HomeMy WebLinkAbout70-26THE CORPORATION OF THE TOWN
OF BOti,1MANVILLE
BY -LAW NO - 70,-
A By -law to authorize the borrowing
of $40,600 upon debentures towards
the cost of construction of certain
works as local improvements.
WHEREAS certain local improvement sanitary
sewers and watermains have been constructed under the
authority of By -law No. 68 -42 and S.8 of The Local
Improvement Act; -
AND WHEREAS a Court of Revision has been held
with respect to each such work so constructed as more
particularly described in said By -law No. 68 -42, and
special assessment rolls have been duly completed and
certified;
AND WHEREAS the said works have been app ^oved
under Ontario Municipal Board Orders No. G.6676 -68 dated
January 31, 1969 and June 11, 1969 and Ontario Water
Resources Commission Certificates 3- 1024 -68 -006 and
7- 0751 -68 -006 dated December 18, 1968;
AND WHEREAS for the purposes aforesaid it is
now expedient to issue debentures in the amount of $40,600
payable in lawful money of Canada on the terms herein-
after set forth; _
NOW THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TOWN OF BOWMANVILLE ENACTS AS FOLLOWS:
1. For the purposes aforesaid, there shall be
borrowed upon the credit of the Corporation at large the
sum of $40,600 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
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 1971 to
1980 both 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'7 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.
-2-
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 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.(a) 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; 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
of special rates provided in sub- clause (b) hereof;
(b) For the payment of the owners' portion of the
cost and interest thereon special assessments set forth
in the special assessment rolls therefor are hereby imposed
upon the lands liable therefor as therein set forth, which
special assessments with a sum sufficient to cover interest
thereon at the rate aforesaid shall be payable in twenty
(20) equal annual instalments, and for that purpose the
special annual rates per foot frontage set forth in said
special assessment rolls for the said works are hereby
imposed on each lot entered in the special assessment rolls,
according to the assessed frontage thereof, over and above
all other rates and taxes, and the special rates shall be
collected annually by the collector of taxes for the
Corporation at the same time and in the same manner as all
other rates.
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 debentures
to the Treasurer of the Corporation. Debentures issued in
substitution for any such 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.
7. The debentures may contain any provision for their
registration authorized by law.
READ A FIRST, SECOND AND THIRD time and finally
PASSED this day of July, 1970.
Clerk
Schedule "A" to By-- 'ta7,�
T O W S O F B 0 W M A N V I L L E
$4o,600
92� and 9 Debentures
(Pion-callable)
Dated
15 Julti- 1970
Due 15 July
1971 °10,90
Year
Principal
Interest Rate
Interest
Total
1971
$ 600
92
3,929-50
$ 4, 529.50
1972
11000
2" 33,
872.50
4,872-50
1973
1, 000"
3.,777-50
4,777-50
1974
11000
9
3,682.50
4,682.50
-975
1,000
92-
3.,587-50
4, 587,50
1976
1, 000
92%
3,,492-50
4,492-50
1977
1, o0o
g
3, 397.50
4, 397.50
1978
11040
92
3,302.50
4,302.50
1979
2,000
92- W
3,207-50
5,207-50
1980
2, 000
3, 017.50
5;,017.50
1881
2,000
3
2, 827.50
4,827-50
1982
2,000
1
2, 632.50
4,632 ,50
1983
2,000
9-43%
2,437-50
4, 437.50
1984
2,000
1
21242-50
4,242-50
1985
3,000
9111%
2,047-50
5,o47-50
,86
3,000
942%
1,755-00
4,755-00
1987
3,000
ON
1:462-50
4,462-50
1988
4, oo0
9I
1,170.00
5,170.00
1989
4, 000
055
780.00
4, 780. 0o
1990
�:, 000
9 q
390.00
4, 30,0.00
$40, 600
53, 012.00
93, 612.00