HomeMy WebLinkAbout1912 Town of
Bowmanville
By- law 1912
Was adopted on
04/05/ 1964 and
forwarded to the
OMB for Approval
TOdN OF BOWMANVILLE
BY -LAW N0: / f (2_
A BY -LAd TO PROVIDE FOR THE BORAOWING OF
SCHOOLOO..00 UPON DEBENTURES FOR PUBLIC
VdHEAEAS the Bowmanville Public School Board has made application
to the Municipal Council of the Corporation of the Town of Bowmanville
for the sum of ,,$145,00Q�„QO for the purpose of construction of a four
a� QAr` Zrd gl.gin
room addition ^t the Public School..
AND WHEREAS the Council of the said Town have approved of
the application.
AND WHEREAS under the terms of such approval the Corporation
of the Town of Bowmanville were authorized to pass all necessary
by -laws, including a debenture by -law, to meet the cost of the said
work.
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 "A" hereto annexed and which schedule forms part of
this by -law, that portion of the said sum shown in column two of
the said Schedule "All hereto annexed and which schedule forms part
of this by -law, that portion of the said sum shown in column two of
the said Schedule "All being considered payment of principal on the,
said debt and that portion in column three of the said Schedule "A"
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 $145,.000.00 and
debentures shall be issued therefor in the sums of not less than
$100.00 each bearing interest at the rate of 5 and 3/4 percentum
i
2 _
per annum and having coupons attached thereto for the payment of
the interest, or in the alternative by the issuance of twenty
debentures of combined 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.
2. The debentures shall all be dated in 1964, shall bear the same
date, and shall be issued during the year 1964 after the passing of
this by -law.
3.. The debenture as to both principal and interest shall be payable
in Canadian currency and may be payable at any place or places in
Canada as shall be designated thereon.
40 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 "All 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
'_. horized 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 treasurer thereon may be written or engraved, lithographed,
printed or otherwise mechanically reproduced.
6. Commencing in the year 1965, 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
- 3 -
rates on all the rateable property in the Municipality assessed to
supporters of public schools the amount of the instalment of princi-
pal and interest payable in that year as set forth in Schedule "All
hereunto annexed and forming part of this by -law.
READ a first time this 4th day of May, 1964.
READ a second time this 4th day of May 1964.
MAYOR
CLERK
READ a third time and finally passed this day of 1964.
MAYOR
CLERK