HomeMy WebLinkAbout1976MENTUM BT -LAW
BY-LAW no. .I=L.
W WI aw to authorise the borrowing
,b97.48 upon debentures to ppaay
part of the cost of the construction
and equipment of a public library.
t1XUZA3 the Council of the Town of Beweanville by -law
No. 1927 authorised the construction and equipment of a public
library.
AND WNSMM the Ontario Municipal Board, by its Order
made on the 7th day of December, 1964, under file No. y 3429 -64,
approved the expenditure by the Corporation of the sun of $148t#24.00
in connection with the work described in the said Bylaw and the
borrowing of money for such purposes by the issue of debentures
repayable over a term not exceeding 20 years.
AND WRBUAS the Minister of Municipal Affairs by his
commitment to make loan No. L230 dated the 10th day of December,
1964 approved the making of a loan wader The Municipal Works
Assistance Act in the amount of j10$,929 +98 bearing interest at
the rate of 5 -3 %8% per annum repayable over a term not exceeding
20 years.
AIM W SUAS the Council by an application for a payment;
on a loan dated the 10th day of March, 1966, has requested the
Minister of Municipal Affairs to take a Final payment on a loan in
the amount of $108,929.98.
AND it'UNW the Minister of Municipal Affairs has requested
the Corporation to deliver to him a debenture of the Corporation in
the principal amount of "1,697.48 bearing interest at the rate of
5 -3 per arxam, certified as to validity by The Ontario Municipal
Board, as security for the repayment of the above loan and it is
now doomed expedient to authorize the issue and delivery of such a
debenture,,
NOW TMMMiMZVORX the Council of The Corporation of the Town
of Bowmanville SMIACTS AS FOLLOVSt
1� I.
' ' 1
e
e
e
1*
- 2 -
THAT money shall be borrowed on the credit of The Corp-
oration of the Town of Howmanville at large by the issue of a
debenture of the Corporation in the principal amount of $$1,697.4$.
The said Debenture shall bear interest at the rate of 3 -3/$% per
annum calculated pearly, not
in advance,
and
payable on the lst day
of dune in each year of the
currency of
the
Debentures
2. THAT the said Debenture shall be dated the lot day of
June, 1966 and shall be payable in 20 equal, annual payments of
principal and interest combined of $60765.67 each, on the let day
of June in each of the years 1967 to 19$6 inclusive, aid the respective
amounts of principal and interest payable in each of�such years shall
be as set forth in Schedule UR hereto which is hereby declared to be
and to form part of this B7 -lair.
3. THAT the said payments of principal and interest combined
shall be payable in lawful money of Canada by cheques sent 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.
40 THAT the said Debenture shall be sealed with the Seal of
the Corporation and shall be signed by the mayor or by some other
person authorised by By -lax to sign the same and by the Treasurer.
5. THAT there shall be raised in each of the rears 1967 to
1986 inclusive, by a special rate sufficient therefor, over and
above all other rates on all the rateable property in the Town of
Bowmanville at the same time and in the same manner as other rates,
the total annual sums of principal and interest payable in such years
on the said Debenture an is set forth in the fifth column of Schedule
"A" attached hereto.
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
conditions arising as a result of registration of the debenture, may
sell or dispose thereof without notice ' :9'" o the Corporation.
A6
M1
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7. THAT the said debenture shall contain a clause providing
for the registration thereof pursuant to section 323 of The Municipal
Act
e. THAT application shall be'xad to The Ontario Municipal
Board for the approval of this Bylaw and for the certification of
the debenture to be issued thereunder pursuant to part IT of The
Ontario Municipal hoard Acct.
90 THAT the mayor and the Treasurer are hereby authorised to
do all things and to execute all documents.and other papers in the
nam of the Corporation in order to carry out the provisions of.this
By -lax and the Treasurer in authorised to affix the seal of the
Corporation to all such documents and papers.
READ a first, second and third time and finally passed this .31st
day of Al a,, , 1966.
a �
� r
TNB CORPOUTION OF TH8 TOWN Of DOWM lNVILLLB
SCAiDUTA *Ae TO BY -LAIC NMM IVA N '
1 Loam dumber L 230 5 gate of Interest 5 -316%
2 Amount of the Loan $1069929.96 6 Torn 20
3 Amount of the forgiveness $ 27,232.50
4 Amount to be repaid $ 811,697.46
(1)
(2)
(3)
Payment
'MuIl
1
1
June
1967
! 2074.43
49391.24
# 6,763,67
2
1
June
1966
29302.06
4,263.61
6,765.67
3
1
June
1969
2,636.34
4,129.13
6,763.67
4
1
June
1970
29778.26
3,9$7.41
69763.67
5
1
June
1971
29927.59
3438.00
6,765.67
6
1
June
1972
39084.95
3,680.72
6,763.67
7
1
June
1973
39250.76
3,514.91
6,765.67
8
1
June
1974
39425.49
3040.18
6,763.67
9
1
June
1975
3.609.61
39156.06
6,765.67
10
1
June
1976
3,803.63
2,962.04
69765.67
11
1
June
1977
49008,07
2,757.60
69763.67
12
1
June
1978
4,223.51
2,542.16
6,765.67
13
1
June
1979
4,450.52
2,315.15
69765.67
14
1
June
1980
49669.73
29075.94
6,765.67
15
1
June
1961
4,941.61
19823.86
69763.67
16
1
June
1982
59207.43
19556.24
C765.67
17
1
June
1903
5.487.33
1,278.34
6x765.67
18
1
June
1984
5,782927
983.40
69765.67
19
1
June
1985
6,093.07
672.60
6,765.67
20
1
June
1986
6, ,420,, ,42
3&2.25
6.765.67
SS1,697.48
$539615.92
$1359313.40
a
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TELEPHONE 365 -1912
Mr. Robert L. Byron,
Clerk - Controller
Town of Bowmanviile,
Box 1570
Bowmanviile, Ontario.
Dear Sir:
July 8, 1966
Re: Validation of By -law 1976
PLEASE QUOTE FILE NO.
F 5429 -64
I am enclosing herewith duplicate original of the
Board's validation order pursuant to Section 58 of The
Ontario Municipal Board Act.
Yours truly,
SR/ R. SCOTT
Encl. ACTING SECRETARY
I"
ri.
THE ONTARIO MUNICIPAL BOARD
IN THE MATTER OF Section 5$ of
T B A i
19609 c. 2 74
- and -
IN THE MATTER OF an application
by The Corporation of the Tom
of Bowmanville for approval of
its By-lax 1976 passed on the
31st day of May 1966, providing
for the issue I debentures in
the amount of ;81,,697.48 for the
purpose met forth therein
B E F O R E
A. H. ARRELL, Q.C,j
Vioe- Chairman } Friday, the $th
and -
} day of July, 1966
H. E. ROBER.TS,
Vice - Chairman
F 5429 -64
THE BOARII ORDERS, under and in pursuance of
the legislation hersinbefore referred toy and of any
and all other powers vested in the Board, that the said
By -lax 19 76 be and the same is hereby approved.
ACTING SECRETARY
ENre o
0. B. No. .. ..
Folio No............ .
2e� .................
JUL 151966
9 Secretary, Ontario Municipi�! E