HomeMy WebLinkAboutKIN 76 4002 Borrowing by-law
..
~!
<
.
.
~
THE CORPORATION OF THE TOWN OF KINC
BY-LAW NO. 4002
being a By-law to authorize the borro
of $95,000 upon debentures towards th
cost of the reconstruction of Queen S
from South Durham Market to Durham St
WHEREAS by By-law Number 2271 the
The Corporation of the Town of Kincardine auth
reconstruction of Queen Street from South Durh
Durham Street;
AND WHEREAS the Ontario Municipal
Order dated November 1, 1973 under its file n
authorized the said undertaking and the issue
therefor;
AND WHEREAS for the purpose afores
expedient to issue debentures in the amount of
able in lawful money of Canada on the terms he
forth;
NOW THEREFORE THE COUNCIL OF THE
OF THE TOWN OF KI~CARDINE ENACTS AS FOLLOWS:
1. For the purpose aforesaid, there
borrowed upon the credit of the Corporation at
sum of $85,000 in lawful money of Canada, and
shall issue debentures therefor in denomination
than $50 each. .
INE
ouncil of
!zed the
Market to
oard by its
er E73l679
debentures
id it is now
85,000 pay-
inafter set
all be
arge the
e Corporation
of not less
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 and 1996, both, inclusive,
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 d bentures
maturing in the years 1982 to 1996, both inclus ve, shall
bear interest at the rate of 10-1/2% per annum. The debent-
ures shall have coupons attached for the paymen of such
interest on February 29 and August 31 in each y ar. The
respective amounts of principal and interest pa able in each
of such years shall be as set forth in Schedule "A" hereto
annexed and forming part of this by-law.
3. The debentures shall be payable as, to both principal
and interest in lawful money of Canada at the B nk of Montreal
in the Town of Kincardine or at the principal 0 fice 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
some other person authorized by by-law to sign
the Treasurer, and the interest coupons attache
be signed by the Treasurer. The signature of t
Council to the debentures and the signature of
on the interest coupons may be written or engra
graphed, printed or otherwise mechanically repr
the seal of
uncil or by
hem and by
thereto shall
e head of the
he Treasurer
ed, litho-
ucied.
-~--'--~----'------ .---
"
,
.
.
<í'"
.
- 2 -
5. Commencing in the year 1977, and
each year during the currency of the said debe
.~~¡ ~, ¡,v1ed and raised by a sþecial rate s
..,~. 0"1' anèl above all other rate., CHI .
property in the municipality, the amount ot t .
of principal and interest payable in that year
in Schedule "A" hereunto annexed.
<;,~
hereafter in
tures, there
fficient
J. cu,:.uÖl.
instal..nt
as set forth
6. The debentures may contain any pr vision for
their registration authorized by law.
7. Pending the sale of the said debetures, the
head of the Council and the Treasurer may rais for the
purposes aforesaid by way of loan on such debe tures any sum
or sums of money not exceeding in all the sume'hereby
authorized to be borrowed and may hypothecate· uch debentures
for such loan.
READ A FIRST, SECOND AND THIRD ti e and finally
PASSED this 5th day of August, 1976.
r~;7'&t4-
.,; '/...~..¿
.,,~: ....: ...;-----
, , ~// -
-,':.. -: - ~--~¥_ /r --_
"'~. ~ ;,/ "--
",' ::: ..' - ~~~. ~.~
-: ----.....
, _....:: :,:; '::.
-,
. ,
. -,
..:..: ~>
Clerk
""
"
\. '
"
:;" ...;
..,,¡o'
"T
.
SCHEDULE "A"
TO BY-LAW NO. 4002
.
TOWN OF KINCARDINE
$85.000.00
IIn.
10-1/21-
to mature ,1977 - 1981. .
to mature 1982 - 1996
~ ~ PRINCIPAL INTEREST TOTAL
1977 10% $ 4,440. $ 4,440.00
1977 10% .$ 1,000.00 4,440. 5,440.00
, 1978 10% 4,390. 4,390.00
. --'·1978 10% 2,000.00 4,390. 6,390.00
1979 10% 4,290. 4,290.00
1979 10% 2,000.00 4,290. 6,290.00
1980 10% 4,190. 4,190.00
1980 101- 2,000.00 4,190.0, 6,190.00
1981 10% 4,090. 4,090.00
. 1991 10% 2,000.00 4,090.0 6,090.00
1982 10-1/n 3,990.0 3,990.00
1982 - 10-1/n 2,000.00 3,990.0 5,990.00
1983 10-1/2% 3,885.0, 3,885.00
1983 10-1/21- 3,000.00 3,'885.0 6,885.00
1984 10-1/n J,727.5 3,727.50
1984 10-1/2% 000 00, 3 727.5 6,727.50
1985 10-1/n . 3,570.0 3,570.00
1985 10-1/n 3.000.00 3 570.0 6,570.00
1986 10-1/2% 3,412.5 3,412.50 ----
1986 10-1/2% 3,000.00 3,412.5 6,412.50
1987 10-1/n 3,255.0 3,255.00
1987 10'- 1/27- 4,000.00 3,255.0 7,255.00
1988 . 10-1/n 3,045.0 3,045.00
1988 10.-1/27- 4,000.00 3,045.0 7,045;00
1989 10-1/27- 2,835.0 2,835.00
1989 10-1/27- 5,000.00 2,835.0 7,835.00
1990 10-1/27- 2,572.5 2,572.50
1990 10-1/27- 5,000.09 2,572.5 7,572.50
1991 10-1/n 2,310.0 2,310.00
1991 10-1/2% 6;000.00 2,310.0 8,310.00
1992 10-1/n 1,995.0 1,995.00
199~ 10-1/2% 6,000.00 1,995.0 7,995.00
1993 10-1/21- 1,680.0 1,680.00
1993 10-1/21- 7,000.00 1,680.0 8,680.00
1994 10-1/n 1,312.5 1,312.50
1994 10-1/2% 8,000.00 1,312.5 9,312.50
1995 10-1/n 892.5 892.50
. 1995 10-1/27. 8,000.00 892.5 8,892.50
1996 10-1/21- 472.5 472.50
1996 10-1/27. 9.000.00 472.5 9,472.50
$85,000.00 $120,710.0 $205,710.00