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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 . _