HomeMy WebLinkAbout70-28THE CORPORATILON OF THE TOWN
OF BOWMANVILLE
BY -LAW NO. 70- f,.,g
A By -law to consolidate certain By-
laws and to provide for the issue
of one series of debentures in the
amount of $197,600 in Canadian funds.
WHEREAS By -laws Nos. 70- ) and 70-17 of
the Corporation provide for the issue of debentures of
the Corporation in the total amount of $197,600 in
lawful money of Canada dated the 15th day of July, 1970;
AND WHEREAS none of the debentures authorized
by said By -laws has been sold or disposed of;
AND WHEREAS the Council is by Section 283 of
The Municipal Act, R.S.O. 1960, C.249 authorized to enact
- as hereinafter set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TOWN OF BOWMANVILLE ENACTS AS FOLLOWS:
1. The amounts authorized to be borrowed in lawful
money of Canada by By -laws Nos. 70-x& and 70- 17 are hereby
consolidated into one sum of $197,600 in lawful money of
Canada and there shall be issued one series of debentures
therefor in the aggregate principal amount of $197,600 in
denominations of not less than $100 each, payable both as
to principal and interest in lawful money of Canada.
2. The debentures shall be dated the 15th day of
July, 1970, shall be issued at one time and shall be
payable in twenty annual instalments of principal on the
15th day of July in each of the years 1971 to 1990, both
inclusive. The debentures maturing in the years 1,071 to
19803both inclusive, shall bear interest at the rate of
Nine and One -Half Per Cent per annum and those maturing in
the years 1981 to 1990, both inclusive, shall bear interest
at the rate of Nine and Three - Quarters Per Cent per annum.
The debentures shall have coupons attached for the payment
of such interest on July 15 in each year. The respective
amounts of principal and interest payable in each of such
years shall be as set forth in Schedule "A" hereto annexed
and forming part of this By -law.
3. The debentures shall be payable as to both
principal and interest in lawful money of Canada at the
Bank of Montreal in the Town of Bowmanville or at the
principal office of the said Bank in either of the cities
of Toronto or Montreal, at the holder's option.
4. The debentures shall be sealed with the seal of
the Corporation and signed by the Mayor of the Corporation
or by some other person authorized by by -law to sign them
and by the Treasurer. The interest coupons shall be signed
by the Treasurer and his signature to them may be written
-2-
or engraved, lithographed, printed or otherwise
mechanically reproduced. The signature of the Mayor on
the debentures may be written, or engraved, lithographed,
printed or otherwise mechanically reproduced.
5• The rates imposed by said By -laws Nos. 70 -2Z
and 7021 shall be levied, collected and applied for
the purpose of providing for the payment of the debentures
issued under this By -law and the interest thereon.
6. Pending the sale of the said debentures, or in
lieu of selling them, the Council may by resolution
authorize the Mayor of the Corporation and the Treasurer
thereof to raise money by way of loan on the security of
the said debentures or upon the security of some part of
them, and to hypothecate any or all of the said debentures
as security for the repayment of the said loan.
7• The holder of any debenture of the denomination
Of more than $1,000 issued under the authority of this
By -law may exchange such debenture for debentures of the
denomination of $1,000 upon surrender of such debentures
to the Treasurer or the Corporation. Debentures issued in
substitution for any such debenture surrendered shall bear
the same interest rate and maturity date and be the same
in every respect except in denomination to such debentures
surrendered. Only one such exchange shall be
with respect to each debenture of the denomination1ofemore
than $13000 issued hereunder and the costs of such exchange
including printing of the new denominations of debentures
shall be borne by the Corporation.
�. to Consolidating Ey atarr
70-
a
T 0 i^7Ia 0 P B O W M A N V I L L E
$197, 600
92 and 9F Debentures
(Non-callable)
Dated 15 July 1970
Principal
$
10,60o
12,000
13, 000
14, 000
16, 000
17,000
18,000
20,000
23,000
25,000
21000
2, 000
2,000
2:000
1,000
3,000
3,000
4, 000
4, 000
-1-0-02-
$ 197, boo. oo
Interest Rate
9--�
2
9-%
z
9-�
z
9211%
9
2
92
92
z
J�
9211%
92-%
94
9'%
9
u
944
u
14
9--�
9-
Due 15 July 1971 -1990
Interest
$ 18, 84x4.50
17.,837-50
16,697-50
15,462.50
14,132.50
12,61 P. 50
10, 997.50
9,287-50
7,387-50
5.,202-50
2,827-50
2,632-50
2, 437.50
2,242-50
2,047.50
1.,755-00
1,462-50
1,170.00
780.00
0
146,207-00
Total
$ 29,444.50
29,837-50
29,697-50
29,k62.50
30, 132.50
29,612.50
28,,997-50
29,287-50
30,387-50
30,202-50
4,827-50
4,632.50
4,437-50
4,242-50
5.,047-50
4,755-00
4,462-50
5,170. oo
4, 780. oo
390.00
343,807-00