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DEBENTURE BY -LAW
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 1920
A By -law to authorize the
borrowing of $24,000.00 upon
debentures to pay the cost of
constructing certain works as
local improvement works under
The Local Improvement Act.
WHEREAS the Council of the Town of Bowmanville by By -law
No. 1921 authorized the construction of certain works as local
improvement.works described in Schedules "A ", "B ", "C" and "D"
attached to the said By -law.
AND WHEREAS the Ontario Municipal Board by its Order dated
December, 1964 under file number F5427 -64 approved the expenditure
of $31,065.00 by the Corporation in connection with the work des-
cribed in the said by -law.
AND WHEREAS the total cost of the said work, after deducting
any subsidies or commutations, is $24,000.00 of which $4,923.48 is
to be borne by the Corporation and $19,076.52 by owners of land
abutting on the said work.
AND WHEREAS special assessment rolls have been made and
certified.
AND WHEREAS Council deems it expedient to borrow for the
above purposes a sum not exceeding $24,000.00 upon the credit of
the Corporation and to issue one series of debentures therefor bear-
ing interest payable annually at the rate of 64f shown in Schedule
"A" attached to and forming part of this by -law.
NOW THEREFORE the Council of the Corporation of the Town of
Bowmanville HEREBY ENACTS as follows:
1. The Corporation shall borrow upon its credit the sum of
$24,000.00 and shall issue debentures therefor.
2. Each debenture shall bear interest at the rate of 6�% per
annum as set out for the respective years in Schedule "A" attached
to this by -law and shall have coupons attached thereto for the pay-
ment of the said interest.
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3. The debentures shall be dated the 1st day of November, 1966
and shall be made payable in twenty (20) annual instalments on the
1st day f November in each of the ears 1967 to 19$6 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 "An attached,to and forming part of this by -law.
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 Corpora-
tioh 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, lithographed,
printed or otherwise mechanically reproduced.
6. (a) Commencing in the year 1967 and thereafter in each
year in which an instalment of the principal of the said debt and
the interest becomes due, there shall be levied and raised for the
payment of the said principal and interest, the specific sum shown
for the respective year in Schedule "AM. Such sum shall be levied
and raised by a special rate sufficient therefor, over and above all
is required to pay the instalment after taking into account receipts
from the special assessments provided in Clause (b) hereof, or from
any source in respect of the said work.
(b) For payment of the owners' portion of the cost and
interest thereon, the special assessments set forth in the special
assessment roll are hereby imposed upon the lands liable therefor
as therein set forth; which special assessment with a sum sufficient
to cover the interest thereon at the rate aforesaid, shall be payable
in twenty equal instalments, and for that purpose an annual rate per
foot frontage is hereby imposed upon each lot entered in the said
special assessment roll, according to the assessed frontage thereof,
over and above all other rates and taxes, and the said special rates
other rates, on
all the
rateable
property in the
Municipality;
but
no greater rate
shall be
levied
in any year for
such purpose,
than
is required to pay the instalment after taking into account receipts
from the special assessments provided in Clause (b) hereof, or from
any source in respect of the said work.
(b) For payment of the owners' portion of the cost and
interest thereon, the special assessments set forth in the special
assessment roll are hereby imposed upon the lands liable therefor
as therein set forth; which special assessment with a sum sufficient
to cover the interest thereon at the rate aforesaid, shall be payable
in twenty equal instalments, and for that purpose an annual rate per
foot frontage is hereby imposed upon each lot entered in the said
special assessment roll, according to the assessed frontage thereof,
over and above all other rates and taxes, and the said special rates
— 3 —
shall be collected annually by the collector of taxes for the Corp-
oration at the same time and in the same manner as other rates.
7. The said debentures may contain a clause providing for the
registration thereof pursuant to Section 323 of The Municipal Act.
READ a first and second time this 19th day of September , 1966,
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READ a third time and finally passed this 17 day ofc +� , 1966.
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Debenture
No.
Lin
1
2
3
4
5
6
7
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. 1990
SCHEDULE *AN
Principal
600.00
700.00
700.00
800.00
800.00
800.00
900.00
1,000.00
1,000.00
1,100.00
1,200.00
1,200.00
1,300.00
1,400.00
1,500.00
1,600.00
1,700.00
1,$00.00
1,900.00
2,000.00
24,000.00
Rate
Interest
6k%
S 1,500.00
n
1,462.50
1,41$.75
"
1,375.00
»
1,325.00
n
1,275.00
1,225.00
n
1,16$.75
"
1,106.25
n
1,043.75
"
975.00
TM
900.00
�+
825.00
"
743.75
"
656.25
»
562.50
n
462.50
356.25
"
243.75
n
125.00
t 18,750.00
Total
2 #100.00
2,162.50
2,118.75
2,175.00
2,125.00
2,075.00
2,125.00
2,168.75
2,106.25
2,143.75
2,175.00
2,100.00
2,125.00
2,143.75
2,156.25
2,162.50
2,162.50
2,156.25
2,143.75
2,125.00
42,750.00