HomeMy WebLinkAbout73-53i_
THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -53
A by -law to consolidate certain
by -laws and to provide for the
issue of one series of debentures
in the amount of $300,005 in
Canadian funds.
WHEREAS By -Laws Numbers 73 -48 to 73 -52, both inclusive,
of the Corporation provide for the issue of debentures
of the Corporation in the respective amounts of $43,600;
$23,000; $116,432.79; $69,972.21; and $47,000. in lawful
money of Canada dated the lst day of September, 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. 1970,
C.284, authorized to enact as hereinafter set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION
OF THE TOWN OF BOWMANVILLE ENACTS AS FOLLOWS:
1. The amounts authorized to be borrowed in
lawful money of Canada by By -Laws Numbers
73 -48 to 73 -52, both inclusive,
are hereby consolidated into one sum of
$300,005. in lawful money of Canada and there
shall be issued-one series of debentures
therefor in the principal amount of $300,005.
in denominations of not less than $50 each,
payable both as to principal and interest in
lawful money of Canada.
2. The debentures shall be dated the lst day of
September, 1973, shall be issued at one time
and shall be payable in twenty annual instal-
ments of principal on the lst day of September
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 1 /4o per annum and the debentures maturing
in the years 1984 to 1993, both inclusive, shall
bear interest at the rate of 8 5/8o per annum.
The debentures shall have coupons attached for
the payment of such interest on March 1 and
September 1 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.
- 2 -
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.
5. The rates imposed by said By -Laws Numbers
73 -48 to 73 -52 both inclusive,
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. Pending the sale of the said debentures, or in
lieu of selling them, the Council may be resolu-
tion authorize the head of the Council and the
Treasurer to raise money by way of loan on the
security of the said debentures or upon the
security of some part of them, and to hypothecate
any or all of the said debentures as security
for the repayment of the said loan.
7. 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 thereof.
8. The holder of any debenture of the denomination
of more than $1,000 issued under the authority
of this By -Law may exchange such debenture for
debentures of the denominations of $1,000 upon
surrender of such debentures to the Treasurer
of the Corporation. Debentures issued in
substitution for any such debenture surrendered
shall bear the same interest rate and
maturity date and be the same in every respect
except in denomination to such debenture sur-
rendered. Only one such exchange shall be
permitted with respect to each debenture of the
denomination of more than $1,000 issued hereunder
and the cost of such exchange including printing
of the new denominations of debentures shall be
borne by the Corporation.
READ A FIRST, SECOND AND THIRD TIME and finally
PASSED this 4th day of September, 1973.
-e4r 2_dz�
Mayor
er
Schedule "A" to Consolidating By -law #?3 -53
TOWN OF BOWMAANPI=
300,005
8 -1/4% and 8 -5/8% Debentures
(lion - callable)
Dated 1 September 1973
Due 1 September 1974 -1993
(Interest payable
semi- annually 1 March and 1 September)
-
SST
YEAR
PRMIPAL
RATS
IYEMMT
TOTAL
1974
$ 10,1005
8*14
$ 25.,312-91
35.,317-91
1975
11, 000
8t4
24..487-50
35.,487-50
1976
13, 000
q4
23, 580. oo
36, 580. oo
1977
11,000
8
22,507.50
351507.50
1978
11,000
8
21..435-00
34, 435.00
1979
15:000
8
20..362-50
35:362.50
1980
15.1000
8N
19,125.00
34,125.00
1981
19,000
8
17.,887-50
36, 887.50
1982
20, 000
8
16.,320-00
36, 320.00
1983
21:000
8
14, 67o. oo
35, 67o. Oo
1984
13, 000
8 -5/8%
12,,937-50
25, 937.50
1985
14,000
8 -5/8%
11,816.25
25,816.25
1986
14,000
8 -5/8%
10,608.75
24,608.75
1937
15,000
8 -5/8%
9,401.25
24,401.25
1938
17, 000
8 -5/8%
8,107.50
25..101.50
1989
13,000
8 -5/8%
6,641.25
19,641.25
1990
14, 000
8 -5/8%
5.-520-00
19, 520.00
1991
16,OD0
8 -5/4
4,312.50
20,312.50
1992
16, 000 -
8 -5/8%
2, 932.50
18, 932.50
1993
18.1000
8 -5/8%
1..552.50
19, 552.50
$300,005
r
$279.,517-91 $579.,522-91