HomeMy WebLinkAboutKIN 76 4001 Borrowing By-law
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THE CORPORATION OF THE TOWN OF KINCA INE
BY-LAW NO. 4001
bein~ a By-law to authorize the b9r~ ~
of $7S.000 upon debentures tow~
cost of certain extensions to the
electrical distribution system.
WHEREAS by By-law Number 3047, th
The Corporation of the Town of Kincardine auth
undertaking by the Public Utilities Commission
Town of certain extensions to the electrical d
system as more particularly described in Sched
the said by-law1
AND WHEREAS the Ontario Municipal
Order dated August 1, 1974 under its file numb
approved the said undertaking and the issue of
therefor 1
AND WHEREAS for the purpose afore
expedient to issue debentures in the amount of
able in lawful money of Canada on the terms her
forth}
NOW THEREFORE THE COUNCIL OF
THE TOWN OF KINCARDINE ENACTS AS FOLLOWS:
1. For the purpose aforesaid, there s
borrowed upon the credit of the Corporation at
of $75,000 in lawful money of Canada, and the C
issue debentures therefor in denominations of n
$50 each.
2. The debentures shall be dated the
August, 1976, shall be issued at one time and s
in fifteen annual instalments of principal on t
August in each of the years 1977 to 1991,both
shall bear interest payable semi-annually. The
maturing in the years 1977 to 1981, both inclus
interest at the rate of 10% per annum ànd the d
maturing in the years 1982 to 1991, both inclus
bear interest at the rate of 10-1/2% per annum.
ures shall have coupons attached for the paymen
interest on February 28 and August 31 in each y
respective amounts of principal and interest pa
of such years shall be as set forth in Schedule
annexed and forming part of this by-law.
3. The debentures shall be payàbleas
and interest in lawful money of Canada at the B
in the Town of Kincardine or at the principal 0
said Bank in either of the cities of Toronto or
at the holder's option.
Council of
'rized the
of the said
stribution
Ie "A" to
Board by its
E741283
ebentures
id it is now
75,000 pay-
inafter set
all be
arge the sum
rporation shall
t less than
1st day of
all be payable
e 31st day of
nclusive, and
debentures
ve, shall bear
bentures
ve, shall
The debent-
of such
are The'
able in each
"A" hereto
to both principal
k of Montreal
fice of the
ontreal,
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4. The debentures shall be sealed wi
the Corporation and signed by the head of the
10m. o\h.~ pe¥8on authorized by by-law to sign
,ft. ,....~. aRc! the interest coupons attach
be signed by the Treasurer. The signature ot
Council to the debentures and the signature of
o~the' interest coupons may be written or engr
graphed, printed or otherwise mechanically rep
5. Commencing in the year 1977, and
each year during the currency of the said debe
be levied and raised by a special rate suffici
and above all other rates, on all the rateàble
municipality, the amount of the instalment of
interest payable in that year as set forth in
hereunto annexed, but no greater rate shall be
year for such purpose than is required to pay
after taking into account receipts from any ot
respect of the said work.
h the seal of
ouncil or by
them and by
d thereto shall
he bead ot the
the Treasurer
ved, Ii tho-
educed .
hereafter in
tures, there shall
nt therefor, over
property in the
rincipal and
Schedule "An
levied in any
he instalinent
er· source in
6. The debentures may contain any prvision for their
registration authorized by law.
7. Pending the sale of the said debe
of the Council and the Treasurer may raise for
aforesaid by way of loan on such debentures an
money not exceeding in all the sum hereby auth
. borrowed and may hypothecate such debentures f
READ A FIRST, SECOND AND THIRD t
PASSED this 5th day of August, 1976.
u~~
~r
tures, the head
the purposes
sum or sums of
rized to be
r such loan.
and finally
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SCHEDULE "A"
TO BY-LAW NO. 4001
1'OWN or KlNCA1U>INE
$75,000.00
10%
. 10~ 1/2%
to mature 977 - 1981
to mature 1982 - 1991
DAI .M!A PRINCIPAL INTEUST TOtAL
1977 10% $ 3,905.00 $ 3,905.00
1977 10% $ 2,000.00 3,905 .00 5,905.00
1978 10% 3,805.00 3,805.00
1978 10% 2,000.00 3,805.00 5,805.00
1979 10% 3,705.00 3,705.00
1979 10% 3,000.00 3,705.00 6,705.00
1980 10% 3,555.00 3,555.00
1980 10% 3,000.00 3,555.00 6,555.00
1981 10% 3,405.00 3,405.00
1981 10% 3,000.00 3,405.00 6,405.00
1982 10-1/2% 3,255.00, 3,255.00
1982 10-1/2% 4,000.00 3,255.00 ! 7,255.00
1983 10-1/2% 3,045.00 ' 3,045.00/
1983 10-1/2% 4,000.00 3,045.00 7,045.00
1984· 10-1/2% . 2,835.00 2,835.00
1984 10-1/2% 5,000.00 2,835.00 ~3S.00
1985 10-1/2% , 2,572.50 ! 2,572.50
1985 10-1/2% _~->90~&0_ . 2,572.50 ' .7,S72âO
1986 10-1/2'X. 2,310.00 2,310.00
1986 10-1/2% 6,000.00 2,310.00 8,310.00
1987 10-1/2% 1,995.00 1,995.00
1987 10-1/2% 6,000.00 1,995.00 7,995.00
1988 . 10-1/2% 1,680.00 1,680.00
1988 10-1/2% 7,000.00 1,680.00 ; 8,680.00
.
1989 1O~1/2% 1,312.50 1,312.50
1989 10-1/2% 8,000.00 1,312.50 9,312.50
1990 10-1/2% 892.50 892.50
1990 10-1/2% 8,000.00 892.50 8,892.50
1991 10-1/2% 472.50 472.50
1991 10-1/2% 9,000.00' 472.50 9,472.50
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$75,000.00 $77¡490.00 $152,490.00.
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