HomeMy WebLinkAbout1987r DEBENTURE BY -LAW
r
THE CORPORATION OF THE
T(YII T OF BOWMANVILLE
BY -LAW NO. 1987
Being a by -law to authorize the borrowing of
$102,800.00 upon debentures to pay the cost of
constructing a sanitary sewer, a watermain and
a bridge over the Soper Creek on the Base Line
Road.
WHEREAS the Council of the Town of Bowmanville by By -law
No. 1833 authorized the construction of a sanitary sewer, a water-
main and a bridge over the Soper Creek on the Base Line Road.
AND WHEREAS the Ontario Municipal Board by its Orders dated
the 26th day of March, 1962 and the 20th day of September, 1966,
under file number P.F.E. $798 -62 approved the expenditure by the
Corporation of the sum of $135,805.95 in connection with the work
described in the said by -law.
AND WHEREAS the Council deems it expedient to borrow for
the above purposes a sum not exceeding 1102,800.00 upon the credit
of the Corporation and to issue one series of debentures therefor
bearing interest payable annually at the rate of 64% shown in
Schedule "An attached to and forming,part of this by -law.
NOW THEREFORE the Council of the Corporation of the Town
of Bowmanville ENACTS as follows:
1. The Corporation shall borrow upon its credit the sum of
$102,800.00 and shall issue debentures therefore.
2. Each debenture shall bear interest at the rate of 64% per
annum as set out for the respective years in Schedule "An attached
to this by -law and shall have coupons attached thereto for the pay-
ment of the said interest.
3. The debenture shall be dated the lst day of November, 1966
and shall be made payable in twenty (20) annual instalments on the
lst day of November, in each of the years 1967 to 1986, both inclu-
sive, and the respective amounts of principal and interest payable
in each of the said years shall be the amounts so designated in
Schedule "AM attached to and forming part of this by -law.
7
7
- 2 -
4. The debentures shall be payable as to both principal and
interest in lawful money of Canada and may be payable at any place
or places in Canada as shall be designated thereon.
5. The debentures shall be sealed with the seal of the Corp-
oration and signed by the head of the Council 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 to the debentures may be written or engraved, litho-
graphed, printed or otherwise mechanically reproduced.
6. There shall be revised in each of the years 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 Bowman -
ville 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 debentures as is set forth in Schedule "An attached
hereto.
7. The said debenture may contain a clause providing for the
registration thereof pursuant to Section 323 of The Municipal Act.
8. Application shall be made to the Ontario Municipal Board
for the approval of this By -law and for the certification of the
debenture to be issued thereunder pursuant to Part IV of the Ontario
Municipal Board Act.
READ a first and second time this 19th day of September, 1966.
�L
yor
Clerk
READ a third time and finally passed this 17th day of October, 1966.
C
Z.GL J 'li
erk
Debenture
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
7
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 1987
SCHEDULE "Aa
Year of
Maturity
Principal
Rate
Interest
Total
1967
22700.00
6
$ 69425.00
# 91125.00
1968
22900.00
6,256.25
9,156.25
1969
39100.00
n
69075.00
91175.00
1970
30200.00
"
51881.25
99081.25
1971
31500.00
52681.25
91181.25
1972
3,700.00
n
51462.50
9,162.50
1973
3,900.00
n
51231.25
9,131.25
1974
40100.00
"
4,987.50
91087.50
1975
4,400.00
"
4,731.25
9,131.25
1976
4,700.00
"
41456.25
9,156.25
1977
51000.00
"
4,162.50
9,162.50
1978
59300.00
"
39850.00
9,150.00
1979
51600.00
"
3,518.75
9,118.75
1980
61000.00
31168.75
99168.75
1981
61400.00
"
22793.75
9,193.75
1982
6,800.00
"
29393.75
99193.75
1983
7,200.00
1,968.75
9,168.75
1984
71600.00
11518.75
9,118.75
1985
8,100.00
"
1,043.75
99143.75
1986
8,600.00
537.50
9,137.50
$ 1021800.00
# 80,143.75
1$2,943.75