HomeMy WebLinkAbout73-49THE CORPORATION OF THE TOWN OF BOWMANVILLE
BY -LAW NO. 73 -49
A By -Law to authorize the borrowing of
$23,000 upon debentures towards the costa
of construction of a road on Caristrap
Street
WHEREAS by By -Law No. 70 -32, the Council
of the Corporation of the Town of Bowmanville authorized
the construction of a road on Caristrap Street running
southerly thereon for a distance of 800 feet;
AND WHEREAS for the purpose aforesaid it is now
expedient to issue debentures in the amount of $23,000
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 $23,000 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 deben-
tures shall bear interest at the rate of 8 1/40
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 princi-
pal 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 debentures,
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.
T �
•
Schedule "A" to By -lax #73-49
TOWN OF BOWMANVIUE
$ 23, 000
8 Debentures
(Non - callable)
II Dated 1 September 1973 Due 1 September 1974 -1983
I_
(Interest payable semi - annually l March and 1 September)
INTEREST
PRINCIPAL
RATE
INTEREST
TOTAL
$ 2, 000
�
$ 1,897.50
$ 3..897-50
2, 000
844
1.-M.50
1-732.50
2, 000
81%
1, 567.50
3.,567-50
2, 000
841%
1, 402.5o
1,402-50
2, 000
841%
1.,237-50
1.237.50
2, 000
8�
1, 072.50
3.,072-50
2, 000
841%
907.50
2, 907.50
1-000
8,1*4
742.50
31742-50
3,000
8
4495.00
3,495.00
3, OOO
8j%
247.50
3.,2-47-50
$21,000
$11,302.50
$342302.50