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THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -70
A by -law to consolidate certain by -laws
and to provide for the issue of one series
of debentures in the amount of $731,000 in
Canadian funds.
WHEREAS By -laws Numbers 73 -68 and 73 -69 of the
Corporation provide for the issue of debentures of the Corporation
in the respective amounts of $25,000 and $706,000 in lawful money
of Canada dated the 31st day of December, 1973;
AND WHEREAS none of the debentures authorized by
the said By -laws has been sold or disposed of;
AND WHEREAS the Council of the Corporation is by
section 290 of The Municipal Act, R.S.O. 19701, C.284, authorized
to enact as hereinafter set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWN OF BOW14ANVILLE ENACTS AS FOLLOWS:
1. The amounts authorized to be borrowed in lawful
money of Canada by By -laws Numbers 73 -68 and 73 -69
are hereby consolidated into one sum of $731,000
in lawful money of Canada and there shall be issued
one series of debentures therefor in the principal
amount of $731,000 in denominations of not less than
$1,000 each, payable both as to principal and interest
in lawful money of Canada.
2. The debentures shall be dated the 31st day of December,
1973, shall be issued at one time and shall be payable
in twenty annual instalments of principal on the 31st
day of December in each of the years 1974 to 1993, both
inclusive, and shall bear interest payable semi - annually.
The debentures maturing in the years 1974 to 1983, both
inclusive, shall bear interest at the rate of,8 -3/4%
per annum and the debentures maturing in the years 1984
to 1993, both inclusive, shall bear interest at the
rate of 8 -7/8% per annum. The debentures may have
coupons attached for the payment of such interest on
June 30 and December 31 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 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. 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 head of the Council on the debentures
may be written or engraved, lithographed, printed or
otherwise mechanically reproduced.
- 2 -
5. The rates imposed by said By -laws Numbers 73 -68 and
73 -69 shall be levied, collected and applied for the
purpose of providing for the payment of the debentures
issued under this by -law and the interest thereon.
6. The said debentures may contain any clause providing.
for the registration thereof authorized by any statute
relating to municipal debentures in force at the time
of issue hereof.
7. The holder of any debenture of the denomination of
more than $1,000 issued under the authority of this
by -law without coupons attached thereto may exchange
such debenture for debentures of the denomination of
$1,000 or multiples thereof, bearing interest coupons,
upon surrender of such debenture to the Treasurer of
the Corporation. Debentures issued in substitution for_
any such debenture surrendered without interest coupons
attached shall bear the same interest rate and maturity
date and be the same in every respect except in
denomination to such debenture surrendered and except
that the substituted debentures shall have interest coupons
attached to them. Such exchange as aforesaid shall be
at the expense of the Corporation.
8. The holder of any debenture of the denomination of
more than $1,000 with coupons attached issued under
the authority of this by -law may exchange such debenture
for debentures of the denomination of $1,000 upon
surrender of such debenture with coupons attached to
the Treasurer of the Corporation. Debentures issued
in substitution for any such debenture surrendered with
coupons attached shall bear the same interest rate and
maturity date and be the same in every respect except
in denomination to such debenture surrendered. Only
one such exchange shall be permitted with respect to
each coupon bearing debenture of the denomination of
more than $1,000 issued hereunder, and the cost of
such exchange of the coupon bearing debenture, including
the printing of the new denominations of coupon bearing
debentures, shall be borne by the Corporation.
READ A FIRST, SECOND AND THIRD TIME and finally PASSED
this 28th day of December, 1973.
i ayor
Schedule "A" to Consolidat ing By -law Number 73-70
.
TOWN OF BOWMANFILLE
$731,000
8 -3/4% and 8 -7/8% Debentures
(Non - callable)
Dated 31 December 1973
Due 31 December 1974 -1993
Interest payable
semi - annually 30
dune and 31 December
INTEREST
YEAR
PRINCIPAL
RATE
INTEREST
TOM
1974
$ 18, 000
8 -3/4%
$64, 580. oo
$82, 580. oo
1975
20,000
8 -3/4%
63,005.00
83,005.00
1976
22,000
8 -3/4%
61,255.00
83,255.00
1977
23,000
8 -3/4%
59,,330-00
82, 330.00
1978
26,000
8 -3/4%
57,317.50
83,317.50
1979
22,000
8 -3/4%
55, 042.50
77,o42-50
1980
23,000
8 -3/4%
53,117.50
76,117.50
1981
25,000
8 -3/4%
51,105.00
76,105.00
1982
28,000
8 -3/4%
48,917-50
76, 917.50
1983
30,000
8 -3/4%
4,6.,467-50
76,,467-50
1984
33,000
8 -7/8%
43,842.50
76,842.50
1985
36, Oo0
8-7/8
40, 913.75
76j,913-75
1986
39,000
8 -7/8%
37.9718-75
76,71-8-75
1987
42, 000
8 -7/8%
34,257-50
76,257-50
1988
46,000
8 -7/8%
30,530.00
76,530.00
1989
50,000
8 -7/8%
26,447.50
76,447.50
1990
54,00o
8 -7 /6%
22,010.00
762010.00
1991
59,000
8 -7/8%
17,217.50
76,217.50
1992
65,000
8 -7/8%
11, 981.25
7b,981.25
1993
70,000
8 -7/8%
6,212.50
76,212-50
$731,000
$831,268.75
$1,562,268-75