HomeMy WebLinkAbout1731TOWN OF BOWMANVILLE ;
BY -Law No. 1731
7 By -Law to Provide for the Borrowing of $200 235,.00 upon Debenture for
Public School Purposes.
WHEREAS the Bowmanville Public School Board has made application to
the Mt nic ipal Council .of the Corporation of t he Town, of Bowmanville
for the sum of $200, 235-00 for the purposes of (a) the erection of . a
new tix -room Public School, and (b) the Purchase of land for said
school, and (c) the purchase of equipment for said school.
AND whereas the Council of the'said Town have approved of the
application. _
AND whereas the undertaking- by, the Bowmanville Board of , Education
a capital expenditure of the sum of $2009235.00 for the said purposes,
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has been approved by order of the Ontario Municipal Board dated the
6th day of August 19599 number P*F•E. 1692 -590
AND whereas under the terms of such approval the ' •Corporation. of the
,Town of Bowmanville.were authorized to y by -laws
pass all necessary
r -including a debenture by -laws to meet the cost of the said work.
AND whereas the amount of the whole rateable property of the Munic=
i slit
according to the last revised Assessment Roll is $79'2839435,0000
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r AND whereas the amount of the debenture debt for the Corporation is
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$1,011,721*84, no part of the principal of which is in arrears:
4y AND whereas it is expedient to provide for t he principal of the vde�tt ,
to be repayable in annual installments during the period of twenty
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debentures with interest.
years next after the date of issue of such debe t
;fir annually upon the balances from time to time remaining unpaid:
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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
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the principal thereof, together with interest at the rate of six and
n one half percentum per annum payable yearly are the scans set out
In schedule "A" hereto annexed and which schedule forms part of this
by -laws that portion of the said sum shown in column one of the said
k` schedule "A" being considered as payment of principal on the said debt
k and that � rtion in column t of the said schedule "A" as being interest
paid on the said debt. '
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THEREFORE the Municipal' Council of the Corporation of t he Town of Bowmanville
enacts as follows:
1. That for the purposes aforesaid there shall be borrowed from the credit of
the Corporation at large the sum of $200,235.00 and debentures shall be
issued therefor in the sums of not less than $100.00 each bearing interest
at the rate of six and one half percentum per annum (6j%) and having coupons.
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attached thereto for the payment of the interest, or in the alternative by
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the issuance of twenty debentures:, of combined principal and interest, one
due and Y a able as to principal in each of the years during the currency of
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said debentures and interest payable in each year on each debenture a t the
rate of six and one half percentum (6j) per annum.
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. The debenture Ball all bear the same dente and shall be issued mithin
two years after the passing of this by-law and may bear, ;any date within
the said period of two•years•
The debenture as to both rincipal and .interest, shall be payable in
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Canadian currency and may be payable •at 'any place or places in Ca�iada as
shall be designated thereon*
y .The rinc i p al of the debt shall be repaid , in twenty annual installments
p
ster the date of the issue of such debentures w ith interest annually upon
the balances from,, time to time remaining unpaid. The. respective amounts of
a,
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incipal to be repaid and interest to be paid in each of such twenty
ears shall be amounts so designated in ' acheduhe "As hereunto annexed-and
forming part of this by -law.
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5. Each debenture shall be sealed with the seal of the Corporation and signed
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by the head of the Council or by some other person authorized by by -law to
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s3. g n it and by the Treasurers The said interest coupon shall be signed
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by the Treasurer and his signature to them may be written., sfiampede litho -
graphed or engraved o
6• During the currency of the said debentures or any of them there shall be
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 property of'
w Ratepayers in the Municipality the amount of the installment of principal
and interest payable in that year as set forth in Schedule MA" hereunto
annexed and forming part of this by -law.
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The debentures may contain any provision for t he registration of then,
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authorised by lax.
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�. This
by -law shall take
effect on the date of the
final
passing thereof.
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� Read a
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June
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R ®act a
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June
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dead a
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VOLUKK b
f
$200 a 23 59 00
e ule h
hAw to -Law 1731 Town of Bowmanvil,le . 6.j%
Debentures