HomeMy WebLinkAboutKIN 76 4023 Borrowing By-law
THE CORPORATION OF THE TOWN OF KINCARD~NE
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BY-LAW NO. 4023
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being a by-law to authorize the borrOWi~'g of
$97,500 upon debentures towards the cos of
construction of a bridge on Durham Stre t
(over the Penetangore River) i
WHEREAS by By-law Number 3084, as amend~d by By-law
Number 3144, the Corporation of the Town of K~ncardine
authorized the construction of a bridge on Du~ham Street
(over the Penetangore River); :
AND WHEREAS the Ontario Municipal Board ¡by its Orders
dated September 17, 1975 and December 3, 1975 !under its file
number E75423 approved the said undertaking a9d the issue of
debentures therefor; i
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AND WHEREAS for the purpose aforesaid i~ is now
expedient to issue debentures in the amount 0 $97,500
payable in lawful money of Canada on the term hereinafter
set forth; :
NOW THEREFORE THE COUNCIL OF THE CORPORA TION OF THE
TOWN OF KINCARDINE ENACTS AS FOLLOWS: :
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1. For the purpose aforesaid, there shall ~e borrowed
upon the credit of the Corporation at large t~e sum of
$97,500 in lawful money of Canada, and the Corporation shall
issue debentures therefor in denominations of rot less than
$50 each. '
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2. The debentures shall be dated the 31st ~y of December,
1976, shall be issued at one time and shall bi' payable in
fifteen annual instalments of principal on th 31st day of
December in each of the years 1977 to 1991, bo h inclusive,
and shall bear interest payable semi-annually.1 The debentures
maturing in the years 1977 to 1981, both incl~sive, shall bear
interest at the rate of 9-3/4% per annum, thefebentures
maturing in the years 1982 to 1986, both incl sive, shall bear
interest at the rate of 10-1/4% per annum, an the debentures
maturing in the years 1987 to 1991, both inclfsive, shall bear
interest at the rate of 10-1/2% per annum. T debentures
shall have COU¡\lons attached for the payment 0 i such interest
on June 30 and December 31 in each year. The:espective
amounts of principal and interest payable in ch of such
years shall be as set forth in Schedule ·'A" he eto annexed
and forming part of this by-law. ì
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3. The debentures shall be payable as to bO~' h principal
and interest in lawful money of Canada at the. ank of Montreal
in the Town of Kincardine or at the principal ffice of the
said Bank in either of the cities of Toronto ow Montreal, at
the holder's option. !
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4. The debentures shall be sealed with the þeal of the
Corporation and signed by the head of the Counþil or by some
other person authorized by by-law to sign th~and by the
Treasurer, and the interest coupons attached ereto shall be
signed by the Treasurer. The signature of the head of the
Council to the debentures and the signature 0 the Treasurer
on the interest coupons may be written or eng~ved,
lithographed, printed or otherwise mechanicallF reproduced.
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5. Commencing in the year 1977, and thereafter in each
year during the currency of the said debentur s, there shall
be levied and raised by a special rate suffic ent therefor,
over and above all other rates, on all the ra eable property
in the municipality, the amount of the insta~ent of principal
and interest payable in that year as set fortl L in Schedule "A"
hereunto annexed.
6. The debentures may contain any provisio~ for their
registration authorized by law. I
7. Pending the sale of the said debentures~ the head of
the Council and the Treasurer may raise for tqe purposes
aforesaid by way of loan on such debentures aijy sum or sums
of money not exceeding in all the sum hereby ~uthorized to be
borrowed and may hypothecate such debentures ~or such loan.
READ A FIRST, SECOND AND THIRD TIME AND FINAL~Y PASSED
THIS 18th DAY OF November , 11976.
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SCHEDULE "A" TO BY-LAW NO. 4023
TOWN OF KINCARDINE
~97.500.00
. 9 3/4% 1 - 5 years to mature Decemter 31, 1977-1981
lOp' 6 - 10 years to mature Decem er 31, 1982-1986
10~ 11 - 15 years to mature Decem er 31, 1987-1991
I1ill! RATE PRINCIPAL INTEREST: TOTAL
1977 9 3/4% $ 3,500.00 $ 10,026t25 $ 13,526.25
1978 9 3/4% $ 3,000.00 $ 9,685tOO $ 12,685.00
1979 9 3/4% $ 4,000.00 $ 9,392+50 $ 13,392.50
1980 9 3/4% $ 4,000.00 $ 9,002+50 $ 13,002.50
1981 9 3/4% $ 4,000.00 $ 8,612t5O $ 12,612.50
1982 10i% $ 5,000.00 $ 8,222~50 $ 13,222.50
1983 10i% $ 5,000.00 $ 7,710~00 $ 12,710.00
1984 10i% $ 6,000.00 $ i $ 13,197.50
7,197,50
1985 1Oi% $ 6,000.00 $ 6,582450 $ 12,582.50
1986 1Oi% $ 7,000.00 $ 5,967,50 $ 12,967.50
1987 10~ $ 8,000.00 $ 5,250,00 $ 13,250.00
1988 10~ $ 9,000.00 $ 4,4l0~00 $ 13,410.00
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1989 10~ $J.9;'000..00 $ 3,465400 $ 13,465.00
1990 10~ $ 11,000.00 $ 2,415~00 $ 13,415.00
1991 10~ $ 12,000.00 $ 1,260Joo $ 13,260.00
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I $196,698.75
$ 97,500.00 $ 99,198f5
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