HomeMy WebLinkAbout1754TOWN OF BOWMANVILLE
By -Law No* 917549000
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BY -LAW TO PROVIDE FOR THE BORROWING OF-X1$0,079.00 UPON DEBENTURES'FOR,
AN .ADDITION TO THE BOWMAN MEMORIAL HOSPITAL.
WHEREAS it is provided by Section 386 (29) . of the Municipal , Act R. S,O,
1950, Chapter 243, and amendments thereto , that the Council of every
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may pass Hy -laws for granting aid for the erection, est-
ablishment, maintenance or equipping of Public Hospitals. „
-AND WHEREAS, the Council of the said Town of, Bowmanvi.11e deems it nec-
essary to erect an addition to the Bowmanville Memorial Hospital . and ,
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the Town has approved such addition.
AND WHEREAS the undertaking by the Corporation of the'Town of Bowmanv-
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ille••a capital expenditure of the sum of $180,079.00 for the said pur-
pose has been approved by order of the Ontario Municipal Board dated
the day of , number
AND whereas under the terms of such approval the Corporation of the,
Town of Bowmanville were authorized to pass all, necessary by -laws,
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including a debenture by -law to meet the cost of the said work; "
AND whereas the amount of the whole rateable property , of, the Municip -,I
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ality according to the last revised Assessment Roll is 47,2$3,4.35.00.
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e whereas hereas th � amount of the debenture debt for the Corporation is
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$1,011,721.$4., no part of the principal wf which is in arrears;
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 afte r , t he date of issue of such debentures with interest •
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annually upon the balances from time to time remaining unpaid; I
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AND whereas the sums required to be raised in each year during twenty
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years the currency of the debentures to be issued hereunder, to repay
the principal thereof, together with interest at the rate of six and
- quarters t pereentum per annum payable yearly are the sums
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set out in Schedule "A" annexed hereunto and which schedule forms
part of this by -law, that portion of the said sun shown in column 3
one of the said Schedule "A" being considered as paymsnt of principal
on the said debt and that portion in column two of the said Schedule "A"
as being interest paid on the said debt.
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THEREFOR THE MUNICIPAL COUNCIL OF THE CORPORATION 0F THE TOW oF. DOW
MANVILLE ENACTS AS FOLLOWS st
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1. That for the purpose aforesaid there shall be borrowed from the credit
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of the Corporation at large the sum of $180,079.00 and debentures shall be
issued therefor in sums of not less than 4100.00 each bearin g interest at
the rate of six and e - uarters ercentum
q P (64%) per annum and having
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coupons attached thereto for the payment of interest, or in the alternat•
ive by the issuance of ten debentures of , combined ' rinci al and interest
P p e est
one due and payable as to principal in each of the ears during the
Y g curres
envy of the said debentures, and interest payable'in each Y ear on each
debenture at . the rate of six and t- -quarters per cent
q P wn (6f%) per annum.
2. The debentures shall all bear the same date and shall be issued within
two years after the passing of this by -law and may bear any-date within `' '
the said period of . two years.
The-debentures as to both principal and inter #st shall. be, payable in ,
Canadian currency and may be' payable at any place or P laces in Canada as.,
shall be designated thereon.
�.. The principal of the debt shall be - repaid in twenty nnual installments'
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after the date of the issue of such , debentures with interest annually upon
the balances from time to time remaining unpaid. The respective amounts s of
principal to be repaid and interest to be paid in each of such twenty Years
shall be the amounts so designated in Schedule "A" hereunto annexed and
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forming part of this , by -law.
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5. Each debenture shall be sealed with the seal of the Cor oration a
p nd sig -w
led by the head of the Council b some "other y they person authorized by by -lax
to sign it, and by the Treasurer. The said interest coupons shall be signed
by the Treasurer and his signature to them may be writteng stam ed
pod,, lit hog
raphed or engraved.
6. During the currency of the said debentures or an of them
, y there ah#t1,1
be raised in each year in which an installment becomes due b
. y a special
rate sufficient therefor over and above all other rates on all the , r
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of Ratepayers in the Municipality, the amount of the Installment of print
ipal and interest payable in that year as set forth in Schedule "A" h ereu ,
nto annexed and forming part of this by -law. ;
The debentures may contain any provision for the re istr t
Ig a ion of them
authorised by lair.
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�. This by -law shall take effect on the date of the final ,
paseiing thereof.
Read a first time this 18th day of August 19590
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Read a second t{ me this . 8t
� h day of August 1959•
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