HomeMy WebLinkAbout1764A by-law to authorize the issue of debentures in the principal amount of $41,958 to pay for the cost of constructing a storm sewer as a local improvement
Corporation s share is $24.1649 .30 and., the owners' portion, less
the aforesaid commuta'tion,.s, is $17,308-70' for which a spep.ial
assessment roll has been duly rmade' and:, certified;
AND WHEREAS the estimated-lifetime of the said storm
sewer is twenty years;
, AND WHEREAS the Counc 11 of The Cor p oration of the. Town ,
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of Bowmanville deems it expedient to borrow' money 'to pay the cost
of constructing the said storm sewer .by the' issue and sale of
Debentures. of the Corporation in the principal amount of $1,958.00
bearing interest at the rate of 6 -3/4% per annum, ' which ' is -the amour,
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of the debt intended to be created by this By-law-
'aforesaid
AND WHEREAS the construction of the storm sewer,
was ,approved by The Ontario Water Resources Commission by' Certificate
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No :I' 58 -4-$02 dated the 1st day of December, 195,8 .
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NOW THEREFORE, the Council , of The Corporation of the
Town of Bowmanvi'lle ENACTS AS FOLLOWS
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h e borrowed upon
1.. For the purpose aforesaid moneys all b p
the, credit of The Corporation of the, Town of Bomanville by the
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issue- and sale of Debentures in the principal amount of $41,958.,M
bearing interest at the rate of 6-3/4% per annum and having coupons
attached thereto for the payment of the said interest annually on
the 15th day of May in each year of the currency of the- Debentures,
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2 . The said Debentures shall all be dated '.the 15th day of
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May, 196-o and shall be p y a b 1 e, in fifteen annual instalments on
the 15th day of ,rya y in each of the years 1Q1 to 1975, inclusive y
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and the respective amounts of principal and interest payable in
each of such years shall be ds set forth, in � Sclaedule ".A" hereto,
whic�z is . hereby declared rto be and t� form , pGrt of this By-law.
- The said Debentures shall •be payable as to both pr, incipal
and interest , .in lawful. money of ' Canada at • the office •of the Bank
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o lle or at the principal office
Of tine said Bank in either of the. Cities of Toronto• or Montreal;
at the holder's option,
The said Debentures shall ' be sealed 'with the. sea "l of 1
the Corporation and signed b - the Ma,/or, or by ,some otr 'Ler person
"authorized by by -law to sign in his stead, and by the Treasurer.
The interest coupons attached to the said Debentures shall be
s i gned by the Treasurer and his signature thereon ,may be written,.,,,
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stamped, lithographed or engraved.
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5 .,� In each of the years 1961 to 1975, inclusive, the rrespec -.
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ive aggregate amount's of principal' and interest set out in the.
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f.ourth_ c.o�.umn. of _ Schedule A hereto shall be levied -and raised
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as follows:
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(a) For the payment of the owners' portion .of the cost. of
the said storm sewer and the interest thereon the .speci al
assessments set forth in the said special assessment roll
are hereby imposed upon the ,lands liable therefor as therein
set forth, which special assessments, with a sum' sufficient
to cover interest thereon at the rate aforesaid;, shall be,,,
payable in fifteen equal annual instalments of $
and for that purpose the respective annual rates per foot frontage
s... set forth in the said special assessment roll are hereby imposed
on each lot mentioned in the said' special assessment roll for
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the said work according to the assessed frontage thereof, over
and above all other rates and taxes, which said annual rates
. shall be collected annually by the Collector of Taxes for the
Corporation at the same time and in the ,same manner as other
rates.
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'VOL= ' 6 §§
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