HomeMy WebLinkAbout72-22THE CORPORATION OF THE
TOWN OF BOWMANVILLE
By -Law No. 72 -22
A by -law to authorize the issue of a Debenture
in the principal amount of $9,823.50 for the
purposes referred to in Schedule "A" attached
hereto.
WHEREAS the Council of The Corporation of the Town of Bowmanville now deems
it expedient for the purposes set out in Schedule "A" attached hereto to borrow
money by the issue and sale to The Treasurer of Ontario of a Debenture of this
Municipality in the principal amount of $9,823.50 bearing interest atwt.he rate
of 5.38% per annum payable semi- annually, which is the amount of debt intended
to be created by this by -law.
NOW THEREFORE the Council of The Corporation of the Town of Bowmanville enacts
as follows:
1. THAT for the purposes aforesaid money shall be borrowed on the credit of The
Corporation of the Town of Bowmanville by the issue of a Debenture of the
Corporation in the principal amount of $9,823.50 bearing interest at the rate
of 5.38% per annum payable semi - annually on the 1st day of May and the Ist day
of November in each year of the currency of the Debenture, upon the principal
amount from time to time remaining unpaid.
2. THAT the said Debenture shall be dated the 1st day of May, 1972, and shall
be payable in 5 annual instalments of principal on the 1st day of May in the
years 1973 to 1977, inclusive, and the respective amounts of principal and
interest payable in respect of such Debenture in the years 1972 to 1977,
inclusive, shall be as set forth in Schedule "B" attached hereto.
3. THAT the said payments of principal and interest shall be payable in lawful
money of Canada by cheques sent through the post to the registered address of
the registered owner of the Debenture and such cheques shall be payable at par
in the City of Toronto.
4. THAT the said Debenture shall be sealed with the Seal of the Corporation and
shall be signed by the Head of the Council or by some other person authorized
by by -law to sign the same, and by the Treasurer.
5. THAT all sums required to pay off the instalments of principal of the Debenture
and to pay interest thereon as set out in Schedule "B" attached hereto shall be
levied and raised in the years 1972 to 1977, inclusive by a special rate
sufficient therefore, over and above all other rates, upon all the rateable
property in the Municipality at the same time and in the same manner as other
rates, but it shall not be necessary to levy in any year a greater amount than is
required to pay the said instalment of principal and interest after taking into
account receipts from any other source in respect of said works.
6. THAT the said Debenture be sold to The Treasurer of Ontario
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7. THAT the said Debenture shall contain a clause providing for the registration
thereof pursuant to Section 326 of The Municipal Act.
8 (a) The Corporation shall have the right, at its option, to redeem the said
Debenture on any interest payment date prior to maturity by payment of the
unmatured principal amount thereof together with interest accrued to the date
set for redemption.
(b) The unmatured principal of the Debenture shall become due and payable on
the date set for redemption thereof, and from and after such date interest
ceases to accrue thereon where provision is duly made for the payment of the
amount thereof. p
(c) Notice of intention so to redeem shall be sent by post at least thirty days
prior to the date set for such redemption to the person in whose name the
Debenture is registered at the address shown in the Debenture Registry Book.
(d) At least thirty days prior to the date set for such redemption, notice of
intention so to redeem shall be published in The Ontario Gazette and in a
newspaper of general circulation, if any, in the municipality.
9. THAT application shall be made to the Ontario Munf -opal Board for approval of
this by -law and for the certification of tie Debenture to be issued hereunder
pursuant to Section 58 to 60 of The Ontario Municipal Board Act.
10. THAT Schedules "A" and "B" attached hereto, are hereby declared to be and to
form part of this by -law.
ENACTED this 51;hl day of June, 1972.
................ �. ................0.
Joseph M. Mcllroy Clerk - Administrator
i
......::" ::.... . .................
Ivan M. Hobbs, Mayor
1
PAYMENT
NUMBER
1
2
3
4
5
6
7
8
9
10
2
DATE
DUE
Nov. 1/72
May 1/73
Nov. 1/73
May 1/74
Nov. 1/74
May 1/75
Nov. 1/75
May 1/76
Nov. 1/76
May 1/77
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
SCHEDULE "B" TO BY -LAW NO. 72 -22
3
4
5
PAYMENTS
PRINCIPAL
INTEREST
TOTAL
264.25
264.25
1,823.50
264.25
22087.75
215.20
215.20
21,000.00
215.20
2,215.20
161.40
161.40
2,000.00
161.40
2,161.40
107.60
107.60
21000.00
107.60
21107.60
53.80
53.80
22000.00
53.80
22053.80
9,823.50
17604.50
11,428.00
6
TOTAL ANNUAL
AMOUNT PAYABLE
264 ,225
2,302.95
2,376.60
2,269.00
2,161.40
2,053.80
11,428.00
THE CORPORATION OF THE
TOWN OF BOWMANVILLE
SCHEDULE "A" TO BY -LAW NO. 72 -22
Council
Purpose Resolution
For repairs to the C -313
Bowmanville Arena Roof
Number of O.W.R.C.
Certificate
Ontario
Municipal Board
File No.
H 3143 -71
I
0
Amount of Debenture
Total Approved by
Ontario To be issued
Municipal Board Previously Issued hereunder
$91,823.50 Nil -2111, $9,823.50
yp g1J
H 3143
\ rc�"4Nrr
ONTARIO
Ontario IN THE MATTER OF Section 58 of
The * .. #
,f ,R Board
- and
0
THE BOARD ORDERS, under and In pursuance of the
legislation hereinbefore referred to, and of any and
all other powers vested in the Board By-law
passed on the 5th day of June, 1972, be and the same
is hereby approved.
EC TA a
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