HomeMy WebLinkAbout71-23THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 71 -23
A By -law to authorize the borrowing
of $109,000 upon debentures towards
the cost of reconstruction of
streets and construction of roads
and municipal parking lot.
WHEREAS by By-law No. 69 -30 The Corporation of the
Town of Bowmanville authorized the construction of:
reconstruction on:
to Scugog Street
Church Street
1. Church Street from Temperance Street
2. Division Street from King Street to
roads on:
3. Baseline Road from Mearns Avenue
to Cemetery Road
4. Simpson Avenue from Baseline Road
to approximately 858 feet south;
for which it is now desirable to issue debentures
in the amount of $93,000 on the terms hereinafter set forth
and repayable in accordance with Schedule "B" hereto;
AND WHEREAS by By -law No.69 -18 the said Corporation
authorized the construction of a municipal parking lot, includ-
ing paving, bumper railings and striping, on Church Street,
for which it is now expedient to issue debentures in the amount
of $16,000 on the terms hereinafter set forth and repayable in
accordance with Schedule "C" hereto;
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 aggregate
amount of $109,000 in lawful money of Canada, and the Corpora-
tion shall issue debentures therefor in denominations of not
less than $50 each.
2. The debentures shall be dated the 15th day of August,
1971, shall be issued at one time and shall be payable in ten
annual instalments of principal on the 15th day of August in
each of the years 1972 to 1981, both inclusive, and shall bear
interest at the rate of Eight Percent per annum payable
annually. The debentures shall have coupons attached for
the payment of such interest on August 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 office of 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 en-
graved, lithographed, printed or otherwise mechanically
reproduced. The signature of the Mayor on the debentures
may be written or engraved, lithographed, printed or other-
wise mechanically reproduced.
5. Commencing in the year 1972 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 debentures may contain any provision for
their registration authorized by law.
READ A FIRST, SECOND AND THIRD time and finally
PASSED this 3rd day of August, 1971.
Mayor
Schedule "A" to By -law #
TOWN OF BOWMANf GrILLE
$109.1000
8% Debentures
(Ron - callable)
Dated 15 August, 1971
Due 15 August, 1972 -1981
YEAR
PRINCIPAL
INTEREST
TOTAL
1972
$ 17.1000
$ 8 .1720
$ 25 .1720
1973
18 .1000
7,360
25,360
1974
19, 000
5 .1920
24,92o
1975
21, 000
4, 400
25, 400
1976
24,000
2,720
26,72o
1977
22000
800
2, 800
1978
2,000
64o
2,640
1979
21000
48o
2,48o
1980
21000
320
2,320
1981
2, 000
16o
2,160
$ 109,000
$ 34520
$ 14o, 52o
SCHEDULE "B" TO BY-LAW NO.
SIVET OF
* 93,;
811, Dcbam ras
(i:ors -ca? la:b le )
Da"Ced 15 Auzus,,2-p
u
19TL
Due 15 Auolzt,, 1972-1976
M, tll-q
PP.MCn::0,.L
MMME ST
TOTAL
i6j, coo
7,44-o
21,4-140
1973
17,000
6.,160
23.,166
1971,
18., vo o
k.,800
22, 8 CO,
1975
go.,O,-,o
3936o
239300
19-16
22.,000
1p 760
239 760
91,000
239 520
116.,52o
SCHEDULE "C" TO BY-LAW NO.
Latca i5 �-uoazt2 1971
'MAR
i971 31
2-974
1973
1976
1977
1979
1980
1981
i6, coo
T-.
,,ze 15
M124-CIPAL
I I'M �2 11 S; T
'.ZOML
1, coo
1.,2-80
* 2, 233, o
1,000
1,200
030
1.,120
2, 2,2-0
1.9040
L, 040
2,
960
2,960
2j.000
800
2, 800
2., =
64o
29 6b0
2, 000
4,80
2..480
2,00.0
320
2,320
2.,coo
160
2,16o
'.16., =-
'k 8., 000
24.,003