HomeMy WebLinkAbout73-52THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -52
A By -Law to authorize the borrowing of
$47,000 upon debentures towards the cost
of road construction on certain streets
in the Town of Bowmanville.
WHEREAS by By -Law No. 71 -34, the Council of The
Corporation of the Town of Bowmanville authorized the
construction of roads and ancillary works on certain
streets as more particularly described in said By -Law
No. 71 -34;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $47,000.
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 $47,000 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 lst day of
September, 1973, shall be issued at one time and
shall be payable in ten annual instalments of
principal on the lst of September in each of the
years 1974 to 1983, both inclusive, and shall
bear interest payable semi - annually. The
debentures shall bear interest at the rate of
8 1 /4o per annum and 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.
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 deb-
entures, 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.
-2-
6. The debentures may contain any provision for
their registration authorized by law.
READ A FIRST, SECOND AND THIRD time and
finally PASSED this 4th day of September,
1973.
Mayor
Schedule "A" to By -law #73 -52
TOWN OF B(X MABVIIS.E
$ 47,000
8 Debentures
(Non-callable)
Dated 1 September 1973 Due 1 September 1974 -1933
(Interest payable semi - annually 1 March and 1 September)
YFAR
PRINCIPAL
1974
$ 3,000
1975
3, 000
1976
4, 000
1977
4, 000
1978
4, 000
1979
5, 000
1980
5, 000
1931
6,000
1982
6,000
-1983
7, 000
$47.,000
WMAY
• r
IN'i ffWT
3,877.50
3,630.00
3,382.50
3,052.50
2:722.50
2,392.50
1..980.00
1.,567-50
1,072-50
577.50
$24,255.00
TOTAL
$ 6,877.50
6,630.00
7,382.50
7, 052.50
6, 722.50
7.,3 92 - 5 0
6, 980. oo
7,567.50
7.,072-50
7.,577-50
$71,255.00