g 15. 0 287. 99
MINIMUM -
mammon
;} 3441*39 2 18.41 5759 80
3
3rd. The debentures as to both principal and interest may be
expressed ' in Canadian currency, or in Sterling money of Great
Brittain at the rate of one pound sterling. for each four dollars
and eighty six cents and two thirds , and may be payable at any
place or places in Canada or Great ..
Brittain.
4th. The Mayor of the Corporation shall sign and issue the
debentures and the same and the interest coupons shall be
signed by the Treasurer of the Corporation , and the debentures
seal f the Corporation*oration. The signature
shall be sealed with the s o p gn
of the Tre �eurer on 'said ' csoupons may be written, , stamped ,
lithographed or engraved.
5th. ,During twenty years the ourrency of the debentures , the
sum of $287 .99 shall be raised annually for the payment of the
s debt and interest as follows
MEMBERS
WE Via-11,
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VOLUME 3 rVi
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. ."UMInM r . .. F •, _.,,
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The sun of x•08. l shall be raised' annually for t he payment
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of the Corporations portion of the cost and the interest
thereon and shall be levied and raised annually by a special
` rate sufficient therefor over and above all other rates , on
all the rateable property in the Municipality at the same
time and in the same manner as other rates .
Boor the payment of the owners portion of the cost and interest
thereon, the special assessment set forth in the said special
xz assessment roll is hereby imposed' upon the lands liable
therefor as therein set forth, which said special, assessment
with a sum sufficient to cover interest thereon at the rate
As aforesaid shall be payable In twenty annual equal Instalments
of in 9.66/and for that purpose the s eaial annual rates Per
foot frontage set forth in Schedule 1 . hereto attached , are
hereby imposed upon the lots entered in the said Special
assessment Roll , according to the assessed frontage thereof ,
over and above all other rates and taxes ., and the said special
rates shall be collected annually by the oollebt or of Taxes
for the Corporation at the, same time and in the same manner
as other rates.
x
6'the The debentures may contain any clause providing for the
registration . thereof, authorized by any statute relating
to Municipal debentures in force at the same time of the ' issue
thereof.
4 7th. The amount of the loan authorized by this by-law may be
m consolidated with the amount of any loans authorized
by other Local Improvement by-.laws , by including the same
with such other loans in a consolidating by-law, author
ising the borrowing of the aggregate thereof as one loan in
one oonseoutive issue , . pursuant to the provisions of the ;
statute i n that behalf. •: `7
8th.• This by-law shall take effect on the date of the final
passing thereof
Passed this , / da y of
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I , John Lyle Clerk of the C orporgt i on of the T�o
• � wn ' of Boman- ,
ville hereby certify that the above typewritten paper le a
true copy of By-law, ffo /e/f duly passed at a meeting of the
Council of the . Corporati the town of Bo:mmnviIle held
on the . � day of -�-,� A. D: 1924.
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