HomeMy WebLinkAboutKIN 76 4003 Borrowing By-law
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THE CORPORATION OF THE TOWN OF KINCA DINE
BY-LAW NO. 4003
being a by-law to consolidate certai
~y-l.w. and to provide for the L..ue of
one series of debentures in the amou t
of $260,000 in Canadian funds.
WHEREAS By-laws Numbers 4000, 400'
said By-laws") of the Corporation provide for
debentures of the Corporation in the respectiv
$100,000, $75,000 and $85,000 in lawful money
dated the 31st day of August, 1976;
and 4002 (lithe
he issue of
amounts of
f Canada
NOW THEREFORE THE COUNCIL OF THE
THE TOWN OF KINCARDINE ENACTS AS FOLLOWS :
AND WHEREAS none of the debenture authorized by
the said By-laws have been sold or disposed of;
AND WHEREAS the Council of the Co
section 290 of The Municipal Act, R.S.O. 1970,
authorized to enact as hereinafter set forth;
ration is by
. 284,
1. The amounts authorized to be borr
money of Canada by the said By-laws are hereby
into one sum of $260,000 in lawful money of Can
shall be issued one' series of debenture.s theref
principal amount of $260,000 in denominations 0
than $50 each, payable as to both principal and
lawful money of Canada.
ed in lawful
onsolidated
da and there
r in the
not less
interest in
2. The debentures shall be dated the 1st day of
August, 1976, shall be issued at one time and s all be payable
in twenty annual instalments of principal on th 31st day of
August in each of the years 1977 to 1996, both· nclusive, and
shall bear interest payable semi-annually. The, debentures
maturing in the years 1977 to 1981, both inclus ve, shall bear
interest at the rate of 10% per annum, and the ebentures
maturing in the years 1982 to 1996, both inclus' ve, shall bear
interest at the rate of 10-1/2% per annum. The: debentures shall
have coupons attached for the payment of such i terest on
February 28 and August 31 in each year. The re pective amounts
of principal and interest ~yable in each of su h years shall
be as set forth in Schedule "A" hereto annexed d forming part
Qf this by-law.
3. The debentures shall be payable as, to both
principal and interest in lawful money of Can ad at the Bank
of Montreal in the Town of Kincardine or at the principal
office of the said Bank in either of the cities¡of Toronto
or Montreal, at the holder's option. '
4. The debentures shall be sealed wit
the Corporation and signed by the head of the C
other person a~thorized by by-law to sign them
Treasurer. The interest coupons shall be signe
the seal of
uncil or by some
d by the
by the Treasurer
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and his signature to them may be written or en
~~t~Oi~.~.he4. printed or otherwise mechanicall,
., ~~\\R. of the head of the Counci 1 MY Þ
.ngr~~. li\hographed, printed or otherwL..
reproduced on such debentures.
5. The .rates imposed by the said By-
be levied, collected and applied for the purpo
fQr the payment of the debentures issued under
and the interest thereon.
6. Pending the sale of the said debe
lieu of selling them, the Council may by resol
the head of the Council and the Treasurer. to r
way of loan on the security of the said debent '
the security of some part of them, and to hypo
all of the said debentures as security for the
the said loan.
READ A FIRST, SECOND AND THIRD TI
PASSED this 5th day of August, 1976.
tL~~
~ t'
yor
Clerk
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aved,
reproduced.
written or
U.1J.f
ws shall
of providing
his by-law
ures,or.in
ion authorize
se money by
es or upon
ecate any or
epayment of
and finally
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SCHEDULE "An
TO BY-LAW NO. 4003
.
TOWN OF KINCARDINE
$260,000.00
1~
10-1/2'%.
to mature 1977 - 1981
to mature 1982 - 1996
116& RATE PRINCIPAL INTEREST TOTAL
1977 1~ $ 13,500. 0./ $ 13,500.00
1977 10% $ 9,000.00. 13,500. 0"" 22,500.00
1978 1~ 13,050. 0:; 13,050.00
1978 10% .11,0.00,00 13,050. 0 24,050.00
1979 10% 12,500. OV 12,500.00
1979 10% 13,000.00 12,500. 0: 25,500.00
1980 1~ . 11,850. 0 11,850.00
1980 10% . 13,000.00 11,850. 0:/ 24,850.00
1981 1~ 11,200. 0/ 11,200.00
1981 1~ 14,000.00 11,200.0./ 25,200.00
,1982 10-1/2'%. 10,500. 0./ 10,500.00
1982 10-1/2% 16,000.00 10,500.0 J 26,500.00
1983 10-1/2% 9~660. 0/ 9,660.00
1983 10-1/2'; ,18,000.00 9,660. 0 27,660.00
1984 '-~10-1/2% 8,715. 0-:/ 8,715.00
1984 lO-l/2'%. 20,Oqp.OO 8,715. 0/ 28,715.00
1985 10-1/2% 7,665. 0/ ' 7,665.00
1985 10-1/2% 22,000.00 7,665. 0/ 29,665.00
1986 10-1/2% 6,510. O:/:. 6,510.00
1986 10-1/2'; 24,000.00 6,510. 0/ 30,510.00
1987 10-1/2'; 5,250. 0./ 5,250.00
1987 10-1/2% . 10,000.00 5,250. 0 15,250.00
1988 . 10-1/2'; , ./ 4,725.00
4,725. 0../
1988 10-1/2% 11,000.00 4,725. 0:/ ,15,725 ;00
1989 10-1/2% 4,147. 0:/ 4,147.50
1989 10-1/2% 13,000.00 4,147. 0../ 17,147.50
1990 10-1/2% 3,465. OJ 3,465.00
1990 10-1/2'%. 13,000.~0 3,465. 0 J . 16,465.00
1991 10-1/2% 2,782. 0,;./' 2,782.50
1991 10-1/2'%. 15;000.00 2,782. 0/ 17,782.50
1992 10-1/2'; 1,995. 0 CI 1,995.00
1992 10-1/2% '6,000.00 1,995. 0 V 7,995.00
1993 10-1/2% 1,680. 0 1,680.00.
1993 10-1/2'; 7,000.00 1,680. 0 J 8,680.00
1994 10-1/2% 1,312. 0 J 1,312.50
1994 10-1/2% 8,000.00. 1,312. 0..J 9,312.50
1995 10-1/2'; 892. 0 ~ , 892.50
1995 10-1/2% 8,000.00 892. 0 ~ 8,892.50
1996 10-1/2?; 472. 0 472.50
1996 10-1/2'%. 9,000.00 412. . 9,472.50
. $260,000.00 $263,745. $523,745.00
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