HomeMy WebLinkAbout1957THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW N0. 1957
A By -law to authorize the purchase of land
required for the
establishment of industry in the Town of
Bowmanville and to provide for the borrowing
of $30,000.00 upon debentures therefore.
dHEREAS the Council of the Corporation of the Town of Bowmanville
has, by an Agreement dated February 11, 1965 between Group Seven
Holdings Limited, The Corporation of the Town of Bowmanville and
Brookdale- Kingsway Limited, registered February 12, 1965 as instru-
ment number N25012, an Option on a certain Offer to Sell, registered
the 8th day of March, 1961 as Instrument Number N13571;
%or AND WHEREAS the Option expires on February 15, 1966 on the
lands being part of Lot 9 in the Broken Front Concession of the Town-
ship of Darlington now in the Town of Bowmanville having an area of
20 acres more or less and more particularly described in Schedule "A"
attached to the aforesaid Agreement registered as Number N25012;
AND WHEREAS the Council of the Corporation of the Town of
Bowmanville deems it expedient to exercise its Option;
NOW THEREFORE: pursuant to The Municipal Act, R.S.O. 1960,
Chapter 249, Section 379 (1) Paragraph 49, the Council of the Corpora-
tion of the Town of Bowmanville HEREBY ENACTS as follows:
yin► 1. That the Mayor and Clerk be authorized to sign any documents
required to effect the said purchase of lands.
2. That for the purpose aforesaid there shall be borrowed from
the credit of the Corporation at large the sum of $30,000.00 and
debentures shall be issued therefore in the sums of not less than
$100.00 each bearing interest at the rate of 6 percentum per annum
and having coupons attached thereto for the payment of the interest,
or in the alternative by the issuance of ten debentures of combined
principal and interest, one due and payable as to principal in each
of the years during the currency of said debentures, and interest
.f"wt
payable in each year on each debenture at the mate of 6 percentum
per annum.
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3. The debentures shall all be dated in 1966, shall bear the same
date, and shall be issued during the year 1966 after the passim; of
this By -law.
4. The debenture as to both principal and interest shall be payable
in Canadian currency and may be payable at any place or places in
Canada as shall be designated thereon.
5. The principal of the debt shall be repaid in ten annual instal-
lments after the date of the issue of such debentures with interest
e
annually upon the balances from timb to time remaining unpaid. The
respective amounts of principal to be repaid and interest to be paid
in each of such ten years shall be amounts so designated in
Schedule "A" hereunto annexed and forming; part of this by -law.
6. The debentures shall be sealed with the seal of the Corporation
and signed by the head of the Council or by some other person author -
ized by by -law to sign the same and by the treasurer. The said
interest coupons shall be signed by the treasurer and his signature
to them may be written or engraved, lithographed, printed or other-
wise mechanically reproduced. The signature of the head of the Council
may be written or engraved, lithographed, printed or otherwise mechan-
ically reproduced and, if such debentures are countersigned in writing
by the deputy - treasurer, the signature of the dopey- treasurer thereon
may be written or engraved, lithographed, printed or otherwise mechan-
ically reproduced.
7. Commencing in the year 1967, and thereafter in each year during
the currency of the said debentures or any of them there shall be
levied and raised in each year in which an installment becomes due by
a special rate sufficient therefor, over and above all other rates on
all the rateable property in the Municipality the amount of the install-
ment of principal and interest payable in the year as set forth in
Schedule "A" hereunto annexed and forming part of this by -law.
M
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READ a first time this 25th day of January, 1966.
READ a second time this 25th day of January, 1966.
..._ sir ✓.r
HEAD a third time and finally passed this -PPi Day of A404" , 1966.
MAYOR
` CLERK
In
in
Debenture
No.
1
2
3
4
5
6
7
8
9
10
Year of
Maturity
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 1957
SCHEDULE "A"
Princival
# 2,300.00
2,400.00
2,600.00
2,700.00
2,900.00
3,000.00
3,200.00
3,400.00
3,600.00
3,900.00
# 309000.00
Rate Interest
6% # 11$00.00
"
1,662.00
"
1,518.00
"
1,362.00
"
1,200.00
"
1,026.00
"
846.00
"
654.00
"
450.00
234.00
# 109752.00
Tonal
# 4,100.00
4,062.00
4,118.00
4,062.00
4,100.00
4,026.00
4,046.00
4,054.00
4,050.00
4,134.00
# 40,752.00
Form 38 -B
Telephone
Numb e r
365 -1912
PLEASE QUOTE FILE NUMBER
.,,•, F 8579 - 66
�W.,.
OVTAM0
THE ONTARIO MUNICIPAL BOARD
145 Queen Street West
Toronto 1, Ontario
Mr. Robert L. Byron,
Clerk - Controller,
Town of Bowmanville,
F.O. Box 1570,
Bowmanville, Ontario.
Dear Cir:
February 9, 1966
Re: Purchase of land required for
the Iurchase of sites for the
establishment of an industry
I am enclosing herewith duplicate original order pursuant t q
section 64 of The Ontario 1'unicipal Board Act, together with invoice
covering the Board's fee therefor.
EN /sr
%W Encls. 2
Yours truly,
B. VICKERT I) -
SECRETARY
P.S. The Board will require a copy of Schedule "All
for consideration along with By -law 1957.
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a7 �VV
THE ONTARIO MUNICIPAL BOARD
IN THE MATTL;k OF Section 64 of
The Ontar o Munigil2al Board Act,
" , c. 274
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IN THE MATTER GF an application
by The Corporation of the Town
of Bowmanville for approval of
the acquisition of land required
for the purpose of sites for the
establishment of industry, and
of the borrowing of the suit of
$30, 000, being; the estimated cost
thereof
B E F 0 R E:
J. A. KENNEDY,
Chairman )
} Friday, the ,nth day
- and -
j of February, 1966
W. SHUBS
Plember )
F 8579 - 66
THE BOARD GAD RS, under and in pursuance of the legis-
lation hereinbefore referred to, and of any and all other
powers vested in the Board, that the said application be and
the same is hereby granted, and that the corporation may now
proceed with the said undertaking and for ,such purpose may
pass all requisite by -laws, including by -laws providing for
the issue of debentures in a principal amount not exceeding
$30,000 repayable over a term of not more than ten years, and
may borrow money to the tMent sufficient to provide an amount
not exceeding $30#000 therefor, provided:
1. that the said corporation may borrow the while or any
part of the said sum of :30,000 as required pending
receipt of subsidies and the sale of debentures, or of
mon®y4 to be received from any other source, and
2. that any by -law authorizing the acquisition of the said
land is passed by a three - fourths vote of all members
of the Council of the said corporation, and
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3. that the corporation in exercising any of its powers
approved by this order shall comply with all statu-
tory and other legal requirements related thereto;
xt�
SECRZETARY