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'VII �COl_ZPO)ZATTON 01' 71111; 'J'OWN OF l,rllVMnlV�7rl�l�l,
BY -LAII NO. 72°-37
To authorize the borrowing of $57,00-0 upon
debentures towards the cost of reconstruc-
tion of certain roads
VTHEREAS by By -law No. 71-22 the Council of The
Corporation of the Town of Bowmanville authorized road re-
construction works at the locations as set out in Schedule
"A" to the said By -law No. 71 -22;
AND WHEREAS the Ontario Municipal Board by its
Order_ dated October 18, 1971, under its file number 113432 -71
duly approved the carrying out of the said works and the
borrowing of $77,434 therefor by the issue of debentures;
AND WHEREAS for the purposes aforesaid it is now
expedient to issue debentures in the amount of $57,000 pav-
able 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 purposes aforesaid, there shall be borrowed
upon the credit of the Corporation at large the sum of $57,000
in lawful money of Canada, and the Corporation shall issue
debentures therefor in denominations of not less than $50
each.
2. The debentures shall be dated the 15th day of
September, 1972, shall be issued at one time and shall be
payable in ten annual instalments of principal on the 15th
of September in each of the years 1973 to 1982, both inclusive,
and shall bear interest payable annually. The debentures
maturing in the years 1973 to 1977, both inclusive, shall
bear interest at the rate of 7 -3/4o per annum, and the
debentures maturing in the years 1978 to 1982, both inclusive,
shall bear interest at the rate of 8% per annum. The deben-
tures shall have coupons attached for the payment of such
interest on September 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.
- 2 -
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.
4. The debentures shall be sealed with the seal of the Corporation
and signed by the head of the Council or by some other person authorized
by by -law to sign them and by the Treasurer, and the interest coupons
attached thereto shall be signed by the Treasurer. The signature of the
head of the Council to the debentures and the signature of the Treasurer
on the interest coupons may be written or engraved, lithographed, printed
or otherwise mechanically reproduced.
5. Commencing in the year 1973, and thereafter in each year during
the currency of the said debentures, there shall be levied and raised by
a special rate sufficient therefor, over and above all other rates, on all
the rateable property in the municipality, the amount of the instalment
of principal and interest payable in that year as set forth in Schedule "A"
hereto 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 from any other source in respect of the said works.
6. The debentures may contain any provision for their registration
authorized by law.
7. Pending the sale of the said debentures, the head of the Council
and the Treasurer may raise for the purposes aforesaid by way of loan on
such debentures any sum or sums of money not exceeding in all the sum hereby
authorized to be borrowed and may hypothecate such debentures for such loan.
READ A FIRST, SECOND, AND THIRD time and PASSED in Council
this 5th day of September, 1972.
Ivan M. Hobbs
Mayor
J M. McIlroy
erk- Administrator
rue COPY
LROY
I�u � �Administr�4or
"A" toy Py-law Elimbor 72 -37
D'ated September 15) 1972
T O W S OF B 0 W M A N V 1 1) li B
$57x000
72,v%and 8% Debentures
(
Non-callable)
INTEREST
Due September 15,
YEAR
PRUICIPAL
RATE
INTEREST
TOTAL
1973
$ 4,000
3
7- 41 0
$ 4, 502-50
$ 8,502-50
197),
4 ..000
74
3%
4 192.50
8,192.50
1975
5,,000
7-N
3,882-50
8.,832-50
1-976
5,000
7N
49r o
8,495-00
1977
5.,000
7-'440
3.,107.50
8.,107.50
1973
6.,000
8%
2)720.00
8.. r 0.00
1979
6,.000
8%
2,,240.00
8, 240.00
1930
7,000
8%
i.,76o.00
8.,76o.00
1.981
7.,000
NO
1.,200.00
8.,200.00
1882
8.,000
810
64o.00
8. 64o. oo
$57,,000
$27,74o.00
$84., 740.00