HomeMy WebLinkAbout70-27THE CORPORATION OF THE TOWN
OF BOWMANVILLE
BY -LAW NO. 70
A By -law to authorize the borrowing
of $157,000 upon debentures towards
the cost of acquiring lands for
industrial sites.
WHEREAS by By -law No. 68 -43 The Corporation
of the Town of Bowmanville authorized the acquisition of
land for industrial sites as more particularly set out
in the said By -law;
AND WHEREAS for the purpose aforesaid it is
now expedient to issue debentures in the amount of $157,000
payable in lawful money of Canada on the terms hereinafter
set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TOWN OF BOWMANVILLE ENACTS AS FOLLOWS:
1, For the purpose aforesaid, there shall be
borrowed upon the credit of the Corporation at large the
sum of $157,000 in lawful money of Canada and the
Corporation shall issue debentures therefor in denominations
of not less than $100 each.
2. The debentures shall be dated the 15th day of
July, 1970, shall be issued at one time and shall be pay-
able in ten annual instalments of principal on the 15th
day of July in each of the years 1971 to 1980, both
inclusive, and shall bear interest at the rate ThNdebennd
One -Half Per Cent per annum payable annually• e
tunes 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 nk��inoeiBthera 1
of the the
office of the
Montreal,
said Ba
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
. The interest coupons shall be signed
and by the Treasurer
by the Treasurer and his signature to them may be written
or engraved, lithographed, printed or otherwise mechanically
may reproduced. witenhorsengrraved ,olithographed, printed debentures
wise mechanically reproduced.
-2-
5. Commencing in'the year 1971 and thereafter in
each year during the currency of the said debentures there
shall be raised by a special rate sufficient therefor over
and above all other rates on all the rateable property in
the Town of Bowmanville the amount of the instalment of
principal and interest payable in that year as set forth
in Schedule "A" hereunto annexed.
6. 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 debenture to
the Treasurer of 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 permitted with
respect to each debenture of the denomination of more than
$1,000 issued hereunder and the costs of such exchange
including printing of the new denominations of debentures
shall be borne by the Corporation.
Sche,',ule "A to BY-la-,,' 7 0
J
i
Dated 15 JulY 1970
(ear Principal
L971
10,000
L972
11,000
-973
1.2.,000
LO, 74
13,000
.975
15,000
-976
16,000
.977
17,,000
-978
19,000
.979
21.,000
.0
.,80
23,000
157,000
TOWN OF BOWMANVILLE
$15T, 000
21" Debentures
(Non-callable)
Interest Rate
I
2"
I
2"
"1
2 0
01%
2"
01% ,'2
2"
9 1
24
I)ue 15 Jtly 1971-1930
Interest Total
14,915-00
13,965-00
12,920.00
11.,780-00
1Q, 545. 00
91120.00
7,600.00
5.,985-00
4, i80. oo
21185.00
93, 1915 - 00
$ 24,915-00
24,965-00
24,920.00
24., 780. 00
25,545-00
25, 120. 00
24,600.00
P-4, 098 5. 0 0
25,180.00
25,185-00
250,195-00