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Home My WebLink AboutTIV 74 09 Extend water works , .:. 'T/ y/!!, .... . . . '1 . THE CORPORATION OF THE VILLAGE OF TIVERTON . BY-LAW NO. 74-9 A By-law to authorize the issue of a Debenture in the principal amount of $ 91,865.75 for extensions 'of the waterworks system in a defined area. WHEREAS the Council of The Corporation of the Village of Tive ton now deems it expedient for the purpose of extending the waterworks syst m as set out in Schedule "A" attached hereto, in the defined area of the Mu ici- pality described in By-law No. 3-72, as amended by By-law No 4-73 to borrow money by the issue and sale to The Ontario Municipal Improve ent Corporation of a Debenture of this Municipality in the principal amoun of $91,865.75 bearing interest at the rate of 9.107, per annum payable sem - annually, which is the amount of the debt intended to be created by th s By-law. NOW THEREFORE the Council of The Corporation of the Village f Tiverton enacts as follows: 1. THAT for the purposes aforesaid money shall be borrowed on t e credit of The Corporation of the Village of Tiverton by the issue of a Debenture of the Corporation in the principal amount of $91,865.75 be ring interest at the rate of 9.10% per annum payable semi-annually on the 5th day of May and the 15th day of November in each year of the currency f the Debenture, upon the principal amount from time to time remaining unpa d. 2. THAT the said Debenture shall be dated the 15th day of May, 1974, and shall be payable in 20 annual instalments of principal on the 15t day of May in the years 1975 to 1994, inclusive, and the respective amoun s of principal and interest payable in respect of such Debenture in the ye rs 1974 to 1994, inclusive, shall be as set forth in Schedule "B" attach d hereto. 3. THAT the said payments of principal and interest shall be ayable in lawful money of Canada by cheques sent through the post to the re istered address of the registered owner of the Debenture and such cheques s 11 be payable at par in the City of Toronto. 4. THAT the said Debenture shall be sealed with the Seal of t e Corporation and shall be signed by the Head of the Councilor by so other I . I ~ . . . .' ~ , , . - 2 - person authorized by By-law to sign the same, and by the Treasurer. 5. THAT all sums requirèd to payoff the instalments of principal of the Debenture and to pay interest thereon as set out in Schedule "B" a tached . hereto shall be levied and raised in the years 1974 to 1994, inclusive, by a special rate sufficient therefor, over and above all other rates, upon all the rateable property in the Municipality at the same time and in the same manner as other rates, but no greater rate shall be levied in any year for su h pur- pose than is required to pay the instalments of principal and interest after taking into account the rates received pursuant to By-law No. 3-72, as amended by By-law No 4-73 or from any other source in respect of the sai work. 6. THAT the said Debenture be sold to The Ontario Municipal Imp ovement Corporation. 7. THAT the said Debenture shall contain a clause providing for the ,,71·tfl registration thereof pursuant to Section 321 of The Municipal Act. 8. THAT application shall be made to the Ontario Municipal Boar for approval of this By-law and for the certification of the Debenture to b issued hereunder pursuant to Sections 58 to 60 of The Ontario Municipal Board Act. 9. THAT Schedules "A" and "B" attached hereto, are hereby decla ed to be and to form part of this By-law. ENACTED this 28th May , 19 74 day of by a vote of three-fourths of all the members of the Council. ........0~d.~1~......... (Seal) ......... .&..edv:.r/.. .fi~ R eve -- :~~--~~-~~ ~ ~ ~-~~~ _:-~~....;::;-' -- ~ ~--~--:-......//'~ - .',' . " ''/,;', :: -..::- ~ '- ~ ,........... ~. ...,:;. - -.,- - -' ~ - -:: -' - - :,;... - :.:-: : -:. : - -- /~-.- -; - ~.;-.- -- ...-~ -- ? ~~....::::..- .:: /, ---:;:.. ..._~ :;. .,}'J. _- "....::,,_- '.../"_ w_ ._.. .,~ _ -v,~~'. '_ :.~-~-.~~\.'::__- -- -~----- ....................... .......... !_. 11'\ . 'tI ,.. GI ,.. ::> GI 11'\ , OJ'tI '" OJ " 00 .... :I GI .-I . GI ... '" .oGl .c <n- O Eo< '" -.. GI ... 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'114-9 1 2 3 4 5 YEAR PRINCIPAL INTEREST OTAL ANNUAL DUE Ma 15 DUE Ma 15 DUE November 15 UNT PAYABLE . $ $ $ 4,179.89 $ 4,179.89 1,865.75 4,179.89 4,095.00 10,140.64 1976 2,000.00 4,095.00 4,004.00 10,099.00 19. 2,000.00 4,004.00 3,913.00 9,9l7.00 2,000.00 3,913.00 3,822.00 9,735.00 2,000.00 3,822.00 3,731.00 9,553.00 3,000.00 3,731.00 3,594.50 10,325.50 3,000.00 3,594.50 3,458.00 10,052.50 3,000.00 3,458.00 3,321.50 9,779.50 1983 4,000.00 3,321.50 3,139.50 10 ,461. 00 1984 4,000.00 3,139.50 2,957.50 10,097.00 1985 4,000.00 2,957.50 2,775.50 9,733.00 1986 5,000.00 2,775.50 2,548.00 10,323.50 , 2,548.00 2,320.50 9,868.50 1987 5,000.00 1988 5,000.00 2,320.50 2,093.00 9,413.50 1989 6,000.00 2,093.00 1,820.00 9,913.00 1990 7,000.00 1,820.00 1,501.50 lO ,321. 50 1991 7.,000.00 1,501.50 1,183.00 9,684.50 1992 8,000.00 1,l83.00 819.00 10,002.00 1993 9,000.00 819.00 409.50 10,228.50 1994 9,000.00 409.50 9,409.50 $ 91,865.75 ~ 55,685.89 $ 55,685.89 $ 203,237.53 . OMIC - 4 ,-- -and- ) ) ) ) ) ) ) 'l'OBSDAY, 1:I1e 2nd y of .:!'ULY, 197~ - -~¡ ----~- ---- -- I - ',-- --- .-.--- , , H 4831 Ontario Ontario Municipal Board 1;; .'-"~ ~. ............ IN '1'0 MAftBR OJ' S.ction 58 of '1'he Ontario Munici~l Board Act:, {R. s. o. 1970, o. 23) -ana - IN '1'HB HAftBR OJ' an application by '1'he Corpor.tion of the Village of '1'ivenon for appzov.1 of By- law n-' p....d on th. 281:11 day of May, 1974, providinq for t:he iaaue of a deb.nture in tilie principal &\IIOunt of $91,865.75 for the purpose aet fol:'th th.rein BBJ'ORB, A. B. 'ii1nIY.1'., Q. C., Vioe-cha1aan --- A.--L-~ 1IøCMB, ..~~ ftB BOARD ORDBIIS that By-law 74-9 pa..ed n tilie 28th day of May, 1974, be and 1:1\. ._. i. hereby appzo".d. ~ E TERED o. B. No...,H.2J........, Folio No.. ....:....J.s.~,.... .,.,....._-~~,'~ K. C. MDRBWS SECRETARY . . ~<::~,,. ~ SUIIETA Y, OIiItAtIG MUHIC!I'AL BOAIIÐ