HomeMy WebLinkAboutBRU 64 889 Extension of BMTS
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BY-LAW II 889
A CORPORATION OF THE TOWNSHIP OF RacE
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A .By-law to author1ae the 1mprovement, eccmatruotl1on and
extusion of the .Bruce Mun1c1pal Telephone System an.d. to author1'ze
the 1asu1ll¡ of notes in the pr1nc1pal amount of $ 00,000. to f1unce same.
WHEREAS under Sect10n 46, Chapter 394 R.S.O. 1960 prov1des that thee
NuD1c1pal Telephone System has vested 1n the mWl1 1pa11ty 1n tru.t
tor the subscr1bers.
WHEREAS under Sect10n 50, Chapter 394 R.S.O. 1960 where 1n the op11l10n
ot the counc11 of the 11l1tiatill¡ munic1pa11ty or he commissioners, as
the case may be, 1t is necessary or expedient to econ*truct, replace
or alter the s,stem or an,y part thereof and to 1s ue debentures ot the
11l1tiat1a¡ munic1pa11ty to meet the cost thereot, the counc11 ot the
11l1t1at1ll¡ JlttUUc1pa11ty may, with the pr10r appro al ot 8 ma30rity ot
the subscribers pre.ent in person or represented y proxy a t a general
meet1ll¡ ot the sUbscriber. called for the 9"po.e and the pr101' approval
of *pe Board, gass Ii by-law authori.z1ng 1;he d01ng 'f.ot the wO¡'k and the
1S1u1f1¡ of debentures t01' tbat purpose, 'and it 1s ot Aecessary that
the by-la" be submitted tor tbe assent of tbe electo1'8.
(2) ~be Board sha1l4etermine the per10d w1th1n '01 ch the ilebentures to
be i... sbllll be _de ~lable and the landowne1's wbo shall detray tbe
oo,t of .uCÀ 1'econstructioA, 1'eplace.raent or altera iOA, aAd the laAds upon
and 14 respect of wbich the speclal rate shall be evled to discharge
the debeAture debt 80 1D.curred, with lnterest.
(3) !he provi.ion. of this Act as to debentures ap ly to debentures
i.sued QAde1' this section.
TRJRRFORE be 1t resolved that the mWl1c1pal counci
ot the Township ot Bruce exacts a' to11ows:-
1. The O8pital expenditure AOt to exceed $800,000.
the Bruce Municipal Telephone S,stem for the purpo
recoAltructlng, ami. extendill¡ the .Bruce Mun1cipal
2. The 3ruoe Mun1cipal Telephone System is hereby
not.. to Automat1c Electric Sales (Cauda) Limited
principal amount bearill¡ interest at 6% as and wbe
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have been delivered by tbe sa1d company to the d1t
to be u..d~for the reconstruction, improvement an.d.
.Bruce Municigal Telepbone Slstem.
of the corporation
° shall be made b1
e of improving,
elephOIle System.
uthorized to issue
in the aggregate
.uttici8At mater1als
erent aWl1c1palities
extending the
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me sald notes shall be issued and repayable as ollows:-
Po1"i Elgin $200,000. due and payable on Deaembe 31st, 1966.
..0,. Pa1sle" Underwood &: Tiverton $325,000. due and paysble on June 30th, 1969.
Kincardine $275,000. due and payable on Decembe 31st, 1972.
All ot above sums shall bear iAterest at the rat of 6% per annum and
the 1nterest shall be due and payable on the 1st day ot each calendar
qUAlrter commenc1ll¡ w1th the first day of the cal ndar quarter tollow1ng
tha dill te of the note.
Tbe p1'1nc1pal of each note shall ba due and paya le in eigbty (80)
COA.aoutive substantially eqUAll qua1'terly instal ants commencing on
Jlllnusry 1, 1967 with respect to the first $200,0 0.00
JUl" 1, 1969 wIth respect to the next $325,000.oq
Janusr1 1, 1973 witb respect to the remaining $215,000.00
The said note. ~ll be 1ssued and repayable as ~et out 1n a schedule
hereto annexed and forming part of said By-law.
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Fl1'st Read1n¡.. Deoember,..
Second Reading.. Deoember ~.
Third Resd1n¡..
1964)
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1964)
...Johu.!:! cKeuz1e., ........Reeve
...~.~..T nuysou......., ,..Clerk
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Deted and Passed in open counc1l
thi. ~ day ot
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Reeve.
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CERTIFIED A TRUE COpy
I of By/Law No. 889. Corporation
"I of the Township of Bruoe.
, Read a First & Second times at a
j Special Sessi0n of Council held
on December 3. 1964.
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