HomeMy WebLinkAboutKIN 76 4015 Construct of commun
THE CORPORATION OF THE TOWN OF KINCARD~NE
BY-LAW NO. 4015
A By-law to authorize the issue of a
Debenture in the principal amount of
$285,000.00 for the
purposes referred to in Schedule "A"
attached hereto.
.
WHEREAS the Council of the Corporatio~ of the Town
of Kincardine now deems it expedient for th~ purposes set
out in Schedule "A" attached hereto to borr~ money by the
issue and sale to The Treasurer of Ontario ~f a Debenture
of this Municipality in the principal amoun~ of $ 285,000.00
bearing interest at the rate of 8.93% per aqnum payable
semi..:.annua11y, which is the amount of debt ~ntended to be
created by this By-law.
NOW THEREFORE the Council of The Corp~ration of the
Town of Kincardine enacts as follows:
1. THAT for the purposes aforesaid moneYlsha11 be
borrowed on the credit of The Corporation o~ the Town of
Kincardine by the issue of a Debenture of t~e Corporation in
the principal amount of $ 285,000.00 bearin~ interest at
the rate of 8.93% per annum payable semi-anqua11y on the
1st day of May and the 1st day of November ~n each year of
the currency of the Debenture, upon the pri~cipa1 amount
from time to time remaining unpaid. i
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2. THAT the· said Debenture shall be date4 the 1st day of
November, 1976, and shall be payable in 20 ~nnua1 instalments
of principal on the 1st day of November in ~he years 1977 to
1996, inclusive, and the respective amounts 1of principal
and interest payable in respect of such Deb~nture in the
years 1977 to 1996, inclusive, shall be as ~et forth in
Schedule "B" attached hereto. '
.
3. THAT the said payœbats of principal a~d interest shall
be payable in lawful money of Canada by Che~ues sent through
the post to the registered address of the r gistered owner
of the Debenture and such cheques shall be ayab1e at par
in the City of Toronto. '
4. THAT the said Debenture shall be sea1~d with the Seal
of the Corporation and shall be signed by tije Head of the
Councilor by some other person authorized 1Y By-law to sign
the same, and by the Treasurer. '
5. THAT all sums required to payoff the linstalmen~ of
principal of the Debenture and to pay tnter~st thereon as set
out in Schedule "B" attached hereto shall b1 levied and
raised in the years 1977 to 1996, inclusive [by a special
rate sufficient therefor, over and above a1~ other rates,
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upon all the rateable property in the Municipality at the
same time and in the same manner as other rafes, but it
shall not be aecessary to levy in any year ai greater amount
,
than is required to pay the said instalment pf principal
and interest after b~ing into account rece~ts from any
other source in respect of said works. I
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6. THAT the said Debenture be sold to Thel Treasurer
of Ontario. i
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7. THAT the said Debenture shall contain Þ clause
providing for the registration thereof purs~nt to Section
326 of The Municipal Act. i
8. (a) The Corporation shall have the r~ht, at its
option, to redeem the said debenture on anylinterest pay-
ment date prior to maturity by payment of t1e unmatured
principal amount thereof together with inte est accrued to
the date set for redemption.
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(b) The unmatured principal of the d benture shall
become due and payable on the date set for edemption thereof,
and from and after such date interest cease to accrue thereon
where provision is duly made for the paymen of the amount
thereof. I
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(c)
by post at
redemption
registered
Book.
Notice of intention so to redeemishall be sent
least thirty days prior to the d1te set for such
to the person in whose name the 4ebenture is
at the address shown in the Debe,ture Registry
,
(d) At least thirty days prior to th~ date set fer
such redemption, notice of intention so to tedeem shall be
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published in The Ontario Gazette and in a n+wspaper of
general circulation, if any, in the munici~lity.
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9. THAT Schedules "A" and "B" attached h,reto, are
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hereby declared to be and to form part of t~iS By-law.
October
, 1976.
i
twenty-first
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day of
READ a first and second time this
eJ
October
, 1976.
th1, l21.. day or
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READ a third time and finally passed
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THE CORPORATION OF THE. TOWN OF KINCAfINE
SCHEDULE "B" TO BY-LAW NO.' 4015
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PAYMENT DATE PAYMENT OUTSTANDING
~ m!!... PRINCIPAL INTEREST TOAL PR!NcIPAL
1 01/05/1977 12,725.25- 12 725.25
2 01/11/1977 5,6l.4.66 12,725.25 : 18 339.91 279,385.34
. 3 0:1.'105/1978 12,474.56 12 474.56
4 01/11/1978 6,116.05 12,474.55 18 590.60 273,269.29
5 01/05/1979 12,201.48 12 201.~8
6 01/11/1979 6,662.21 12,201.47 18 863. 8 266,607.08
à 01/05/1980 11,904.01 11 904.01
01/11/1980 7,257.15 11,904.00 19 161.15 259,349.93
9 01/05/1981 11,579.98 11 579.98
10 01/11/1981 7,905.21 11,579.97 19 485.18 251,444.72
11 01/05/1982 11,227.01 11, 227.01
12 01/11/1982 8,611.15 11,227.00 19 838.15 242,833.57
13 01/05/1983 10,842.52 10 842.52
14 01/11/1983 9,380.12 10,842.52 28 64 233,453.45
15 01/05/1984 10.i23.70 1· .70
16 01/11/1984 10,217.77 10,423.69 20 ~1.46 223,235.68
17 01/05/1985 9,967.48 9 9 7.~8
18 01/11/1985 11,130.21 9,967.47 21 097. 8 212,105.47
19 01/0511986 9,470.51 9 470.51
20 01/11/1986 12,124.14 9,470.51 21 594.65 199,981.33
21 01/05/1987 8,929.17 8 929.17
22 01/11/1987 13,206.83 8,929.16 22 135.99 186,774.50
23 01/05/1988 8,339.48 Ii 339.i8
24 01/11/1988 14,386.20 8,339.48 22 725. 8' 172,388.30
25 01/05/1989 7,697.14 7 697.14
26 01/11/1989 15,670.88 7,697.14 23,3M.02 156,717.42
27 01/05/1990 6,997.44 6,997.44
28 01/11/1990 17,070.29 6,997.43 2~,067.72 139,647.13
29 01/05/1991 6,235.25 ,235.25
30 01/11/1991 H!,594.67 6,235.24 2 ,829.91 121,052.46
31 01/05/1992 5,404.99 'i04.99
32 01/11/1992 20,255.18 5,404.99 2 , 60.17 100,797.28
33 01/05/1993 4,500.60 ,500.60
34 01/11/1993 22,063.96 4,500.60 2 ,564.56 78,733.32
35 01/05/1994 3,515.45 ,515.45
36 01/11/1994 24,034.27 3,515.44 2 ,549.71 54,699.05
37 01/05/1995 2,442.32 ,~42.32
38 01/11/1995 26,180.53 2,442.31 2 , 22.84 28,518.52
39 01/05/1996 1,273.35 ,273.35
40 01/11/1996 28,518.52 1,273.35 2 ,791.87
336,303.26 I
285,000.00 62~,303.26
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01111976 - DEBENTURE DATE 28$,001.00 - PRINCIPAL
8.930 - INTEREST RATE 0.0197 0564 - FIRST PAYMENT
FACTOR
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