HomeMy WebLinkAbout73-51THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -51
A By -Law to authorize the borrowing of
$69,972.21 upon debentures towards the
cost of construction of certain sanitary
sewers.
WHEREAS under the authority of By -Law No. 71 -32
The Corporation of the Town of Bowmanville has constructed
certain sanitary sewers as more particularly described in
said By -Law No. 71 -32;
AND WHEREAS the said works were constructed under
The Local Improvement Act, upon petition, a Court of Revision
has been held with respect to such works, and special-assess-
ment rolls have been duly drawn up and certified;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $69,972.21
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 $69,972.21 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 1st day of
September, 1973, shall be issued at one time and
shall be payable in twenty annual instalments of
principal on the lst 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.
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
debenturesand the signature of the Treasurer on
the interest coupons may be written or engraved,
lithographed, printed or otherwise mechanically
reproduced.
5• (a) Commencing in the year 1974 and thereafter
during the currency of the said debentures, there
shall be levied and raised in each year in which
an instalment of principal and interest becomes
due, by a special rate on all the rateable property
in the municipality, the amount set out in Schedule
"A" hereto in respect of such year, but no greater
-2-
rate shall be levied in any year for such
purpose than is required to pay the instal -
ment as aforesaid after taking into account
receipts of special rates provided in clause
(b) hereof;
(b) for the payment of the owners' portion
of the cost and interest thereon the special
assessments set forth in the special assess-
ment rolls therefor are hereby imposed upon
the lands liable therefor as therein set forth,
which special assessments with a sum sufficient
to cover interest thereon at the ratesaforesaid
shall be payable in equal annual instalments,
and for that purpose the special annual rates
per foot frontage set forth in the said special
assessment rolls for the said works are hereby
imposed on each lot entered in the special
assessment rolls, according to the assessed
frontage thereof, over and above all other
rates and taxes, and the special rates shall
be collected annually by the collector of taxes
for the Corporation at the same time and in the
same manner as other rates.
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.
Schedule "A" to By -law #73 -51
TOWN OF BMIANVIELE
$69,972.21
8 -1/4, and 8 -5/8% Debentures
(Non- callable)
Dented 1 September 1973
Due 1 September 1974 -1993
TOTAL
$ 60928.67
6,876.25
7.,793-75
7, 628.75
7.,463-75
7, 298.75
7,133.75
7, 968.75
7, 721.25
7, 473.75
7,226.25
7,967-50
7,622.50
7,277.50
7.,932-50
7, 501.25
7..070.00
7,638.75
7,121.25
7..603.75
149,218.67 . _
(Interest payable
semi - annually 1 Larch and 1 September)
INTEREST
YEAR
PRINCIPAL
RATE
I1TEREST
1974
$ 972.21
$ 5,956.46
1975
1, 000.00
8-41%
5, 876.25
1976
21000.00
8
5.,793-75
1977
2, 000.00
8
5,628.75
1978
2, 000.00
84
5,463.75
1979
2, 000.00
8N
5..298.75
1980
2, 000.00
5,133.75
1981
3, 000.00
8
4, 968.75
1982
3.,000-00
8
4, 721.25
1983
3,000-00
"
4, 473.75
1984
3,000.00
8 -5/8%
4,226.25
1985
4.V600000
8 -5/8%
3.,967-50
1986
4, 000. oo
8 -5/8%
3, 622.50
1987
4, 000.00
8 -5/8%
3.,277-50
1988
5,000.00
8 -5 /8%
2,932.50
1989
5,000.00
8 -5/8%
2,501.25
1990
5, 000. 00
8 -5/8%
2, 070.00
1991
6, ow. oo
8 -5/8$
1,638.75
1992
6, 000. oo
8 -5/8%
1,121.25
1993
7..000.00
8-5/8%
603.75
$69, 972.21
79, 276.45
TOTAL
$ 60928.67
6,876.25
7.,793-75
7, 628.75
7.,463-75
7, 298.75
7,133.75
7, 968.75
7, 721.25
7, 473.75
7,226.25
7,967-50
7,622.50
7,277.50
7.,932-50
7, 501.25
7..070.00
7,638.75
7,121.25
7..603.75
149,218.67 . _