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TOWN OF BOWMANVILLE 94re
BY -LAW NO.
A BY -LAW TO AUTHORIZE THE CONSTRUCTION OF A
WORKS DEPARTMENT BUILDING AND TO PROVIDE FOR
THE. BORROWING OF S j'3,72 7,z>oUPON DEBENTURES
THEREFORE.
WHEREAS the Council of the Corporation of the Town of Bowmanville
deems it expedient to construct a Building for the use of the Public
Works Department.
AND WHEREAS it is expedient to provide for the principal of
the debt to be repayable in annual installments during the period
of twenty years next after the date of issue of such debentures
with interest annually upon the balances from time to time remaining
unpaid;
AND WHEREAS the sums required to be raised in each year during
twenty years the currency of the debenture to be issued hereunder#
to repay the principal thereof, together with interest at the rate
of 5 and 3/4 percentum per annum payable yearly are the sums set
out in Schedule ItA" hereto annsxed and which schedule forms part of
this by -law, that portion of the said sum shown in column two of
the said Schedule "A't heing considered payment of principal on the
said debt and that portion in column three of the said Schedule "All
as being interest paid on the said debt.
THEREFORE the Municipal Council of the Corporation of the Town
of Bowmanville enacts as follows:
1. That for the purpose aforesaid there shall be borrowed from the
credit of the Corporation at large the sum of $ 3,77,'0 and debent-
ures shall be issued therefore in the sums of not less than $100.00
each bearing interest at the rate of 5 and 3/4 percentum per annum
and having coupons attached thereto for the payment of the interest,
or in the alternative by the issuance of twenty debentures of com-
bined principal and interest, one due and payable as to principal
in each of the years during the currency of said debentures, and
interest payable in each year on each debenture at the rate of 5
and 3/4 percentum per annum.
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%r► 2. The debentures shall all be dated in 1966, shall bear the same
date, and shall be issued during the year 1966 after the passing
of this by -law.
3. The debenture as to both principal and interest shall be pay-
able in Canadian currency and may be payable at any place or places
in Canada as shall be designated thereon.
4. The principal of the debt shall be repaid in twenty annual
installments after the date of the issue of such debentures with
interest annually upon the balances from time to time remaining
unpaid. The respective amounts of principal to be repaid and in-
terest to be paid in each of such twenty years shall be amounts so
designated in Schedule "Art hereunto annexed and forming part of
this by -law.
5: The debentures shall be sealed with the seal of the Corporation
and signed by the head of the Council 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 and his
signature to them may be written or engraved, lithographed, printed
or otherwise mechanically reproduced. The signature of the head
of the Council may be written or engraved, lithographed, printed or
otherwise mechanically reproduced and, if such debentures are
countersigned in writing by the deputy - treasurer, the signature of
the Deputy - treasurer thereon may be written or engraved, lithographed,
printed or otherwise mechanically reproduced.
6. 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 instalment becomes due
by a special rate sufficient therefor, over and above all other
rates on all the rateable property in the Municipality assessed
to supporters of public schools the amount of the instalment of
principal and interest payable in that year as set forth in Schedule
r' "All hereunto annexed and forming part of this by -law.
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READ a first time this 21st day of June, 1965.
READ a second time this 21st day of June, 1965.
MAYOR
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READ a third time and finally passed this day of ck 1965.
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t \SEE? flpEl \5 `CP��'fl
ONTARIO
THE ONTARIO MUNICIPAL BOARD
14S QUEEN ST. WEST
TELEPHONE 365 -1912
TO A ON TO
Se,,Aember 22, 1965.
,..r. Jack L. 11 eid,
`town Clerk - Treasurer,
Bu: I:..: VILLL, Ontario.
Dear Sir:
.,e:
a quota
Bcw_,aanville for
-,Tou to proceed
�*w established for
you now have.
PLEASE QUOTE FILE NO.
F 7185 -65
i;roposed capital expenditure of
,,�53, 727.00 for the c,,Dnstruction
of a : °Torks De;--:artment 8'. ilding
has been established for the Town of
the ye,_,r 1965 it will be an order for
in accordance v,,it i the Board's 1>roc �dure
municipalities on quota, co,y of Mich
By-law 1;?3 ' eras x�assed on the 21st day of June 19'5,0,
-t,\ date prior to the a r.roval of this Bo-rd pursuant to
.Section CS4 of the Board .,ct. The by -law should therefore,
be repealed Pnd q. similar by -law may be submitted fol-
1 o,,•4 n first and second readings only. Tara ;r�.ph 6 of the
by -1 -a;r provides for assessing the cost of this project on
su?,portp,�;f the public schools and the Boars' desires to
:ono ,,.r the reason for levying the cost of t:�.i.s ro jest on
ublic school supc)orters.
Yours truly,
LL\..J� /11 ..1JCil.t.JT L'�LLl