HomeMy WebLinkAboutKIN 78 4191 Borrowing By-law
THE CORPORATION OF THE TO'1 OF KINCARmNE
BY-LAW NO. ~
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BEING a by-law to authoriz~ the borrowing
of $110,000 upon debenture! towards the
cost of reconstruction of ~ussell Street
(Phase II) i
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WHEREAS by By-law No. 4105!the Council of The
Corporation of the Town of Kincardine authqrized the reconstruction
of Russell Street (Phase II) from 200 feetlwest of Park Street
to 175 west of Saugeen or Goderich Road, a distance of
approximately 3,125 feet; ¡
AND WHEREAS the Ontario MU~iciPal Board by its Order
dated February IJ 1978 u~der its file numb r E772006 approved
the said undertaking and the issue of debe tures therefor;
AND WHEREAS for the purpos~ aforesaid it is now,
expedient to issue debentures in the amoun of $110,000 repayable
during the period of 10 years payable in 1 wful money of Canada
on the terms hereinafter set forth; !
NOW THEREFORE THE COUNCIL qF THE CORPORATION OF
THE TOWN OF KINCARDINE ENACTS AS FOLLOWS: i
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1. For the purpose aforesaid ¡here shall be borrowed
pon the credit of the Corporation at larg the sum of $110,000
n lawful money of Canada, and the Corpora ion shall issue
ebentures therefor in denominations of no: less than $50 each.
. The debentures shall be da 'ed the 1st day of
ecember, 1978, shall be issued at one tim and shall be payable in
en annual instalments of principal on the 1st day of December in
ach of the years 1979 to 1988, both inclu ive, and shall bear
nterest at the rate of 10% per annum paya le semi-annually on
une 1 and December 1. The debentures sha 1 either be in fully
egistered serial form with provision for ayment of interest
y cheque sent through the post to the reg stered holder, or
hall initially be in one piece special fu ly registered form
ith provision for payment of interest and conbined payments
f principal and interest by cheque. The ~espective amounts
f principal and interest payable in each f such years shall
e as set forth in Schedule "A" hereto ann xed and forming part
f this By-law.
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. The debentures shall, if i1' ordinary fully registered
erial form, be paya~é as to principal in lawful money of
anada at the Bank of Montreal in the Town~Of Kincardine or at
he principal office of the said Bank in ether of the cities
f Toronto or Montreal, at the holder's op ion, and interest
hereon shall be payable by cheque. The d benture (if any)
nitially issued in one piece special full registered form
hall be payable as to both principal and nterest in lawful
oney of Canada by cheque payable to the r gistered holder and
ent through the post to the registered ad ress of such registered
older, and shall be exchangeable, at the ption of the registered
older and at the expense of the Corporati n, for serial form fully
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registered debentures aggregating the same principal amount and
bearing the same interest rate. i
4. The debentures shall be se41ed with the seal of the
Corporation and signed by the head of the Øouncil or by some
other person authorized by By-law to sign ~hem and by the
Treasurer. The signature of the head of t~e Council to the
debentures may be written or engraved, l1tijographed, printed
or otherwise mechanically reproduced. I
5. In each year during the cu~'rency of the said
debentures, there shall be levied and rais d by a special rate
sufficient therefor, over and above allot er rates, on all the
rateable property in the municipality, theiamount of the instalment
of principal and interest payable in that year as set forth in
Schedule "An hereunto annexed. :
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6. The debentures may contail'l ¡any provision for
their registration authorized by law. :
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7. Pending the sale of the sa~d debentures, the head
of the Council and the Treasurer may raise~'for the purposes
aforesaid by way of loan on such debenture any sum or sums
of money not exceedi1'lg in all the sum here y authorized to be
borrowed and may hypothecate such debentur s for such loan.
READ A FIRST SECOND AND ~IRD time aad
FINALLY PASSED THIS 2nd DAf OF November, 11978.
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SCHEOOLE nAn TO BY-LAW NO. 4101
$1l0,000~00 Town of Kincardine
10~ Debentures
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· 1 - 10 years to mature Decem~er 1, 1979 - 1988
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DATE PRINCIPAL ~ TOTU
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December 1, 1979 $ 11,000.00 $ 1l,QOO.00 $ 22,000.00
· December 1, 1980 11,000.00 9,~0.00 20,900.00
December 1, 1981 11,000.00 8,sþO.00 19,800.00
December 1, 1982 11,000.00 7,?þ0.00 18,700.00
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December 1, 1983 11,000.00 6,6fO.00 17,600.00
December 1, 1984 11,000.00 5'5~.OO 16,500.00
December 1, 1985 11,000.00 15,400.00
4,4 .00
December 1, 1986 11,000.00 3,3þO.00 14,300.00
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De cember 1, 1987, 11,000.00 2,2~0.00 13,200.00
December 1, 1988 11,000.00 1,1 0.00 12,100.00
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$110,000.00 $ 60,5 0.00 $170,500.00
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