HomeMy WebLinkAbout1988• THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 19$8
A By -law to amend By -law No. 1927, bein a by-
law to provide for the borrowing of $14,$24.00
upon debentures for the purpose of constructing
and equipping a Public Library, by reducing the
amount to be debentured to $54,500.00 and by
making certain other changes.
WHEREAS the Council of the Town of Bowmanville in By -law
No. 1927 provided for the issue of debentures to construct and
equip a Public Library.
AND WHEREAS the Ontario Municipal Board by its Orders
dated the 7th day of December, 1964, and the 20th day of September,
1966, under file number F5429 -64 approved the expenditure of
$163,394.77 by the Corporation in connection with the work des-
cribed in the said by -law.
AND WHEREAS a portion of the amount to be borrowed in the
sum of $108,929.98 has been loaned to the Corporation under the
provisions of The Municipal Works Assistance Act.
AND WHEREAS the remainder of the cost to be borrowed is
$54,500.00.
AND WHEREAS it is necessary to amend By -law No. 1927 to
reflect the payment of the loan made under The Municipal Works
Assistance Act, to provide for a higher rate of interest having
regard to current economic conditions, and to make certain other
changes.
NOW THEREFORE the Council of the Corporation of the Town
of Bowmanville HEREBY ENACTS that By -law No. 1927 be amended as
follows:
1. Delete the whole of the third preamble clause.
2. Delete the figures "414$,$24.00" and substitute therefor
154,500.00» in the second line of Section 1.
3. In the fourth line of Section 1 delete the numerals and
words "5 and 4 percentumn and substitute therefor n6 ".
~r a
.
- 2 -
4. Delete the last five lines after the word "interest" appear-
ing in the fifth line of Section 1, as follows: "
"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".
5. Delete the year "1965" appearing twice in Section 2 and sub-
stitute therefor the year "19664.
6. Delete the whole of Section 6 and substitute therefor the
following:
"6. There shall be raised in each of the years 1967 to
198-6 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 debentures
as set forth in Schedule "A" attached hereto. ".
7. Schedule "A" of By -law No. 1927 is hereby deleted and Schedule
"A" to this By -law is substituted therefor.
8. That the said debentures may contain a clause providing for
the registration thereof pursuant to Section 323 of The 1.1unicipal
Act.
READ a first and second time this 19th day of September , 1966.
,.. o, Z
lerk
C
MEAD a third �.iide and finally passed this/7 day of �� , 1966.
Jerk
R
Debenture
No.
LJ
R�j
R.
1
2
3
4
5t
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Year of
Maturity
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 1988
SCHEDULE "AN
Princ ial
1,500.00
1,500.00
1,600.00
1,700.00
1,800.00
2,000.00
2,100.00
2,200.00
2,300.00
2,500.00
2,600.00
2,800.00
3,000.00
3,200.00
3,400.00
3,600.00
3,800.00
4,000.00
4,300.00
4,600.00
54,500.00
Rate
Interest
6
$ 31406.25
3,312.50
^
3,21$.75
"
3,118.75
"
3,012.50
n
2,900.00
"
2,775.00
"
2,643.75
"
2,506.25
»
2,362.50
n
2,206.25
"
2,043.75
"
1,868.75
n
1,681.25
"
1,481.25
n
1,268.75
n
11043-75
806.25
556.25
n
287.50
$ 42,500.00
Total
41906.25
4,812.50
4,818.75
4,818.75
4,$12.50
4,900.00
4,875.00
4,843.75
4,806.25
4,862.50
4,806.25
49843-75
4,868.75
4,881.25
4,881.25
4,868.75
41843-75
4,806.25
4,856.25
4,887.50
# 97,000.00