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HomeMy WebLinkAbout1975f DEBENTURE STOLAW BY-1 AW NO. ..tip... A By -law to authorise the borrowing of 72,103.64 upon debentures to par part of the cost of the construction and equipment of an addition to the Lord Blain Public School consisting of four claesrooss and a plate, WHEREAS The Bowwanvills Public School Board has requested the Council of the Corporation of the Town of Bow amille to provide the sue of $145,000.00 for the purpose of the construction and equip - ment of an addition to the Lord Elgin Public School consisting of . four classrooms and a playroom and the council at the said Corporation has approved the request. AND WHEREAS the Ontario Municipal Board, by its Order wade on the 12th day of dune, 1964, under file Ito. F. 4060 -64, approved the expenditure by the Corporation of the sus of $145,OOO•0O in connection with the work described above and the borrowing of money for such purposes by the issuer of debentures repayable over a term not exceeding 20 years. AND WHEREAS the Minister of Municipal Affairs by his commitment to sake loan Ito. L42 dated the 18th day of June, 1964 approved the making of a loan under The Municipal Works Assistance Act in the amount of $96,135.19 bearing interest at the rate of 5 -3/8% per annum repayable over a tors not exceeding 20 years. AND WHEREAS the Council by an application for a pVmnt on a loan dated the 26th day of April, 1966, has requested the Minister of Municipal Affairs to make a final payment on a loan in the amount of #969130.19• AJW WISMA8 the Minister of Municipal Affairs has requested the Corporation to deliver to him a debenture of the Corporation in the principal amount of $72,103.64 bearing interest at the rate of 5 -3/8% per annum, certified as to validity by The Ontario Municipal Board, as security fm the repayment of the above loan and it is now deemed expedient to authorise the issue and delivery of such a debenture. t' • y 4r 2 .. NOW THSItS ORZ the Council of The Corporation of the Town of Bowmaville IMAM AS IPOLtONWn 1. THAT money shall be borrowed on the credit of The Corp- oration of the Town of Bowmanville at large by the issue of a debenture of the corporation in the principal amount of $72,1 ©3.64. The said Debenture shall bear interest, at the rate of 5 -3/8% per annum calculated yearly, not in advance, and payable on the lot day of dune in each year of the currency of the Debenture. 2. THAT the said Debenture shall be dated the lot day of dune, 1966 and shall be payable in 20 equal annual payments of principal and interest combined of O X1..17 each, on the lot day of Juno in each of the years 1967 to 1986 inclusive, and the respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto which is hereby declared to be and to form part of this By -lax. 3. THAT the said payments of principal and interest combined shall be payable in lawful money of Canada by cheque! Karst through the post to the registered address of the registered owner of the Debenture and such cheques shall be payable at par in Toronto or Montreal at the option of the payee. 4. THAT the sddd Debenture shall be sealed with the Seal of the Corporation and shall be signed by the Mayor or by some other person authorized by Hy -law to sign'the same and by the Treasurer. 5. THAT commencing in the year 1967 and thereafter in each year in which the instalment of principal of the said debt and interest becomes due, the Corporation shall levy and raise the specific sus shown for the respective year in the fifth column of the said Schedule "A ". Such sus shall be levied and raised by a special rate sufficient therefor, over and above all other rates, upon all the rateable pro- perty assessed to public school supporters of the gunicipality. 6. THAT the debenture be sold to the Treasurer of Ontario on the condition that he shall not sell or otherwise dispose of the debenture except after the expiration of six months from the dispatch by the Treasurer of Ontario to the Treasurer of the Corporation, by registered mail, of a notice of intention to sell or otherwise dispose thereof; but any subsequent holder, subject to compliance with any If conditions arising as a result of registration of the debenture, may sell or dispose thereof without notice to the Corporation. 7. THAT the said debenture shall contain a clause providing for the registration thereof pursuant to section 323 of The Municipal Act. B. THAT application shall be made to The Ontario Municipal Hoard for the approval of this Hy -law and for the certification of the debenture to be issued thereunder pursuant to Part ZY of The Ontario Municipal Hoard Act. 9. THAT the Mayor and the Treasurer are hereby authorised to do all things and to execute all documents and other papers in the name of the Corporation in order to carry out the provisions of this By -law and the Treasurer is authorised to affix the seal of the Corp- oration to all such documents and papers. RED a first, second and third time and finally passed this 31 $-e day of /"!Y , 1966. .. 3 - thereof; but any subsequent holder, subject to compliance with any If conditions arising as a result of registration of the debenture, may sell or dispose thereof without notice to the Corporation. 7. THAT the said debenture shall contain a clause providing for the registration thereof pursuant to section 323 of The Municipal Act. B. THAT application shall be made to The Ontario Municipal Hoard for the approval of this Hy -law and for the certification of the debenture to be issued thereunder pursuant to Part ZY of The Ontario Municipal Hoard Act. 9. THAT the Mayor and the Treasurer are hereby authorised to do all things and to execute all documents and other papers in the name of the Corporation in order to carry out the provisions of this By -law and the Treasurer is authorised to affix the seal of the Corp- oration to all such documents and papers. RED a first, second and third time and finally passed this 31 $-e day of /"!Y , 1966. A THE CORPORATION OF THS TOWN CV DOWMANVULS SCHSDULS "Am TO BY-LAW NUM I 1225 ,,,, LO1 Loan. Humber X42 2 Amount of the Loan 696438.19 3 Amount of the Forgiveness $24,034.35 4 Amount to be repaid $729103.64 5 Rate of Interest 5 -3/8% 6 Term 20 (1) (2) (3) Payment Amu awtjj .,. Din Fr,In iyoal. bgerlst, TotAl 1 1 June 1967 20095.60 # 3,875.57 $ 5,971.17 2 1 June 1968 2,208.24 39762.93 5.971.17 3 1 June 1969 2,326.93 39644.24 5,971.17 4 1 June 1970 29452.00 3,519.17 5,971.17 5 1 June 1971 29363980 3,387.37 5,971.17 6 1 June 1972 20722.68 3,248.49 5,971.17 7 L June 1973 2,869.42 3,102.15 5x971.17 8 1 June 1974 3.023.23 29947.94 59971.17 9 1 June 1975 3,185.73 2,785.44 59971.17 10 1 June 1976 39356.96 20614.21 59971.17 11 1 June 1977 3,537.40 29433.77 5,971.17 12 1 June 1978 39727.53 2,243.64 5,971.17 13 1 June 1979 3x927.89 2,043.28 5.971.17 14 1 June 1960 4,139.01 1,832.16 59971.17 15 1 June 1981 4,361.49 10609.68 5,971.17 16 1 June 1982 4,395.92 1075.25 59971.17 17 1 June 1983 4442-93 19128.22 5.9'71.17 18 1 June 1984 5,103.25 867.92 5,971.17 19 1 June 1985 5077.55 593.62 5,971.17 20 1 June 1986 5,666.46 304.71 5,971.17 $72,103.64 $479319.76 $1199423.40 0-1 Form 38-A Telephone Nmber 365 -1912 S PLEASE QUOTE FILE NU43ER ONTARIO r 4060 -b4 THE ONTARIO MUNICIPAL BOARD 145 been Street *at Toronto 1, Ontario Mr. R. L. Byron, Town Clerk, Box 1570 Bowmanvike, Ontario. Dear Sir: July 14, 1966 Re: Validation of By -law 1975 I am enclosing herewith duplicate original order pursuant to section 5$ of The Ontario Municipal Board Act. SR/ Eno. 1 Yours truly, U R. SCOTT tq� ACTING SEGRFTARY � r :1 2M THE ONTARIO MUNICIPAL BOARD IN THE FATTER OF Section 58 of Board A21, a . . 19600 a* so and ,. IN THX FATTER OF an application by The Corporation of the T(nm of Bowmanville for approval of its -law 1975, r9966, ssed on the 31st day ofXdy, providing for the Issue of debentures is the amount of $72,103#64 for public school purposes BEFORE: A« H« ARREUO Q.C., Vice- Chairman Wednesday$ the 13th - and } day of July, 1966 R. M. xctai3m. Member F 4060.64 THE BOARD ORDIRS,, under and in pursuance of the legislation here nbefore referred to, aM of any and all other powers vested in the Board, that the said By -lax 1975 be and the same is hereby approved. ACTIN14 SECRETARY ENTERED 0. B. No. .... ....... /...Z..... Folio No. .......... JUL 15 1966 Acting Secretary, Ontario Mvnicina! Boo