HomeMy WebLinkAboutKIN 78 4145 Borrowing By-law
THE CORPORATION OF THE TOWN OF KINCARD~E
BY-LAW NO. 4145
·
BEING a by-law to authorize the borro wing
of $400,000 upon debentures towards tþe
cost of construction of a low lift p~ping
station and of improvements to the i
electrical distribution system. '
·
WHEREAS by By-law No. 4014 the Counci~ of the Corporation
of the Town of Kincardine authorized the constrþction of a
low lift pumping station including buildings, pþmps and related
appurtenances; i
·
AND WHEREAS the Ontario Municipal BO!d by its Order
dated February 181 1977 under its file number 762165 approved
the said undertak ng and the issue of debenture therefor;
AND WHEREAS by By-law Number 4103 thel said Council
authorized the construction of capital improv~nts to the
electrical distribution system; :
AND WHEREAS the Ontario Municipal Board by its Order
dated February 22, 1978 under its file number ~ 772005 approved
the said undertaking and the issue of debenturef therefor;
AND WHEREAS for the purposes aforesai~ it is now
expedient to issue debentures in the respective amounts of
$250,000 and $150,000 repayable during the peri ds of 20 and
15 years respectively payable in lawful money 0 Canada on the
terms hereinafter set forth;
NOW THEREFORE THE COUNCIL OF THE CORPþRATION OF THE
TOWN OF KINCARDINE ENACTS AS FOLLOWS: ,
,
,
I
1. For the purposes aforesaid, there shafLl be borrowed
upon the credit of the Corporation at large thel sum of $400,000
in lawful money of Canada, and the CorporationJ~hall issue
debentures therefor in denominations of not lei than $50 each.
I
2. The debentures shall be dated the l~daY of June,
1978, shall be issued at one time and shall be ayable in
twenty annual instalments of principal on the t day of June
in each of the years 1979 to 1998, both inclu e, and shall
bear interest payable semi-annually on Decembe~ 1 and June 1.
The debentures maturing in the years 1979 to 19183, both inclusive,
. shall bear interest at the rate of 1 1/4'10 per ainnum, the debentures
maturing in the years 1984 to 1988, both inclu 've, shall bear
interest at the rate of 9 3/4'10 per annum, the ebentures maturing in
the years 1989 to 1993, both inclusive, shall ear interest at the
rate of 1Of. per annum, and the debentures mat in the years
1994 to 1998, both inclusive, shall bear inter t at the rate
of 10 1/4'10 per annum. The debentures shall be fully registered
form with provision for payment of interest by heque sent
through the post to the registered holder. Th respective amounts
of principal and interest payable in each of ch years shall be as
set forth in Schedule "A" hereto annexed and f ing part of this
by-law. The said amounts payable with respect 0 the low lift pump
station are set forth in Schedule "B" hereto those with respect
to the electrical improvements in Schedule "C" ereto.
·
- 2 -
·
3. The debentures shall be payable as to principal in
lawful money of Canada at the Bank of Montreal ~n the Town
of Kincardine or at the principal office of the said Bank
in either of the cities of Toronto or Montreal,lat the holder's
option. Interest shall be payaÞle by cheque. I
4. The debentures shall be sealed with th' seal of the
Corporation and signed by the head of the Counc 1 or by some
other person authorized by by-law to sign them d by the
Treasurer. The signature of the head of the Co cil to the
debentures may be written or engraved, lithogra hed, printed
or otherwise mechanically reproduced.
5. In each year during the currency of tht said debentures,
there shall be levied and raised by a special r te sufficient
therefor, over and above all other rates, on al the rateable
property in the municipality, the amount of the I instalment of
principal and interest payable in that year as $et forth in
Schedule "Aft hereunto annexed, but no greater ~ate shall be
levied at any time than shall be necessary to p y the said amount
after taking into account receipts from any oth r sources with
respect to the said works. :
6. The debentures may contain any provisi~n for their
registration authorized by law. I
I
7. Pending the sale of the said debenture~, the head
of the Council and the Treasurer may raise for he purposes
aforesaid by way of loan on such debentures any sum or sums
of money not exceeding in all the sum hereby au1¡horized to be
borrowed and may hypothecate such debentures fo~ such loan.
·
i
,
READ a FIRST, SECOND and THIRD time and FINALLY!PASSED THIS
·
4th
DAY OF
May
, 1978.
-
~----/_-
·
4..._-;; ~
~;U
. .,,- -~I" /~--=-
/)A¿ _ i .6?.. - < ?,,":
_~ /¿'/~,,:-~_____:--:'~t
er -:- :::;---::..::. :_<
I 1_ ~ ~-:: . ~-, "" :~
I -/ --- - -....:...
I - :- - - <- '-
i
!
"
SCHEDULE "An TO BY-LAW NO. 4145
$400,000.00 TOWN OF KINCARDINE Debentures
Consolidated Schedule
!
9 1/4'10 1 - 5 years to mature IJune 1, 1979 - 1983
9 3/410 6 - 10 years to mature June 1, 1984 - 1988
10% 11 - 15 years to mature June 1, 1989 - 1993
10 1/4'10 16 - 20 years to mature !June 1, 1994 - 1998
DATE RATE PRINCIPAL INT T TOTAL
- -
Dec. 1, 1978 9 1/4'10 $ 19, 7.50 $ 19,767.50
· June 1, 1979 9 1/4'10 $ 11,000.00 $ 19, 7.50 $ 30,767.50
Dec. 1, 1979 9l?1o $ 19,2 8.75 $ 19,258.75
June 1, 1980 9 1 4'10 $ 12,000.00 $ 19,2 8.75 $ 31,258.75
Dec. 1, 1980 9 ~4'1o $ 18, 3.75 $ 18,703.75
- June 1, 1981 9 1 4'10 $ 12,000.00 $ 18, 3.75 $ 30,703.75
Dec. 1, 1981 9 1~4'1o $ 18,1 8.75 $ 18,148.75
June 1, 1982 9 1 4'10 $ 13,000.00 $ l8,1~8.75 $ 31,148.75
Dec. 1, 1982 9 1/4'10 $ 17,5' 7.50 $ 17,547.50
· June 1, 1983 9 1/4'10 $ 15,000.00 $ 17,5 7.50 $ 32,547.50
Dec. 1, 1983 9 3~410 $ 16,8 3.75 $ 16,853.75
June 1, 1984 934% $ 16,000.00 $ 16,8 3.75 $ 32,853.75
Dec. 1, 1984 9 3~4'1o $ 16,0 3.75 $ 16,073.75
June 1, 1985 9 3 4% $ 17,000.00 $ 16,0 3.75 $ 33,073.75
Dec. 1, 1985 9 3?1o $ 15,2 5.00 $ 15,245.00
June 1, 1986 9 3 410 $ 18,000.00 $ 15,2 5.00 $ 33,2i5.OO
Dec. 1, 1986 9 3~4'fo $ 14,3 7.50 $ 14,3 7.50
June 1, 1987 9 3 4% $ 20,000.00 $ 14,3 7.50 $ 34,367.50
Dec. 1, 1987 9 3?'1o $ 13,3 2.50 $ 13,392.50
June 1, 1988 9 3 4'10 $ 22,000.00 $ 13,3 2.50 $ 35,392.50
Dec. 1, 1988 10f0 $ 12,3 0.00 $ 12,320.00
June 1, 1989 10% $ 24,000.00 $ 12,3 0.00 $ 36,320.00
Dec. 1, 1989 10f0 $ 11,1 0.00 $ 11,120.00
June 1, 1990 10'f0 $ 27,000.00 $ 11,1 0.00 $ 3$,120.00
Dec. 1, 1990 10f0 $ 9,7 0.00 $ 9,770.00
June 1, 1991 10% $ 29,000.00 $ 9,7 0.00 $ 38,770.00
Dec. 1, 1991 10% $ 8,3 0.00 $ 8,320.00
June 1, 1992 10% $ 32,000.00 $ 8,3 0.00 $ 40,320.00
Dec. 1, 1992 10% $ 6,7 0.00 $ 6,720.00
June 1, 1993 10% $ 36,000.00 $ 6,7 0.00 $ 42,720.00
Dec. 1, 1993 10 1/410 $ 4,9 0.00 $ 4,920.00
June 1, 1994 10 1/4'fo $ 15,000.00 $ 4,9 0.00 $ 19,920.00
Dec. 1, 1994 10 1/4% $ 4,1 1.25 $ 4,151.25
June 1, 1995 10 1/4'10 $ 17,000.00 $ 4,111.25 $ 21,151.25
Dec. 1, 1995 10 1/410 $ 3,2 0.00 $ 3,280.00
· June 1, 1996 10 1/4% $ 19,000.00 $ 3,2 0.00 $ 22,280.00
Dec. 1, 1996 10 1/410 $ ~'3r~' $ 2,306.25
June 1, 1997 10 1/4% $ 21,000.00 $ 2,3 6.25 $ 23,306.25
Dec. 1, 1997 10 1/4% $ 1,2 0.00 $ 1,230.00
June 1, 1998 10 1/4% $ 24,000.00 $ 1,2 0.00 $ 25,230.00
$400,000.00 $466,9~2.50 $866,992.50
· I
,
I
I
~
{ .0'
.LP
SCH~DULE "B" TO BY-LAW NO. 4145 uJ°
$250,000.00 TOWN OF KINCARDINE
Debentures
9 l?~ 1 - 5 years to mature June 1. 1979 - 1983
934 6 - 10 years to mature June 11 1984 - 1988
10f0 11 - 15 years to mature June 1 1989 - 1993
10 1/4% 16 - 20 years to mature June 1 1994 - 1998
· DATE RATE PRINCIPAL I1!TE$ TOTAL
- -
Dec. 1, 1978 9 ~4% $ 12,4 3.75 $ 12,433.75
June 1, 1979 9 4'10 $ 6,000.00 $ 12,4 3.75 $ 18,433.75
Dec. 1, 1979 9 ~410 $ 12,1 6.25 $ 12,156.25
June 1, 1980 9 4% $ 7,000.00 $ 12,1 6.25 $ 19,156.25
· Dec. 1, 1980 9 ~4" $ 11,8 2.50 $ 11,832.50
June 1, 1981 9 4% $ 6,000.00 $ 11,8 2.50 $ 17,832.50
Dec. 1, 1981 ~ ~t~ $ 11,5 5.00 $ 11,55S.oo
June 1, 1982 $ 7,000.00 $ 11,5 5.00 $ 18,555.00
Dec. 1, 1982 9 ~4'1> $ 11,2 1.25 $ 11,231.25
June 1, 1983 9 1 4'10 $ 8,000.00 $ 11,2 1.25 $ 19,231.25
Dec. 1, 1983 9 3~4~ $ 10,8 1.25 $ 10,861.25
June 1, 1984 9 3 l¡; $ 8,000.00 $ 10,8 1.25 $ 18,861.25
Dec. 1, 1984 9 3/4'10 $ 10,4 1.25 $ 10,471.25
June 1, 1985 9 3~4% $ 9,000.00 $ 10,4 1.25 $ 19,471.25
Dec. 1, 1985 9 3l" $ 10,0 2.50 $ 10,032.50
June 1, 1986 934% $ 9,000.00 $ 10,0 2.50 $ 19,032.50
Dec. 1, 1986 9 3~4% $ 9,5 3.75 $ 9,593.75
June 1, 1987 9 3 4" $ 10,000.00 $ 9,5 ~.75 $ 19,5gg.75
Dec. 1, 1987 9 3~4'1> $ 9,1 .25 $ 9,1 .25
June 1, 1988 934'1> $ 11,000.00 $ 9,1 6.25 $ 20,106.25
Dec. 1, 1988 10% $ 8,5 0.00 $ 8,570.00
June 1, 1989 10% $ 12,000.00 $ 8,5 0.00 $ 20,570.00
Dec. 1, 1989 10'f0 $ 7,9 0.00 $ 7,970.00
June 1, 1990 10% $ 13,000.00 $ 7,9 0.00 $ 20,970.00
Dec. 1, 1990 10% $ 7,3 0.00 $ 7,320.00
June 1, 1991 10% $ 14,000.00 $ 7,3 0.00 $ 21,320.00
Dec. 1, 1991 10% $ 6,6 0.00 $ 6,620.00
June 1, 1992 10% $ 16,000.00 $ 6,6 .00 $ 22,620.00
Dec. 1, 1992 10% $ 5,8 .00 $ 5,820.00
June 1, 1993 10% $ 18,000.00 $ 5,8 .00 $ 23,820.00
· Dec. 1, 1993 10 1/410 $ 4,9 .00 $ 4,920.00
June 1, 1994 10 1/4'10 $ 15,000.00 $ 4,92 .00 $ 19,920.00
Dec. 1, 1994 10 1/4'10 $ 4,15 .25 $ 4,151.25
June 1, 1995 10 1/4'10 $ 17,000.00 $ 4,15 .25 $ 21,151.25
Dec. 1, 1995 10 1/4% $ 3,2 .00 $ 3,280.00
June 1, 1996 10 1/410 $ 19,000.00 $ 3,2 .00 $ 22,280.00
Dec. 1, 1996 10 1/4% $ 2,3 .25 $ 2,306.25
June 1, 1997 10 1/4% $ 21,000.00 $ 2,3 .25 . $ 23,306.25
· Dec. 1, 1997 10 1/4% $ 1,23P.00 $ 1,230.00
June 1, 1998 10 1/4% $ 24,000.00 $ 1,23p.00 $ 25,230.00
$250,000.00 $322,92 .50 $572,922.50
SCHEDULE "cn TO BY-LAW NO. 4145
$150,000.00 TOWN OF KINCARDINE ì
Debentures lJ..jL-'
91~10 1 - 5 years to mature June 1, 1179 - 1983 ¿ iJ-cJv~L~
· 9 3 4'10 6 - 10 years to mature June 1, 1 84 - 1988
1Of. 11 - 15 years to mature June 1, 1 89 - 1993
~ ~ PRINCIPAL INTE~ TOTAL
Dec. 1, 1978 9 1~4% $ 7,3 3.75 $ 7,333.75
June 1, 1979 9 1 4% $ 5,000.00 $ 7,3 3.75 $ 12,333.75
Dec. 1, 1979 9 1/4% $ 7,1 2.50 $ 7,102.50
· June 1, 1980 9 1/4% $ 5,000.00 $ 7,1 2.50 $ 12,102.50
Dec. 1, 1980 9 1~4% $ 6,8 1.25 $ 6,871.25
June 1, 1981 9 1 410 $ 6,000.00 $ 6,8 1.25 $ 12,871.25
Dec. 1, 1981 9 1~41o $ 6,5 3.75 $ 6,593.75
June 1, 1982 9 1 4% $ 6,000.00 $ 6,5 3.75 $ 12,593.75
Dec. 1, 1982 9 1/4% $ 6,3 6.25 $ 6,316.25
June 1, 1983 9l?1o $ 7,000.00 $ 6,3 '6.25 $ 13,316.25
Dec. 1, 1983 9 3 4'10 $ 5,9 2.50 $ 5,992.50
June 1, 1984 9 3~4% $ 8,000.00 $ 5,9 2.50 $ 13,992.50
Dec. 1, 1984 9 3 410 $ 5,6 2.50 $ 5,602.50
June 1, 1985 93/4'10 $ 8,000.00 $ 5,6 .50 $ 13,602.50
Dec. 1, 1985 9 3~41o $ 5,2 2.50 $ 5,212.50
June 1, 1986 9 3 4'10 $ 9,000.00 $ 5,2 .50 $ 14,212.50
Dec. 1, 1986 9 3~4% $ 4,7 .75 $ 4,773.75
June 1, 1987 934% $ 10,000.00 $ 4,7 .75 $ 14,773.75
Dec. 1, 1987 93?% $ 4,2 .25 $ 4,286.25
June 1, 1988 9 3 4% $ 11,000.00 $ 4,28 .25 $ 15,286.25
Dec. 1, 1988 10% $ 3,75 .00 $ 3,750.00
June 1, 1989 10% $ 12,000.00 $ 3,75 .00 $ 15,750.00
Dec. 1, 1989 1Of. $ 3,15 .00 $ 3,150.00
June 1, 1990 1Of. $14,000.00 $ 3,15 .00 $ 17,150.00
Dec. 1, 1990 1Of. $ 2,45 .00 $ 2,450.00
June 1, 1991 1Of. $ 15,000.00 $ 2,45 .00 $ 17,450.00
Dec. 1, 1991 10% $ 1,70 .00 $ 1,700.00
June 1, 1992 10% $ 16,000.00 $ 1,7 .00 $ 17,700.00
Dec. 1, 1992 1Of. $ 90 .00 $ 900.00
· June 1, 1993 1Of. $ 18,000.00 $ 90þ.00 $ 18,900.00
$150,000.00 $144,07 .00 $294,070.00
'F
.