HomeMy WebLinkAbout73-50THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -50
A By -Law to authorize the borrowing of
$116,432.79 upon debentures towards the
cost of construction of certain sanitary
sewers.
WHEREAS under the authority of By -Law No. 71 -31,
as amended by By -Law No. 71 -40, The Corporation of the Town
of Bowmanville has constructed certain sanitary sewers as
more particularly described in said By -Law No. 71 -31 as
amended by By -Law No. 71 -40;
AND WHEREAS the said works were constructed
under The Local Improvement Act on the initiative plan,
a Court of Revision has been held with respect to such
works and special assessment 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 $116,432.79
payable in lawful money of Canada on the terms hereinafter
set forth;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF
THE TOWN OF BOW14ANVILLE ENACTS AS FOLLOWS:
1. For the purpose aforesaid, there shall be borrowed
upon the credit of the Corporation at large the
sum of $116,432.79 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 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 -1/4% per annum and the debentures maturing
in the years 1984 to 1993, both inclusive, shall
bear interest at the rate of 8 -5/8% 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 debentures and the
signature of the Treasurer on the interest coupons
may be written or engraved, lithographed, printed
or otherwise mechancially reproduced.
- 2 -
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 rate shall be levied in any year
for such purpose than is required to pay the
instalment 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 assess-
ments set forth in the special assessment 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 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.
ScheduZP "A" to By -law #?3 -50
TOWN OF BOWMAN
$M.,432.79
8 -1/4% and 8 -5/8% Debentures
(Non - callable )
Dated 1 September 1973 Due 1 September 1974 -1893
(Interest payable semi - annually 1 March and 1 September)
1100 ;
YEAR
PRINCIPAL
RATE
-INTEREST
TOTAL
1974
$ 2,432.79
9,905.70
12,338.49
1975
1,000.00
8
9:705.00
12, 705.00
1976
3, 000.00
8
9, 457.50
12, 457.50
1977
1,000.00
8'
9, 210.00
12, 210.00
1978
3..000.00
86
8.,962-50
u, 952.50
1979
4, 000. oo
8N
8, 715.00
12, 715.00
1980
4, 000. oo
84
8,1385-00
12.,385-00
1981
4, 000.00
814L%
8,,055-00
12.-055-00
1982
5, 000.00
8 14-
7.,725-00
12.,725-00
1983
5,000.00
86
7,312.50
12,312.50
1984
6, 000. oo
8 -5/8%
6, goo. oo
12, 900.00
1985
6, 000. oo
8 -5/8
6.,382-50
12.-382-50
1986
6,000.00
8 -5/8%
5,865.00
11,865.00
1987
7, 000.00
8 -5/8%
5.,347-50
12.,347-50
1988
7, 000.00
8 -5/8%
4.,743-75
ll, 743.75
1989
8,000.00
8 -5/8%
4,14o.00
12,14o.00
1990
g, 000.00
8 -5/8%
3.,450-00
12, 450.00
1991
10, 000.00
8 -5/8%
2,673.75
12, 673.75
1992
10, 040.00
8 -5/8%
4, _ 1, 811.25
]1, 811.25
1993
u, 000.00
8 -5/8%
948.75
11..948-75
$116,432.79
$129,695.70
$246,128.49