HomeMy WebLinkAbout73-68THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -68
A By -law to authorize the borrowing of
$25,000 upon debentures towards the cost
of repairs to the roof of the Bowmanville
Memorial Arena
WHEREAS by By -law No. 72 -38 the Council of The
Corporation of the Town of Bowmanville authorized repairs to the
roof of the Bowmanville Memorial Arena;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $25,000 payable
in lawful monev 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 $25,000 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 five annual instalments of principal on the 31st
of December in each of the years 1974 to 1978, both
inclusive, and shall bear interest payable semi - annually.
The debentures shall bear interest at the rate of
8 -3/4o per annum and 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, lithographed, 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, 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.
2 -
6. The debentures may contain any provision for their
regis=tration authorized by law.
READ A FIRST, SECOND, AND THIRD time and finally
PASSED this 28th day of December, 1973.
Mayo
Schedule "A" to By -law Number . 73-68 .
TOWN OF BOWMANVILLE
$ 25, 000
8N Debentures
(Non - callable)
Dated 31 December 1973 Due 31 December 1974 -1978
Interest payable semi - annually 30 June and 31 December
YEAR
PRINCIPAL
197+
$ 4, 000
1975
5, 000
1976
5,000
1977
5,000
1978
6,000
$ 25,000
INTEREST
$ 2,187.50
1,837-50
1, 4o0. o0
962.50
525.00
TOTAL
$ 6,187.50
6, 837.50
6, 400. oo
5,962.50
6,525-00
$ 6,912.50 $311912.50