HomeMy WebLinkAbout1558A by-law to provide for borrowing the sum of $320,00.00 upon debentures to defray the cost of installing an intake in Lake Ontario, pumping equipment, settling basin and water mains for the water works system of the Municipality.
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1 . That for the purpose aforesaid there shall be ---
borrowed on the credit of the Corporation at large the sum of Y
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Three Hundred and Twenty Thousand Dollars and debentures shall
be issued therefor in denominations of not less than $100. 00
each , bearing interest at the rate of three and three quarter
cent per annum , payable annually, and having coupons attached :
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thereto for the payment of interest .
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2 . The debentures shall be dated the _30th day of
June , 195 ., and shall be payable in twenty annual instalments on
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the day o in each of the ears to
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interest payable in each of such years shall be set forth in
Schedule "A" hereto attached .
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3 . The debentures as to- both principal aad interest
shall be payable in lawful money ' of Canada at the branch of the
Bank of Montreal in the Town of Bowmanvikle or the City of
Toronto or at the office of the Municipal Treasurer in the Town
of Bowmanville , at holders s option.
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4. The debentures'. shall be sealed with the Seal of
the Corporation and signed by the Mayor, or by some other person
authorized by By-law to sign the same , and by the . Treasurer.
the- said -- interest coupons-----shall be signed by the -Treasurer :-a,nd
his signature thereon nay, be written . _ stamped, lithographed ar , r
engraved.
5:• Commencing in the year 1935 and thereafter in
each year in which an instalment , of principal of the said .debt
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and interest become due , the Corporation shall levy and raise
the specific sVM shown for the respective year in the colum 4
of the said ' Schedule . Such sum shall be levied and raised by
a special rate sufficient therefor, . over and above all other
rates , upon all the rateable property in the Municipality. -
6. The Corporation shall have the right, at its
option, to redeem the debentures maturing in the year 1974 on
any date prior to maturity at the places where and in the moneys
in which the said debentures are expressed to be payable , upon
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payment of the principal amount thereof together vi.th interest
accrued to the.. date of redem p tion and u pon giving previous nobs* I
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of said intention ,to, redeem by advertising once in the Ontari o
Gazette 'and once in 'a daily newspaper of general provincial ,e ir-
.5 culation , published in the City of Toronto , and once in a local
newspaper, such notice to be advertised as aforesaid at least
thirty days before the date fixed for redemption . Notice of
intention so to redeem shall also be sent by post at least thirt
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r days prior to the date set for such redemption to each a person in ,
whose name a debenture so to be' redeemed is registered at the
• address shown in the Debenture ' Registry Book.
7 . The said debentures may contain a , clause providing
for'_ the registration thereof ursuan
, o ssection of the Muni c i al
Act*
Pending the sale of the said 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
4; hypothecate 'such debentures for such loan.
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.a Read a first and second time this o2 day of
k 195,
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third time and finally passed th is _ day
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32+0,000:, 00 „ 31 y6 Debentures '
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Year Principal Payment Interest Payment Total Payment
1955 119100000 12 , 000 . 00 23 , 100. 00
4 1956 119500 .00 119583 . 75 23 , 083 . 75
1 1957 119900000 119152950 23 052. 50
1958 12, 300 .00 10-9706925 23, oo6. 25
1959 12 ,800 .00 : ::,._ 10 , 245 . 00 : __ ,, X3 , 045 . 00
1960 ; 13 , 300,900 _ .' ' 99765900 _ .__ ,,L-: 23 - 065000
1961 . ,1 00 3 800 266
• 23 , 066, 25
1962 14 30 0 00
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_ _ 1961'' 11�, 800 .00 23 012. 50
8 , 212. 50
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1964: 15. 400 .0
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7 , 57 . 50 , ' 2390570,50
1965 - 159900 .00 -: - 79080 . 00 1 229980.00
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1966 169500000 6,483 . ?5 229983075
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1967 179100 .00 5,9 865 0 00 l ,r 22 965 . 00
1968 1 .1?,800.00 5 , 2 23 . 7 5 , 02 ,
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• 1969
180400000 0 _
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1971 19,800 000 - - 39150 .00
229950000
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