HomeMy WebLinkAbout73-69THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW No. 73 -69
A By -law to authorize the borrowing of
$706,000 upon debentures towards the cost
of construction of a water filtration
plant
WHEREAS by By -law No. 69 -6, as amended by By -law No.
72 -5, the Council of the Corporation of the Town of Bowmanville
authorized the construction of a water filtration plant consisting
of modifications to the existing pumping sation, a filter plant
with a capacity of 2 million gallons a day, an 800,000 gallon
reservoir and a new high lift pumping station;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $706,000 payable
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 purpose aforesaid, there shall be borrowed
upon the credit of the Corporation at large the sum of
$706,000 in lawful money of Canada, and the Corporation
shall issue debentures therefor in denominations of not
less than $1,000 each.
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
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, 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, litho-
graphed, printed or otherwise mechanically reproduced.
5. Commencing in the year 1974, 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,
- 2 -
the amount of the instalment of principal and interest
payable in that year as set forth in Schedule "A"
hereunto 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 undertaking.
6. The debentures may contain any provision for their
registration authorized by law.
READ A FIRST, SECOND AND THIRD time and finally PASSED
this 28th day of December, 1973.
Mayor
1
Schedule "A" to By -law Namber . 0 3. 6 9
T O W N OF B O W M A N V I L L E
$706,000
8 -3/4% and 8 -7/8% Debentures
(Non - callable)
Dated
31 December 1973
Due 31 December 1974 -1993
Interest payable
semi - annually 30 Jane
and 31 December
INTEREST
YEAR
PRINCIPAL
RATE
INTEREST
TOTAL
1974
$ 14,000
8 -3/4%
$62,392.50
$76,392-50
1975
15,000
8 -3/4%
61,167.50
76,167.50
1976
17,000
8 -3/4%
59,855.00
76,855.00
1977
18,000
8 -3/4%
58,367.50
762367.50
1978
20,000
8 -3/4%
56,792.50
76,792.50
1979
22,000
8 -3/4%
550+2.50
770+2.50
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%
461+67.50
76,467-50
1984
33,000
8 -7/8%
43,842.50
76,842.50
1985
36, 000
8-7/8%
40,913.75
76,913-75
1986
39,000
8 -V8%
37,718-75
76,718-75
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 -7/81a
26,447.50
76,447.50
1990
54,000
8 -7/8%
22,010.00
76,olo.00
1991
59,000
8-7/8%
17,217-50
76,217-50
1992
65,000
8 -7/8%
11, 981.25
76, 981.25
1993
70,000
8 -7/8%
6,212.50
76,212.50
$7o6,000
$824,356.25
$1,530,356.25