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HomeMy WebLinkAbout1605C ORPOCUM TION OF THE TOWN OF BOWKANVI LL$ By -Lair No A By Law to provide for the borrowing of the sun of 4:110 000.00 upon debentures to defray t he cast of _ building and furnishing of a six room addition to the Vincent Mass . ey Public School on Church Street. the Public School Board of the Town. of Bowmanvi lle has 0. made application to the Municipal Council of the said Town of Bowmanville for the sum of 110, 000.00 for the purpose of paying the cost of t he erection and equipment of a six room addition to the Vincent Massey Public ° School on Church Street in the said Tarn . AND MMEAS the Council of the said Toen lia s approved of the said application. AND' for the purpose of c onstru+c t ing and •quiping the c School, i t is nec e s s t o borrow the s urn of One Hundrel and said Pu`bli ch cry , , Wen Thousand Dollars on tbs credit of the Corporation at large and to issue debentures therefor, bearing interest at the rate of Four per oentum per annum, t 4 % ) , which is the emaount of tbs debt intended to be created by` this By- -Lary. AND W1 t*be amount of the whole rateable property of the , Muh of as thy, ", ,,� rsordi t r�,,.t �s" la t revised ''A 'a a rill 3 � ,SOIs AND WHEREAS tics amount of the existing debenture debt of the Corporation as of December 318t, 195510 is 1,095,867.33 and no part of the principal and interest is in arrears. AND WHEMS by order dated the day, © 1956, e Ontario Municipal Board bas approved the purpose of said rrowing and the passing of all requisite By -Laws, including debenture By- Lays. s ' NOWT BFME tbs Municipal C ounci 1 of the Corporation of the Town, o Bowmanville enacts as follows; - a 1. That for the purpose aforesaid there shall be borrowed on the j credit of tbs Corporation at large the sum of One Hundred and Ten q Thousand Dollars, and debentures shall be issued therefor in denominations r of not less than ` 100.00 each bearing inperest at the rate of J+ % per annum, payable annually and having coupons attached thereto for the t payment of the interest. , The debentures shall be dated the / y of ,19 , an Thal n 2. 1 •�' ©f be _payable in twenty annual . instelmenta on the / da y ln.. each ©f t years 195' to 19 ?6..in+ciusi:va. and:. the respeo�tive counts. ©f prima i pal and interest payable in each of such years shall ' be as 'set Forth in bohedule " A " hereto attached. 7 3. The debentures as to both principal and interest shall be payable in lawful money of Canada at ,the principal office of the Bank of Montreal In the city of Toronto, at the branch of the Bank of Montreal in the Town of Bowmanville or at the office of the Municipal Treasurer in the Torn of Bowmanville at holder' s opt ion. 4,o, The debentures shall be sealed with the Seal of the Corporation and signed by the Mayor, or by some other person autb,orized by By -Lahr to sign the same; and by tbs Treasurer. The said interest coupons shall be signed by the treasurer and his signalture thereon may be written, stamped lithographed or engraved. 5 . Comeno ing in the Tear, 1957 and thereafter in each year in w&ioh an instalment of principal of the said debt and interest beoomm due, tbs � Corporation shall levy and raise the specific an shown for the ,E respective year in the 4th column of the said Stohedule: ' Saah sum shall. be levied and raised by a specific rate sufficient therefor, over and above al X other rates upon all the rateable property of Public School support rs in the Mun oipality . R. t ' ,.nb.~Or.An Tic.u, . .}M...p ;'P t'tt9;*"1- ifglilllR / #. :> r "r' GFi C.Rt!'t: IIkMNjl4!!?ip dl 'T cry { TOLUMZ b a r NEWWWWRISS ;wr ,. a: r , 2 00 The Corporation shall bare the. right at its option to r dept the said debentures maturing in the year 1976 on any date prior. o maturity at the places where and in the moneys in whioh the said debentures are expressed to in payable, upon payment of the principal amount thereof, to with interest accrued to the date of redemption and upon giving previous notioe of said intention to redeem by advertising once in the Ontario Gazette and once in a daily newspaper xx of general provincial circulation , published in the City of Toronto, , and once in a local newspaper, such notice to be advertised as aforesaid F't at . least thirty days before the date set for such redemption, to each 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 o o ntai n a clause providing for the registration thereto! $ pursuant to section 335 or the Municipal Act. ,. 8. Pending the sale of the said debentures the head of the Council And the - Treasurer may rais* for the purpose aforesaid, by gray of roan on such debentures any sum or soma of money not exceeding in all the BUR hereby anthorized to be borrowed and may hypothecate such debentures for such loan. � r „ r �+-' � �+f _:'.� :a� BF " == s 4 .. � k _:.'p,s .� '� 4k` iLY S•- '"5���. '� � ,# �. w'' r' Y ;sue °nr+,> � tx. .?. .c '�+�� °:, p�,3�a. ,�:i�.`x' -�. ymm 6 R y, f 1 I M� , . f 'r r� f