HomeMy Public PortalAboutSS BYLAW 93-49THE CORt~RATION OF THE TOWNShqP OF SANDWICH SO~
BY-LA~
being a by-law ~o authorize ~e bo~owing of
$110,809.83 upon debentures towards
the cost of certain ~ge works
WlI~AS the Council of the Corporation of The Township of Sandwich South
has passed the following construction drainage work for which it is now desirable to
issue the following debentures:
BY-LAW NO.
DESCRIFI'I~
DEBE~ AM~0~
92-16 Cyr Drain $15,502.61
92-05 Klondyke Drain $ 60,902.00
93-07 Mergl Drain $ 8,404.18
92-03 Collins Drain $ 26,001.04
AND WHEREAS for the purposes aforesaid it is now expedient to issue
debentures in the aggregate amount of $110,809.83 payable in lawful money of Canada
on the terms hereinafter set forth:
NOW ~EP~FORE THE COUNC~ OF THE CORPORATION OF THE
TOWNSHIP OF SAND~flCH SOUTH ENACTS AS FOLLOWS:
1. For the purpose of the aforesaid, there shall be borrowed upon the credit of the
Corporation at large the sum of $110,809.83 in lawful money of Canada, and the
Corporation shall issue debentures in the amount to be rased.
2. The debentures shall be dated the 14th of December 1993 and shall be payable
in five (5) installments of principal on the 14th day of December in each of the years
1994 - 1998 both inclusive and shall bear interest at the rate of eight (8 %) percent annum
payable annually. The debentures shall have coupons attached for the payment of such
interest on December 14th in each year. The respective amount of principal and interest
payable in each of such years shall be set forth in Schedule "A" hereto annexed and
forming part of this by-law.
3. The debenture shall be payable as to both principal and interest in lawful money
of Canada at the Canadian Imperial Bank of Commerce, Main Branch, Ouellette and
Riverside, 100 Ouellette Avenue in the City of Windsor.
4. The debenture shall be se~ed with the se~ 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 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.
cont'd . . . 2
BY-LAW 93-49
pg. 2 of 2
5. In each year during the currency of the said debentures in which an installment
of principal and or interest becomes due, there shall be levied and raised by a special rate
on aH the rateable property in the municipality and the amount set out in Schedule "A"
hereto in respect of such year, but no greater rote s~hall be levied in any year for such
purpose than is required to pay the hastallment as aforesaid after tak/ng into account
receipts of special rates set forth in the ~d special assessment rolls for the said ~s
which rotes are imposed on each lot entered in the special rates shall be collected
annually by the collector or taxes for the Corporation at the same and in the same
manner as other rotes.
6. The debenture may contain any provisions for their registration authoriz~rt by law.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS
13th day of December 1993.
Reeve Allan
$C~ULE "A" TO ~¥-LAW 9349
TOWNSHIP OF SAND~CH $OU~lt
Certa~ ~~e Works
Dated December 13th, 1993
Maturing December 14th, 1994 - 1998
Interest payable annually December 14th
Year. ~lyincip~ h~ter_~ ~
1994 18,888.20 8,864.79 27,752.99
1995 20,399.26 7,353.73 27,752.99
1996 22,031.20 5,721.79 27,752.99
1997 23,793.70 3,959.29 27,752.99
1998 ~5~ 2.955.52 ~
110,809.83 27,955.12 138,764.95
Thls is Schedule "A" to By-Law 9349 passed on the 13th day of I~ember, 1993
Reeve Allan