Loading...
HomeMy WebLinkAboutKIN 79 4245 borrowing by-law . . . . --, .~- 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. . . . . - 2 - 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 ,~ ' tL7~~ '- Mft°r ' ,~ . _. '--;::'. .' . -- 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 "/, -:::/ ~ ~ ~ ~ ,: ~ ._~ 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 - 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 - .