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THE CORPORATTON' 01i" VTT.T.,A(,jr
te s hown in Schedule'."A OJ
interest at the, ra
to.
de i- 46- CIA
an
early red emptl '
on
Y�
• and, sale of such debentures, and for t he it nege
-
-AND WHEREAS it Is expedient to make theprinc ipal of the
,
debt repayable in annual *instalments during the period of ten
said
s oil such amounts
of issue of such debenture
t after the date,
years nex
ectively that viLth the interest and, capital payment the aggregate
resp
',
"ount in eadh.ye'ar shall be as nearly as possible the same
AND WHEREAS the' amount ' of the whole rateable proper ty of the
last revised assessment roll thereof.
ng to the
municipality accordi
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4a,
AND WHEREAS, the amo unt of the existing debenture debt
tt a Cojr, poratio'n exclusive of local: improvement debts secured b ..
r assessments special rates- is. 36,000000
made to the Ontario Municipal
AND,WHEREAS application has been
r approval of the said borrowing and the passing of all
Board fo
I lji
enture By-Laws and where-as the -thir.d
requisite ite By-Laws including Deb
iventhis By-Law until the approval of
and final reading cannot be
1
Board has been obtained';
the Ontario Municipal
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T I H OR E WORE. the Council of the Corporation of the Village -of
Newcastle I ENACTS AS' FOLLOWS:
1'. For the purp'ose, af ores aid the. Corporation shall 'borrow upon
the credit of the -Corporation a. sum not .,exceeding Fifteen', Thousand.
Dollars $,15,000.00).and shall-issue debentures thereof in sums of
not less than 100.00,10" 'Each debenture shall bear .interest at the
rates shown in -schedule, "A.",attached to this By=Law.and 'shall have.
coupons attached thereto for the payment of such interest,
20 All the debentures shall bear' the same date,' shall be i s su'e d
at dine time and within two years after the day on which this by-law is
Passed, may bear any date within such two years and,shall,be made
payable in annual instalments during the period, of ten years next after
the date of 'issue thereof, and . the 'respective amounts of p rincipal, and
interest, payable in each of such - years shall . be the amounts ',designated
c -U 41,
30 The debentures .shall .be*payable as to both principal and
1)itere'st ink lawful money of - Canada'and may be payable at the Bank of
*----Commerce in Ne'wcastle, Ontario or at the principal office of the said
bank in the City of Toronto,
.4* The said 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 the. same' and" byVthe Treasurer.
The said interest coupons shall be signed by.the, Treasurer and his
signature-_-thereon may be,written, stamped..,..Ii-thographe.d...or engrave•.,
50 Any. or all of the said debebtures, shall be redeemable at the
option of the Corporation on any date prior to 'maturity in accordance
with the
provisions of Section 298 subsection 13 of The Ontario
Municipal Act. m.
6e The said debenture's may contain a,clause providing'for the
I. registration thereof pursuant to Section 335 of The,Muncipal Act.
70 Pending the sale of the said debentures the Head of the
Council "and the Treasurer may raise for the purpose aforesaid by way,
of loan on such debentures any sum or suns of money.not exceeding
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