HomeMy WebLinkAboutKIN 76 4000 Borrowing By-law
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THE CORPORATION OF THE TOWN OF KIN
BY-LJlW NO. 4000
INE
__in; a By-law to authorize the borro ~
o' $100,000 upon debentures towards
cost of acquiring, laying out and imp oving
of land for a municipal parking lot.
WHEREAS by By-law Number 3003, th Council of
The Corporation of the Town of Kincardiæautho ized the
acquisition, laying out and improving of part f lots 3 to
7 on the east side of Queen Street and part of , lots 4 to 7
on the west side of Princess Street as shown n Plan
Number 61;
AND WHEREAS the Ontario Municipal
Orders dated March 27 and June 14, 1974 under
number E732033 approved the said umertaking
of debentures therefor;
Board by its
ts file
d the issue
AND WHEREAS for the purpose afore aid it is now
expedient to issue debentures in the amount ofi$lOO,OOO pay-
able in lawful money of Canada on the terms heeinafter set
forth;
NOW THEREFORE THE COUNCIL OF THE
THE TOWN OF KINCARDINE ENACTS AS FOLLOWS:
1. For the purpose aforesaid, there
upon the credit of the Corporation at large th
in lawful money of Canada, and the Corporation
debentures therefor in denominations of not le
ORPORATION OF
hall be borrowed
sum of $100,000
shall issue
s than $50 each.
2. The debentures shall be dated the 31st day of
August, 1976, shall be issued at one time and hall be payable in
ten annual instalments of þrinci~àl on the 3ls day of August
in each of the years 1977 to 1986, both inclus ve, and shall
bear interest payable semi-annually. The debe tures maturing
in the years 1977 to 1981, both inclusive, sha 1 bear interest
at the rate of 10% per annum and the debenture maturing in
the years 1982 to 1986, both inclusive, shall ear interest at
the rate of 10-1/2% per annum. The debenturesishall have
coupons attached for the payment of such inter st on February
28 and August 31 in each year.- The respective amounts of
principal and interest payable in each of such years shall be
-as set forth in Schedule "A" hereto annexed an forming part
of this by-law.
3. The debentures shall be payable a
and interest in lawful money of Canada at the
in the Tòwn of Kincardine or at the principal
said Bank in either of the cities of Toronto 0
the holder's option.
to both principal
Bank of Montreal
ffice of the
Montreal, at
...
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6. The debentures may contain any
registration authorized by law.
4. The debentures shall be sealed wi
.. ~ ~.:"QJ1 and signed biY dthe ~ ~ t ,
QI' D'J .... ._ .tfT person author ze by ...,--_
and by the tT..surer, and the intere.t coupon.
thereto shall be signed by the Treasurer. The
the head of the Council to the debentures and
of the Treasureton the interest coupons may
- engraved, Ii th09'_raphed, printed or otherwise m
reproduced.
the seal
Council
dgn them
ttached
ignature of
e signature
written or
hanically
5. Commencing in the year 1977, and
each year during the currency of the said debe
shall be levied and raised by a special rate s
therefor, over and above all other rates, on a
property in the municipality, the amount of th
principal and interest payable in that year as
Schedule "A" hereto annexed; but no greater ra
levied in any year for such purpose than is re
the instalment after taking into account recei
other source in respect of the said work.
ereafter in
ures, there
ficient
1 the rateable
instalment of
set forth in
shall be
ired to pay
s from any
ision for their
7. Pending the sale of the said debe tures, the head
of the Council and the Treasurer may raise for 'the purposes
aforesaid by way of loan on such debentures an sum or sums
of money not exceeding in all the sum hereby a horizedto be
borrowed and may hypothecate such debent~es f r such loan.
READ A FIRST, SECOND, AND THIRD
PASSED this 5th day of August, 1976.
finally
~~L
~yor
Clerk
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SCHEDULE "A"
TO BY-LAW NO. 4000
¡OWll'OFIUNCARDlNE .
$100.000.00
1at to mature 1977 - 1981
10-1/~to mature 1982 -'1986
m& ·Im PllINCIPAL. lIlrDlS! toTAL
1977 10% $ 5,155.00 $ 5,155.00
.1977 10% $ 6,000.00 5,155.00 11,155.00
1978 10~ 4,855.00 4,855.00
197. 1at 7,000.00 4,855.00 11,855.00
1979 1at 4,505.00 4,505.00
1979 1at ~,OOO.OO 4,505.00 12,505.00
1980 10% 4,105.00 4,105.00
1980 10% 8,000.00 4,105.00 12,105.00
1981 107. 3,705.00 3,705.00
1981 10% 9,000.00 3,705.00 12,705.00
1982 10-1/27. 3,255.00 3,255.00
1982 10-1/~ ' 10,000.00 3,255.00 13,255.00 .
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1983 10-1/n 2,730.00 2,730.00
1983 10-l/n 11,000.00 2,730.00 13,730.00
1984 10-1/ 2~ 2,152.50 2,152.50
1984 10-1/27. 12,000.00 2,152.50 14.152.50
1985 10~ 1/27. 1,522.50 1,522.50
1985 10-1/2~ 14,000.00 . 1,522.50 15.522.50
1986 10-1/27. 787.50 787.50
1986 10-1/2't 15,000.00 787.50 15,787.50
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$100,000.00 $65,545.00 $165,545.00
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