HomeMy WebLinkAbout68-18THE CORPORATION OF THE
TOWN OF BOWMANVILLE
BY -LAW NO. 68 -18
Being a By -law to authorize the borrowing of
$429,800 upon debentures to pay the cost of
constructing a new police and fire station
on Church Street.
WHEREAS the Council of the Town of Bowmanville by By -Law No. 67 -2
finally passed on the 5th day of June, 1967, authorized the construction of a
police and fire station on Church. Street;
AND WHEREAS the Ontario Municipal Board by its Order dated the 24th
day of May, 1967 under file number G 1425 -67 approved the expenditure by the
Corporation of the sum of $430,000 in connection with the work described in the
said by -law;
AND WHEREAS Council deems it expedient to borrow for the above purposes
a sum not exceeding $42:9,800 upon the credit of the Corporation and to issue one
series of debentures therefor bearing interest payable annually at the rate of
7410 shown in Schedule "A4l 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 $429,800.00 and shall
issue debentures therefore.
2. Each debenture shall bear interest at the rate of 7410 per annum as set out
for the respective years in Schedule ttAtt attached to this by -law and shall have
coupons attached thereto for the payment of the said interest.
3. The debenture shall be dated the 15th day of August, 1968 and shall be made
payable in twenty (20) annual installments on the 15th day of August, in each of
the years 1969 to 1988, both inclusive, and the respective amounts of principal and
interest payable in each of the said years shall be the amounts so designated
in Schedule "At' 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 Corporation 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. There shall be raised in each of the years 1969 to 1988 inclusive by a special
rate sufficient therefor over and above all other rates on all the rateable pro-
petty in the Town of Bowmanville at the same time and in the same manner as other
rates the total annual sums of principal and interest payable in such years on the
said debentures as set forth in Schedule "Att attached hereto.
7. The said debenture may contain a clause providing for the registration thereof
pursuant to Section 323 of The Municipal Act.
8. Application shall be made to the Ontario Municipal Board for the approval of
this By -law and for the certification of the debenture to be issued thereunder
pursuant to Part N of the Ontario Municipal Board Act.
READ a first and second time this day of , 1968.
Mayor
�41
J�
Clerk
READ a third time and finally passed this day of 31 1968.
Mayor
4
Clerk
BY -LAW N0. 68 -18
SCHEDULE tlAtt
4292800.00 429,536.00 859,336.00
Year of
Debenture No.
Maturitv
Principal
Rate
Interest
Total
1
1969
910700.00
7410
33,309.50
43,009.50
2
1970
10,400.00
to
32,557.75
42,957.75
3
1971
11,200.00
rt
31,751.75
42,951.75
4
1972
129100.00
et
30,883.75
42,983.75
5
1973
13,000.00
tr
29,946.00
42,946.00
6
1974
141,000.00
et
28,938.50
42,938.50
7
1975
155-100.00
qt
27,853.50
42,953.50
8
1976
16,300.00
►s
26,683.25
42,983.25
9
1977
17,500.00
re
25,420.00
42,920.00
10
1978
182900.00
't
24,063.75
42,963.75
11
1979
20,400.00
rr
22,599.00
42,999.00
12
1980
21,900.00
is
21,018.00
42,918.00
13
1981
232600,00
ct
19,320.75
42,920.75
14
1982
25,500.00
st
17,491.75
42,991.75
15
1983
275,400.00
tr
15,515.50
42,915.50
16
1984
29,600.00
tt
13,392.00
42,992.00
17
1985
31,900.00
:t
11,098.00
42,998.00
18
1986
34,300.00
rt
8,625.75
42,925.75
19
1987
371,000.00
tt
5,967.50
42,967.50
20
1988
40,000.00
rt
3,100.00
43,100.00
4292800.00 429,536.00 859,336.00