HomeMy WebLinkAboutKIN 74 3059 Borrowing By-law
THE CORPOUTlO. .OF TIm TOW OF KINCAJmIN
BY"L&W NO. 3059
Being a By-~ to authorize the borrowing of
. 11,600. upon ~ebentures for the purpose of
the installat1Ø!1 of services on West Stre t.
WllGIUS the C01lDcil of the Corporation of t e Town of
Kincardine has authørised the installation of serTices on
West Street.
An ~1UR it is .....d expedient to borr for the said
purpose a sum not exceeding * 11,600. upon th credit of the
CorpòraUon and to issue debentures therefore bearing interest,
.payabl.e annually at the rate otlO per cent pe ann.. and to
proTide for the discount and expenses inciden 1 to the
negot~ation and sale of such debentures;
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AJlD 1fIœRRAS it is expedient to Mke the ipal of the
said debt repayable in annual instalJllents dur the period
of issue of such debentures;
N01fTHIB~ORE the Council of the Corporation of the Town
of Kincardine DAeTS AS FOLID1fS:
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1. Fer the purpose aforesaid the Council of the Corporation
of tàe Town oflincareline shall borrow u on the credit
of the Corporati~the sua of $11,600. a d shall issue
debentures therefore.
2. Each debenture shall bear interest at th rate of 10 per
cent per _aDD'" as set out for the respec i ve years in
Sdtedule itA" t,ttached to this By-law and aball have coupons
attached thereto for the payment of the aid interest.
3. The debentures shall beclated the first y of December,
197I. and shall be repayable in annual in talJllents on
the first day of E)ecember in each of the 1975 to
1986 beth ineldive and tne respective a of iprincipal
and iRterest payable in each of the said shall
be tne amount 80 designated in Schedule It attac.hed .to
aad forming part of this By-law.
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I.. The debenutres shall be payable as to b th principal
and interest in lawful money of Canada nd may be made
payable at the Bank of Montreal in the of Kincardine
or at the principal office of the said nk in the City
of Toronto.
The debentures shall be sealed with the seal of the
Corporation and signed by the head Council or
by some other person authorized by By- to sign the
sa.e and by the treasurer. The said
shall be signed by the treasurer and signature to
them may be written or engraved, lithog phed, printed or
otherwise mechanically reproduced. ignature of the
head of Council may be written or engra d, lithographed,
printed or otherwise mechanically reprod ced, if such
debentures are countersigned in writing the deputy-
treasurer, the signature of the treasure thereon may be
written or engraved, lithographed, print d or otherwise
mechanically reproduced.
There shall be levied and raised cOllllenc ngin the year
1975 and thereafter in each year, in whi h an instalment
of principal and interest becomes due, a special rate
sufficient therefore on all the rateable property in the
municipality the specific sum shown for he respective
year in the said Schedule 1t}.1t but no gr ter rate shall
be levied in any year, for such purpose, than is required
to pay the installment after taking into account receipts
from any other source in respect to the aid work.
7. The said debentures may contain a clause providing for
the registratioR.thereof pursuant to Sec ion 323 of the
Municipal Act.
. 8. Pending the sale of the said debentures, the Head of the
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(con't)
8. Counc il and the Treasurer _y raise for the purpose
aforesaid by.ay of loan on such de bent es any sum or
suas of aoaey Dot exceeding in all the
authorized to be borrowed. and may hypot ecate suck
debenutres for such loan.
Read' a FIRST aadSECOND ti.. this
17th
day of
October
, 197I..
Read a THIRD TDΠand finally PASSED this
October , 197I..
th
day of
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SCHEDULE uA It BY-LAW 3059
PAYMENT DATE PRINCIPAL TOTAL
NtIMBER ~ PAIJID'l' PAYMENT
1 Dec. 1, 1975 550.00 1,160. 1,710.00
2 nec. 1, 1976 600.00 1, 105 . 1,705.00
3 Dec. 1, 1977 650.00 1,045. 1,695.00
4 Dec. 1, 1978 700.00 980. 1,680.00
5 Dee. 1, 1979 800.00 910. 1,710.00
6 Dec. 1, 1980 900.00 830. 1,730.00
. Dec. 1, 1981 950.00 740. 1,690.00
& Dec. 1, 1982 1,050.00 6I.5. 1,695.00
9 Dec. 1, 1983 1,150.00 540. 1,690.00
10 Dec. 1, 198I. 1,250.00 425. 1,675.00
11 Dee. I, 1985 1,~.00 300. 1,700.00
12 Dee. 1, 1986 1,600.00 160. 1,760.00
X1,600.00 20,"0.00
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