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Home My WebLink AboutKIN 73 2291 Borrowing By-law __~'t "~--' '- . -- ~..;." - JI" - "It,,/ THE CoRPoRATION OF THE TOWN OF KINCARD E . BY-LAW NO. 2291 A By-Law, to' authorize the issue of a Debenture in,th~ principal amount tilf S3!t4,5QO.OO,for the purposes refeITe to in Schedule "A" attached hereto. WHEREAS the Council of The Corporation of the'Town of Kincardine now deel8s it e:x;pedient for the purpose . set out in Schedule "A" attached hereto to borrow money by t e'issue and sale to The Treasurer of Ontario of a Debenture o this Munici- pality in the principal amount of $384,500.00 bea ing interest at the rate of 7'/. per ann\IJII'þayable semi-anxwally, w icb is the amount of Qabt intended to be created by this By-law. NOW THEREFORE the Council of The Corpo of Kincax-dine enacts as follows: 1. THAT for the purposes aforesaid money hall be borrowed on the credit of The Corporation of the Town'of-K cardine-by the 1as\1e, of ,a Debenture of the Corporation in the pr c:i.pal amount of $384,500.00 bearing interest at the rate of 7% pe annum payable semi.....nn,vally on the 1st day of .y and the 1st y of November in ..chYear of the currency of the Debenture, upon he principal amount from time to time remaining unpaid. 2. THAT the said Debenture shall be dated-the 1st· day of November 1973, and ~~l, be payable in 20 annual' stalments of principal on the 1st @y of November in the years 1974 to 1993, inclusive, and the respective amounts of principaand interest payable in respect of such Debenture in the years 1974 to 1993, iadusive, shall be as set forth iQ~ßc:I:\'dule "B'" ttached hereto. J. THAT the said payments of prinçipal an --interest shall be payable in lawful inoney of Canada by cheques's nt,through the post to the registered address of the registered owner"of ,,"he Debenture and s~chcheC¡U~8 shall be payable at par in the City f Toron". 4. THAT the said Debenture shall be seale with the Seal of the Corporation and shall be signed by the Hea of the Council or by some other ' person t.uthorized by By-law to s gn the same, and by the Treasurer. 5. THAT all sums required to payoff the' stalJlents of principal of the Debenture and' to pay interest th reœ .. set out in Schedule'" B" attached hereto shall' be levied a d raised in the years 1974 to 1993, inclusive by a special rate s ff;ciimt therefor, o.,.r and above all other rates, upon all the rate ble--propertf in the.Jllunio4pality at the faII1e time and in the same tnaWUlr "8 other 5tes, bw.t it shall not be nec88sary to levy in a y ~ a p-eater 8.\IOunt than is required to pay the said instalmen of principal andint~est·aftar taking intQ account receipts b tþe Treasurer under Section 35 of the Public Utilities Act or f om any other source ~i respect of said works. 6.j THAT the said Debenture be 4pld to The Treasurer of Ontario. , ~ ;...~ ......í .~"'- , #~ J;~,;:~ -' 'i# ., -~J.I(?:A.}." ..... '.. , . '- 7. THAT the said,DtJbenture shall'conta' a clause pro- viding for the regist~,,'I;1Qll tÞer$of pursuant to Se tion 326 of The M1iU11c.ipal . Act. S. (a) The Corporat~on shall have the , '~;'- .,~:i.'!A, ~ redeem the said debenture on any intere t payment 'date p-"cr to maturity by payment of the unmatured prinipal amount ia.bikrØof tOlet¡her with interest accrued to the date set· for redemption. (b) The unmatured' principal of the ebenture shall beCòBII.¡ld\.1.eand payable on the date set for redempt QXl thereof, and from and arter such date interest ceases to accrue thereon where prQvision is duly made for the payment of the amo t thereof. , (0) Notice of intention so to redee shall be sent by post at least thirty days prior to the date set 1'0 such redemption to the' ~1;son in whose name the debenture is regia ered at the address 8ho~inthe Debenture Registry Book. (d) At' least thirty days prior tot such,red/illllPtion, notio,eøf intention so to redeem in '!'be ODtàJ'io Gazette ~d in a newspaper of gene an)", in the lDWli'*'i1ity. 9. THAT application shall be made to t Board for approval of this By-law and for the cer Debenture to be issued hereunder pursuant to Sect QDtario M~1cipal Board Act. 10.. THAT Sdledv.les "A" and "B" attacl:1ed àec4red to be and to form part of this By~law. ENACTED this.~ day of Se tellber -' 1973. ¿ (2) its e date set for hall be published ci:t'culation, if Ontario M~icipal 'ficatiQn of the n 58 to 60 of The are hereby ..;.;JµJ....JJ'.J.....~..... .... .~\ -'"-- ./,'" \~'-v.-';' -.... --:,.. .~ \: ~. ____ /..J - ~X'-'J.<··-.~\. '~' . "~' .,. ~" g~!~ -,', .â~~~.......(Seal).. 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THE CORPORATION OF THE TOWN OF KIN CARD SCHEDULE "B" TO BY-LA\l NO. 2291 I 2 3 4 5 6 PAYMENT DATE PAYMENTS TOTAL ANNUAL NUMBER ~ PRINCIPAL INl'~IŒ::i:r"" TO'l'Àt AMOUNT PAYABLE I May 1/74 . ~ ) 13 ,457.50 13,457:50 2 Nov. 1/74 9,500.00 13.457.50 22,957.50 36,415.00 3 May 1/75 13,125.oo 13,125.oo 4 Nov. 1/75 10,000.00 13,125.00 23,125.oo 36,250.00 5 May 1/76 12,775.00 12,775.00 6 Nov. 1/76 11,000.00 12,775.oo 23,775.00 36,550.00 7 May 1/77 12,39O.oo 12,39O.00 8 Nov. 1/77 11,000.00 12,39O'00 23,390.00 35,780.00 9 May 1/78 12,005.oo 12,005.00 10 Nov. 1/78 12,000.00 12,005.00 24,005.00 36,010.00 11 May 1/79 11,585.00 11,585.00 . 12 Nov. 1/79 13,000.00 11,585.00 24,585.00 36, 170. 00 13 May 1/80 11,130.00 11,130.00 14 Nov. 1/80 14,000.00 11,130.oo 25,130.oo 36,260.00 15 May 1/81 10,64O.00 10,640.00 16 Nov. 1/81 15,000.00 10,64O.00 25,640.00 36,280.00 17 May 1/82 10,115.00 10,115.oo 18 Nov. 1/8Z 16,000.00 10,115.00 26,115.00 36,230.00 19 May 1/83 9, 55~.00 9,555.00 20 Nov. 1/83 17,000.00 9,555.00 26,555.00 36,110.00 21 May 1/84 $,960.00 8,960.00 22 Nov. 1/84 18,000.00 8,960.00 26,960.00 35,920.00 . 23 May 1/85 8,330.00 8,330.00 24 Nov. 1/85 20,000.00 8,330.00 28,330.00 36,660.00 25 May 1/86 7,630.00 7,630.00 26 Nov. 1/86 21,000.00 7,630.00 28,630.00 36,260.00 27 May 1/87 6,895.00 6,895.00 28 Nov. 1/87 23,000.00 6,895.00 29,895.00 36,790.00 29 May 1/88 6,090.00 6,090.00 30 Nov. 1/88 24,000.00 6,090.00 30,090.00 36,180.oo 31 May 1/89 5,250.00 5,250.00 32 Nov. 1/89 26,000.00 5,250.00 31,250.00 36,500.00 33 May 1/9O 4,340.00 4,340.00 34 Nov. 1/90 28,000.00 4,340.00 32,340.0 36,MO.00 35 May 1/91 3,360.00 3,360.0 36 Nov. 1/91 30,000.00 3,360.00 33,360.0 36,720.00 37 May 1/92 2,310.00 2,310.0 38 Nov. 1/92 32,000.00 2,310.00 34,310.0 36,620.00 39 May 1/93 1,19O.00 1,190.0 40 Nov. 1/93 34,000.00 1,190.00 35,190.0 36,380.00 384,500.00 342,265.00 726,765.00