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DEBENTURE BY -LAW
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 1991
A By -law to authorize the borrow-
ing of $9,200.00 upon debentures
to pay the cost of constructing a
sanitary sewer as a local improve-
ment under The Local Improvement Act.
WHEREAS the Council of the Town of Bowmanville by By -law
No. 197$ authorized the construction of a sanitary sewer on High-
way No. 2 as a local improvement work.
AND WHEREAS the Ontario Municipal Board by its Orders
dated July 20, 1965 and July 14, 1966 under file number F6614 -65
approved the expenditure by the Corporation of $9,170.55 in con-
nection with the work described in the said by -law.
AND WHEREAS the total cost of the said work, after deduct-
ing any subsidies or commutations, is $9,170.55, of which $2,214.07
is to be borne by the Corporation and $6,956.48 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 purpose a sum not exceeding $9,200.00 upon the credit of the
Corporation and to issue one series of debentures therefor bearing
interest payable annually at the rate of 6j% 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
$9,200.00 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.
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 of November, in each of the years 1967 to 1986, both inclu-
r
2 -
4 �t
sive, and the respective amounts of principal and interest payable
in each of the said years shall be the amounts so designated in
tv Schedule "A" 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 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, print-
ed 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 "A ". Such sum shall be levied
and raised by a special rate sufficient therefor, over and above
all 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
reciepts 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 pay-
able in twenty equal instalments, and for the 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 shall be collected annually by the collector of taxes
for the Corporation at the same time and in the same manner as other
rates.
I
In
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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.
ler
READ a third time and finally passed this / -
Ile day of -'C'4, , 1966.
1.erk
�l
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 1991
SCHEDULE "A"
Debenture
No.
Year of
Maturity
Principal
Rate
Interest
Total
1
1967
200.00
6
575.00
775.00
2
1968
300.00
»
562.50
862.50
3
1969
300.00
"
543.75
843.75
4
1970
300.00
a
525.00
825.00
5
1971
300.00
506.25
806.25
6
1972
300.00
"
487.50
787.50
7
1973
400.00
"
468.75
868.75
8
1974
400.00
"
443.75
843.75
9
1975
400.00
"
418.75
$1$•75
10
1976
400.00
"
393.75
793.75
11
1977
400.00
"
368.75
768.75
12
1978
500.00
"
343.75
843.75
13
1979
500.00
"
312.50
812.50
14
1980
500.00
"
281.25
781.25
15
1981
600.00
"
250.00
850.00
16
1982
600.00
"
212.50
812.50
17
1983
600.00
n
175.00
775.00
18
1984
700.00
137.50
837.50
19
1985
700.00
"
93.75
793.75
20
1986
800.00
50.00
850.00
92200.00
79150.00
169350.00