Name/Title
DocumentsEntry/Object ID
2018.20.50Scope and Content
Object is a rectangular paper letter from Lewis Coulter, Town Clerk of Almonte, regarding a bylaw for issuing debentures. The document has been folded, and at the tio of the page is an image of the Almonte Town Hall. The paper itself is machine woven with a watermark that reads "SUPERFINE CEYLON IVORY". The media is black ink in the form of printed text which covers approximately 30% of the surface of the paper.
Transcription of the artifact is as follows:
Office of Lewis Coulter,
Town Clerk.
TOWN HALL, ALMONTE.
Almonte, Ont., Nov. 5th, 1903.
DEAR SIR,--
Sealed Tenders, addressed to “Chairman Finance Committee,” and marked “Tender for Debentures,” will be received by the undersigned up to 6 o’clock p.m., of Monday, 23rd November, 1903, for the purchase of the following Debentures of the Town of Almonte:
20 Debentures, dated 15th October, 1903, each of the sum of $367.91, payable, one on the 15th October, 1904, and one on the 15th October in each of the nineteen succeeding years.
The ratepayers of the town have by vote sanctioned a bylaw to raise by way of loan, by the issue of debentures, $5,000 for the extension of the present Electric Lighting System owned by the town, and the 20 debentures referred to are annuities (without interest) calculated at 4 Per Cent. interest to be at present worth the aforementioned sum of $5,000.
The Electric Light Plant, for the year 1902, after paying for interest on debentures and providing for sinking fund on same, showed a profit on working account of over $2,000. The present loan is to increase the capacity of the plant which is now loaded to its limit.
The revised assessment of the town (exclusive of all exemptions) for the year 1903, is $787,225.
The rate of taxation for all purposes for 1903 is 21 1-2 mills.
The debt of the town is as follows:
The total consolidated debt under the “Town of Almonte Debenture Act, 1888,” payable in yearly instalments, up to the year 1927, created for permanent improvements, including the building of a town hall (with police and fire departments and public library), iron bridges, and the purchase of fire apparatus, $42,100.00
Market debt, payable in instalments up to the year 1917 2,100.00
Permanent street improvement debentures, 20 debentures of $735.82 each (annuities), $14,716,40
Less paid in 1901 and 1902, 1,471.64
13,244.76
Electric Light Debentures, issued in 1901 for the establishment of an electric light system for the town, to furnish lighting for domestic, commercial and street purposes, $30,000.00
Less tow years’ sinking fund, deposited on interest, 1,279.71
28,720.29
Of which principal there will be paid from this year’s taxes $86,165.05
4,766.40
Leaving net debt as $81,398.65
No part of the debt or interest is in arrears, and the town has no floating debt.
[the following is written inside the document]
Interest and sinking fund for electric light debentures are paid out of the revenue of the electric plant and no taxes are levied for this purpose, as the revenue is quite sufficient to pay this charge.
The town has large and important industries in woolens, knit goods, machine works, flour mills, furniture and sash works, and is in an excellent agricultural section of Ontario, is well equipped with fire appliances and classed “D” for insurance purposes.
Funds to be payable at the Bank of Montreal, Almonte, by whom the debenture will be delivered.
Tenders will be opened simultaneously at the Council meeting to be held on 23rd November, but the highest or any tender not necessarily accepted.
Tenders will be deemed subject to the legality of the issue being approved by your solicitors.
Any further information will be given on application.
Yours truly,
L. COULTER,
Town Clerk.
[the following is written on the back side of the document]
Tender
Re Debs [spelling uncertain]Collection
DocumentCataloged By
Plewes, ColeLocation
Location
Container
Archive Box 3Shelf
1Cabinet
Archive CupboardRoom
Collections RoomBuilding
M.V.T.M.Category
PermanentDate
November 7, 2023General Notes
Note
Status: OK
Status By: MacMillan, Lindsay
Status Date: 2020-11-26Created By
admin@catalogit.appCreate Date
June 30, 2019Updated By
admin@catalogit.appUpdate Date
November 11, 2023