HomeMy WebLinkAboutKIN 79 4245 borrowing by-law
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THE CORPORAJ.:ION OF 'J.:HE :!:OWN OF KINCARDINE
L BY-LAW'NO/-4245
BEING a By-law to aut.horize t,he borrowing
of $440,000. upon debentures towards the
cost of construction of an extension
to the Water Treatment Plant.
WHEREAS by By-law No. 4115 the Council of
Corporation of the Town of Kincardine authorized th
of an extension to the Water Filtration Plant consi
addition to the building, additional filtration and
consisting of:
1. 1 filter (150 sq. ft.) including floccula
tank and encasement of existing filters
2. 2 new vertical turbine pumps @ 2300 I.G.P. .
including installation fittings and valve
the
construction
ting of an
equipment,
AND WHEREAS the Ontario Municipal Board
dated April 28, 1978 and September 28, 1978 under
number E 772007 approved the said undertaking and
debentures therefore;
3. Moving existing backwash pump to new loca on
4. Building expansion including pump well an
demolition of existing valve chamber
5. New 16 inch diameter highlift discharge t
Durham Street and North to Saugeen
its Orders
s file
e issue of
AND íVHEREAS for the purpose aforesaid it snow
expedient to issue debentures in the amount of $440,000. repayable
during the period of 20 years payable in lawful mon y of Canada
on the terms hereinafter set forth;
NOW THEREFORE 'J.:HE COUNCIL OF B'J.HE CORPORAJ.:
OF lHE l0WN OF, KINCARDINE ENAC1S AS FOLLOWS:
1. For the purpose aforesaid there shall be
upon the credit of the Corporation at large the sum
in lawful money of Canada, and the Corporation shal
debentures therefore in denominations of not less t
orrowed
of $440,000.
issue
an $50. each.
2. The debentures shall be dated the 1st day of November,
1979, shall be issued at one time and shall be paya le in
twenty annual instalments of principal on the 1st ay of November
in each of the years 1980 to 1999, both inclusive, d shall bear
interest payable semi-annually on May 1 and Novembe 1. The
debentures maturing in the years 1980 to 1989, both inclusive,
shall bear interest at the rate of lli% per annum d the
debentures maturing in the years 1990 to 1999, both inclusive,
shall bear interest at the rate of 11-3/8% per ann . The
debentures shall be in fully registered form with p ovision for
payment of interest by cheque sent through the post to the
registered holder. The respective amounts of princ'Pal and
interest payable in each of such years shall be as et forth in
Schedule "A" hereto annexed and forming part of thi by-law.
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3. The debentures shall be payable as to prin ipal in
lawful money of Canada at the Bank of Montreal in th Town of
Kincardine or at the principal office of the said B k, in either
of the cities of Toronto or Montreal, at the holder's option.
4. The debentures shall be sealed with the se
Corporation and signed by the head of the Council 0
other person authorized by by-law to sign them and
Treasurer. lhe signature of the head of the Counci
debentures may be written or engraved, lithographed,
otherwise mechanically reproduced.
5. In each year during the currency of the s
there shall be levied and raised by a special rate
therefore, over and above all other rates, on all t
property in the municipality, the amount of the ins
principal and interest payable in that year as set
Schedule "A" hereunto annexed; but no great.er rate
levied in any year then is required to pay the inst
after taking into account moneys available from rat
under the provisions of The Public utilities Act.
6. The debentures may contain any provision
registration authorized by law.
7. Pending the sale of the said debentures,
of the Council and the Treasurer may raise for the
aforesaid by way of loan on such debentures any sum
of money not exceeding in all the sum hereby author
borrowed and may hypothecate such debentures for su
READ a FIRST, SECOND andJ.:HIRD t.ime and F
this 18th day of October, 1979. L
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1 of the
by some
the
to the
printed or
id debentures,
ufficient
e rateable
alment of
forth in
hall be
lment
s charged
or their
he head
urposes
or sums
zed t.o be
h loan.
ALLY PASSED
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SCH~DULE "A" TO BY-LAW NO. 2
$440,000.00 ~ OF KINCARDItæ
Debentures
To be Dated: Noverrber 1, 1979
. $112,000.00 11-1/4% to mature Novenœr 1, 1980 - 1989
$328,000.00 11-3/8% to mature NovelTber 1, 1990 - 1999
YEAR RATE PRIN::IPAL INTERESl' '1Ol'AL
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May 1, 1980 11-1/4% $ $ 24,955.00 $ 24,955.00
. Novani:Jer1,1980 11-1/4% 6,000.00 24,955.00 30,955.00
May I, 1981 11-1/4% 24,617.50 24,617.50
No\IeII'ber I, 19 81 11-1/4% 7,000.00 24,617.50 31,617.50
May I, 1982 11-1/4% 24,223.75 24,223.75
No\IeItber I, 1982 11-1/4% 8,000.00 24,223.75 32,223.75
May 1, 1983 11-1/4% 23,773.75 23,773.75
No\IeII'ber 1, 19 8 3 11-1/4% 9,000.00 23,773.75 32,773.75
May 1, 1984 1].-1/4' 23,267.50 23,267.50
No\IeII'ber 1, 1.9 84 1].-1/4% 10,000.00 23,267.50 33,267.50
May 1, 1985 11-1/4' 22,705.00 22,705.00
NoWllber 1, 1985 11-1/4\ 11,000.00 22,705.00 33,705.00
May 1, 1986 11-1/4\ 22,086.25 22,086.25
~r 1, 1986 11-1/4\ 13,000.00 22,086.25 35',086.25
May 1, 1987 11-1/4' 21,355.00 21,355.00
No\IeII'ber 1, 19 87 11-1/4\ 14,000.00 21,355.00 35,355.00
May 1, 1988 11-1/4\ 20,567.50 20,561.50'
NoWIIber 1, 1988 11-1/4' 16,000.00 20,567.50 36,567.50
May 1, 1989 11-1/4% 19,667.50 19,667.50
Noveid¡er 1, 1989 11-1/4' 18,000.00 19,667.50 37,667.50
May 1, 1990 11-3/8' 18,655.00 18,655.00
Novenber 1, 1990 1].-3/8% 19,000.00 18,655.00 37,655.00
May 1, 1991 11-3/8% 17,574.38 17,574.38
No\IeT1þer ,1, 199J, R-3/8% 22,000.00 17,574.37 39,574.37
May 1, 1992 - 3/8% 16,323.13 16,323.13
Noveid¡er 1, 1992 11-3/8' 24,000.00 16,323.12 40,323.12
.' May 1, 1993 11-3/8' 14,958.13 14,958.13
Noveid¡er I, 1993 11-3/8' 27,000.00 14,958.12 41,958.12
May 1, 1994 1:1-3/8% 13,422.50 13,422.50
No\IeØber 1, 1994 11-3/8' 30,000.00 13,422.50 43,422.50
May 1, 1995 11-3/8' 11,716.25 11,716.25
NoventJer 1, 1995 11-3/8' 33,000.00 11,716.25 44,716.25
May 1, 1996 11-3/8' 9,839.38 9,839.38
Npveøber 1, 1996 11-3/8' 37,000.00 9,839.37 46,839.37
. May 1,1997 11-3/8' 7,735.00 , 7,735.00
Noveøber 1, 1997 11-3/8' 41,000.00 7,735.00 48,735.00
May 1, 1998 11-3/8% 5,403.13 5,403.13
Noveid¡er 1, 1998 U-3/8' 45,000.00 5,403.12 50,403.12
May 1, 1999 11-3/8' , 2,843.75 2,843.75
~ 1, 1999 1~-3/8' 50,000.00 2,843.75 52,843.75
$440,000.00 $691,378.75 $1,131,378.75
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