HomeMy WebLinkAbout69-5THE CGHPORATION 02 THE VILLAGE OF NEWCASTLE
By -LA w 69-5
being a by-law to authorize
of money upon the credit of
not exceeding 00,000. for
extending and improving the
system, and the purchase of
meat and water heaters.
the borrowing
the Corporation,
the purposes of
street lighting
a truck, equip-
UHEHElS the Public Utilities Commission of the
Corporation of the Village of Newcastle has requested the Council
to provide the sum of j30,000. for the purpose of improvement and
extensions to the street lighting system and purchase of truck,
equipment, and water heaters;
AND WHEHAAS the Ontario Municipal Board by its order
dated June 7th, 1968, under file number G-5195-68 approved the
expenditures and issue of 00,000. debentures payable over a
term of not more than ten years;
AND KHEREAS Council deems it expedient to borrow for
the above purposes the sum of j30,000. upon the credit of the
Corporation and to issue one series of debentures therefor,
bearing interest payable annually at the rate of eight per cent
(8); and to provide for the discount and expenses incidental
to the negotiations and sale of such debentures;
NOW THEREFOR the Council of the Corporation of the
Village of Newcastle ENACTS;
1. For the purposes aforesaid The Corporation of the Village of
Newcastle shall borrow on the credit of the Corporation the sum
of thirty thousand dollars (130,000.) and shall issue debentures
therefor.
2. Each debenture shall bear interest at the rate of eight per
cent per annum as shown in Schedule "A" as attached to this By-
law, and shall have coupons attached thereto for the payment of
such interest.
3. The debentures shall be dated the 15th day of April, 1969, and
shall be made payable in ten (10) annual instalments, on the 15th
day of April in each of the years 1970 to 1979 inclusive, and the
respective amounts of principal and interest payable in each of
such years shall be the amount so designated in Schedule "A".
4. The debentures shall be payable as to both principal and
interest in lawful money of Canada and may be made payable at
the Canadian imperial Bank of Commerce in the Village of Newcastle,
County of Durham, or at the principal office of said bank in the
City of Toronto.
5. The debentures shall be sealed with the seal of the Corporation
and signed by the head of Council and by the treasurer. The said
interest coupons shall be signed by the treasurer and his signature
to them may be written or engraved, lithographed, printed or other-
wise mechanically reproduced. The signature of the head of council
may be written or engraved, lithographed, produced and, if such
debentures are countersignbd in writing by the deputy treasurer,
the signature of the treasurer thereon may be written or engraved,
lithographed, printed or otherwise mechanically reproduced.
BY -L9.4 69 -5
69-5
Pa-5 e 2.
6. There shall be raised in each of the years 1970 to 1979
inclusive, by a special rate sufficient therefor over and above
all other rates on all rateable property in the Village of
Newcastle at the same time and in the same manner as other rates,
the total annual sums of principal and interest payable in such
years on the said debentures as set forth in Schedule "All
attached hereto; provided, however that it shall not be necessary
in any year to levy- more than the amount required after taking
into account receipts by the treasurer under Section 36 of The
Public Utilities Alct or from any other source in respect of the
said work.
7. The said debentures may contain a clause providing for the
registration thereof pursuant to Section 323 of the 1,1uniciDal Act.
8. Application shall be made to the Ontario Hunicipal board for
the approval of this By-law and for certification of the debentures
to be issued thereunder pursuant to Part IV of the Ontario 1,11unicipal
Act.
fa-
R EAD a FIRST, SECOND and THIRD time and finally passed this ..i Q� ,
day of . . ��N. . . . 1969.
. . . . . . . . . .
iLee e
.............. i I ........
Clerk
6 r\
_7
VILLAGE OF HEv1CASTLE Schedule "A".
-) -w 69-5
09000. 00 By -la
Debentures
Schedule of Annual payments
Year Princi-Pal Interest Total
1970
3,000-00
2,400.00
5,400.00
1971
3,000-00
2,160.00
5,160.00
1972
31000.00
1,920.00
41,920.00
1973
3.9000.00
1,680.00
4:,680.00
1974
3,000.00
19440.00
41440.00
1975
31000.00
17200.00
49200.00
1976
31000.00
960.00
39960.00
1977
3,000-00
720.00
3,720.00
1978
31000.00
4810.00
3,480.00
1979
3,000-00
240.00
3,240.00
30,000.00
3 132200.00
43,200.00