HomeMy WebLinkAboutKIN 77 4100 Borrowing By-law
TIE CORPORATIO_ OF THE TOW OF ~IICARDDlE
BY-LAW RO. 4100
being a by-law to authorize t.he! berrowing of
$217,000 upoll. d.bentures t.oward~ the cost. of
street. recoDstract.ioD and highw~y repair
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WHEREAS by By-law Ih..ber 3187 t~e Council of The
Corporati.. of the Towa ot IiacardiDe aat.hotlz.d t.he reeoDstract.ioD
ot: .
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King Street trom HuroD Terrac. $treet. to
Seh.vch.Dko Boulevard, a dist.aaøe ot approximately
1,550 feet.; :
West. Street from .elson Street. i;o )forth L1II1t.s,
a dist.ance of approximately 9001 feet.;
Campbell CresceBt from West. St.r,et to East.erly,
a dist.auee of approxiaat.ely 2oo! teet.;
_elsoD St.reet. fro. HurOD Terrae, St.reet. t.o West
St.re.t., a distanc. of approximately 500 te.t.;
X.chanies Avenue from Hure. Tutace Street. to
West. Stre.t., a diat.auee of appr;ximat.ely 500 feet;
William Str.et. trom Broadway Stfe.t. to Bort.hwards,
a dist.auce of approxiaat.ely 250lfe.t; aDd
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Xechaaies Av.... from PriDc.. S-þ-.et. t.o Williams
St.reet., a distance of approxilla~ely 400 teet..
AJlD WHEREAS t.he Oat.ario M1ID1c1Ptl Board by its Order
dated September 13, 1976 Rader. it.s file.II.\IIl er E76l022 approved
the said Radert.ak1ag aDd the issue of de be. urea t.her.tor;
AJlD WHEREAS by By-law _..ber l¡.~. 5 the said Council
aat.hori.ed th. r.eo.straetio. ot Russell St e.t. approxillat.ely
2700 li..al teet. from Campbell Anaae east. ly tG HlU'fIB Road;
AJlD WHEREAS t.he Ont.ario MWIIic1,.l Board by it.s Order
dat.ed .bp.st. ./¡., 1977 uder 11:.s tile D_ber "7621 apprond the
said UDdert.akiDg aad t.h. issue of debentur.~ t.heretor;
AJlD WHEREAS tor the purposes at~resaie! it. is DOW
expedieat. te iS811e de.eatures in the respe~tiv. aJDOunts ot
$77,000 and $ll¡.O,OOO payable in lawtul ...~ ot Cauda on t.he
teras heretaatt.er .et tert.h; :
-OW THEREFORE THE COnCIL OF THt CORPORATIO_ OF THE
TOn OF ICIICARDIIIE EIlAC'fS AS FOLLOWS: .
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1. For t.he p1U'pOses aforesaid, t.h~e shall be borrowed
upon t.he creti t. ot t.he Corporat.io. at large j the SWIt of $217,000
in lawful ....y ot Caaada, ane! t.h. CorporattOD shall 1sne
debeat.ures th.retor in deaoaiaat.ioDs ot .ot Ileas t.hau $50 eaea.
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2. The debentures eh~" be dated t.he lat. day ot Deceaber,
1977, shall be issued. at. o.e time aud shalllbe payable iB tifte..
aBDRal i..tallaents of priDcipal Oil. t.h. 1a:ñday of December iD each
ot t.he years 1978 to 1992, bot.h i.elusive, d shall bear iDt.r..t
payable seai-aunRally. Th. debeDtures mat ing iB the year. 197¡
t.o 1982, 'both inclusive, shall bear iDter..' at. the rate of i-3/./¡.".
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By-law No. 4100
&u ~¡t. W--f:;
yor
per aaa_, the debent.ures Dlaturing ia the y~ars 1983 to 1987,
both iDelusive, shall bear iDterest. at. the rate of 9-1/J,.~ per
um_, aDd t.àe de'beatures mat.uring in the y"ars 1988 to 1992,
both 1Bc1u.1ve, shall bear interest at the::ate of 9-1/~ per
ana_. The debeat.ures shall have coupo.s a tached for the
payment of such iBterest. OD J1IDe 1 and Dec .er 1 ill. each year.
The respective aJa01IDts of priac1pal and int.þrest. payable ia
each of such years shall be as set. forth ialSchedule -A- heret.o
umexed and. foraa1Dg part of t.his BT-law.
3. The debentures sbAl1 be payab1ejas to both priDeipal
and interest i. lawful moBey ot Caaada at. t~e Bank of IIoDtreal
in t.he Te.. et Iiacardiae or at the priDcip~l otfice of the
said Bank ia either ot t.he cities of ToroBtø or IIoDtrea1, at.
t.be holder's OptiOD.
4. The debentures shall be sealed t· th the seal ot the
CorperaUoa and sigaed. by t.he head of t.he C UBCll or by some
other per... authorized. by By-law t.o sip t. em aad by the
'l'reasurer, aad t.be iaterest. eoupoDs attache thereto shall be
aiped 'by the Treasurer. The si¡aature ot he head of t.he
Couacil to the deb..t.ure. aDd. the aigaat.ur:;?' of the Treasurer
OD the iat.ere.t COUpoDS may be writte. or aved, lithographed,
priDted or etherwise mechanically reproduce .
5. Co_eac1ag iD the year 197', an thereaft.er iD each
year duriBg tàe curreDcT ef the said deÞeDt es, there shall
be levied. aad raised by a special rat.e Aff dent t.heretor, oyer
and above all ot.her rat.es, on all the ratoa le property ill. the
II1UÙ.cipality, the amouat of the installaeBt of priDcipal and
int.erest payable ill. t.hat year as set fort.h B Sebedule -A- here-
unto anasxed.. ;
6. The debeat.ures may cODtain any tr0rlsioD for their
re¡ist.ratieD aatheriBed by law.
7. Pending the sale ot the said de.....tures, the head.
of the Ce..eil and the 'l'reasurer may raise for the purposes
atoresaid by waT ot loan oa neh debeatureSt' any 81DII or sums
ot lIOaey Det exceee!ing 111. all the SuIIl here'b authorized to be
borrowed and lIII.y hypothecate such deb..ture for aRCh lOaD.
THIS 3rd DA~~ A Im~15e~~~~~. AlID THIRD tDΠAJlD F~~?~:~_~SED
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SCHEDULE "A"
TO BY-LAW NO. 4100
TOWN OF KINCARDINE
4IÞ ~217.0oo.00
YEAR RATE PRINCIPAL INTEREST TOTAL
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· 1975 8 3/410 $ S,OOO.oo $ 20,100.00 $ 2S,100.00
1979 S 3/410 S,Ooo.OO 19,400.00 27,400.00
19SO 83/410 9,000.00 lS,700.00 27,700.00
19S1 8 3/410 10,000.00 17,912.50 27,912.50
19S2 S 3/410 11,000.00 17,037.50 2S,037.50
19S3 9 1/410 11,000.00 16,075.00 27,075.00
19S1¡. 9 1/410 12,000.00 15,057.50 27,057.50
19S5 9 1/410 14,000.00 13,947.50 27, 947. 50
19S6 9 1/410 15,000.00 12,652.50 27,652.50
19S7 9 1/410 16,000.00 11,265.00 27,265.00
19M 9 1/210 17,000.00 9,7S5.00 26,7S5.00
19S9 9 1/210 19,000.00 S,170.00 27,170.00
1990 9 1/2% 21,000.00 6,365.00 27,365.00
· 1991 9 1/2% 22,000.00 4,370.00 26,370.00
1992 9 1/210 24.000.00 2.2SO.00 26.2SO.00
$217,000.00 $193,117.50 $410,117.50
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