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CORPORATION OF THE TUVN OF BO,,'YANVILLE
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By -Law. No
A By -Law to provide for the borrowing of the sum of
60 , 000.00 upon debentures to defray ,the cost of • the
building and furnishing q four room addition to the
Ontario Street public achool.
WHEREAS the Board of 'Education of Ahe ' Torn of Bo a
wm n,ville
w .''has made application to the Municipal. Council of the said Town of
Bowmanvill a for the sum of 60 000.00 for the
Purpose of ,paying
the cost for the erection and equipment of a four room addition to
the Ontario Street School in the said. '.'own.
AND 'WHEREAS the Council of the sa i d Town has approved of
the said application.
AND WHEREAS for the purpose . of constructing and, equipping
the said Public School, it is necessary to borrow the sum of Sixty,
.Thousand Dollars on the credit of the Corporation at large and to
issue debentures therefor, bearing interest at the rate of Four per
oentum bier annum, which Is, the amount. of the debt In ended. t:o. � � T r
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AND WHEREAS the amount of the whole rateable property of the
Municipality, according to the last ' revised assessment' roll is
3''082 9000
AND #YHEREJ.S the amcurit of the existing debenture debt of the
Corporation as of November „16th, 1950, is 690, 257.11 and no part of
the principal and interest s in arrears.
AND IWRMEAS BY ORDI dated the day of Ot�&
The Ontario Municipal Board has 1q5 � i � 1 approved the purpose of the said
borrowing and the -laws of ,,all requisite by , including debenture
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by-laws. .
NOW THMEFORE the Municipal Council of the Corporation, of the
Town of Bowmanville enacts as follows;-
That for the purpose aforesaid there shall 'be borrowed on
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credit• o the Corporation at lard
the a the sum of Sixty Thousand
n.........:. are..,,, a �d . de.benture.s:....�l�a�, O�.e : �.as th
ed ere or "in , denom•inations. .
:
of not less that ,$ 100.00 each bearin interest at the rate of
Four P ereentum P er annum
, payable annually, and having coupons..
_attached thereto for the payment of interest.
:
:.:2 :.. The debentures shall be dated the day of 519
a a
and shall be payable in twenty annual instalm son the
day of in each of the years 1952 to 1971 inc �sive,
and the a spect ive amounts of principal and interest payable in each
of such years shall be as -set forth in Schedule ” A " hereto
attached.
The debentures a s' to both principal and interest shall be
payable in lawful money of Canada at the branch of ' the Bank of
f.
Montreal in the Town of Bowmanvil le or at the office of the
Municipal Treasurer in the Town of Bowmanvi ll e , at holder * s option.
..
The debentures shall be sealed with the Beal of the
Corporation and signed by the Mayor, or by some other person
c authorized by By -haw to, sign the same, and by the Treasurer.
The said interest coupons shall be signed by the 'treasurer and his
.signature thereon may be written stamped, lithographed or engraved,
•
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Commencing in the year 1952 and thereafter in each year in
which an instalment of principal of the said Debt and interest
5; become due, the , Corporation shall levy and raise the specific um
rr,V,
i shown for the respective year in the 5th column of the said Schedule.
t
Such sumt.- shall be levied and raised by a special rate sufficient
therefor over and above all other rates, upon all the rateable.
p operty of Publio School 'supporters in the Municipality.
rCUM s
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7� The said debentures may contain a clause providing for
_ the registration thereof pursuant to Section ',3b'of The Municipal
Act
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the Co ' noil- and "I'ihe Ti-,'E; a�u.L -exe ly 1 3.t a i'V1�
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
hypothecate , such debentures for such loano
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To i de f or t he borro rig
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60,0'0.00 upon debentures
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to �le��� the cost of the
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