HomeMy WebLinkAboutKIN 71 2201 Borrowing By-law
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rHE CORPORATION OF THE TOWN OF KINCARDI
~-LAW .NO. 2201
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~eing a by-law to authorize the borrow
$45,000.00 upon debentures for the pur
of constructing storm sewers.
~E1S th& Council of the Corporaiion of the
Kincardine has authorized the construction
AND W}f1i:R1ó''¡S it is deemed expedient to said
purpose a SUIII not exceeding '45,000.00 upon the cre the
Corporation and to issue debentures therefor bearin interest,
to
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payable annually at the rate of g per cent per ann
provid& for the discount and expenses incidental to the
negotiation and sale for such debentures;
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AND WHEREAS it is expedient to make the princi al of the
said debt repayable in annual instalments during th period of
issue of such debentures;
AND THEREFOR the CounCil of the Corporation of the Town of
K4ncardine ENACTS AS FOLLOWS:
'1. For. th& purpose afor&said the Corporation of t e Town of
Kincardine shall borrow upon the credit of the Corp ration the
sumo! $45,000.00 and shall issue d&bentiures theref r.
2. The debentures shal+ bear int&rest at the rate of 8 per cent
per annum as set out for the respective years in Sc edule "A"
~. attached to this by-law and shall have coupons atta hed thereto
. for the payment of said interest.
3. . The de\Jentures shall be dated. the first day of December. 1971
and shall be repayable in 10 annual instalments on the first day
of December in eaçh of the years 1972 to 1981 both nclusive and
the respective amounts of principal and interest pa abl~ in each of,
the said years shall be the amounts so designated i Schedule "A"
attached to and. forming part of this by-law.
4. The debentures shall be payable as to both pri cipal and
inter~n t in lawful money of Canada and may be made ayable at the
Bank of Montreal in the Town of Kincardine or at th principal
office of the said Bank in the City of Toronto.
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The debentures shall be sealed with the seal 0 the
Corporation and signed by the head of tihe Council r by some
other person authorized by by-law to sign the same nd by the
treasurer, The said interest coupons shall be signe by the
treasurer and his signature to them may be written r engraved,
lithographed, prfunted ot otherwise mechanically rep oduced. The
signature of the head of Council may be written or ngraved,
lithographed, printed or otherwise mechanically reproduced, if
such debentures are countersigned in writing by the deputy-treasurer,
the signature of the treasurer thereon may be writt n or engraved,
lithographed, printed or otherwise mechanically rep~oduced.
6. There shall be levied and raised commencing in the year
1972 and thereafter in each year, in which an insta Lment of
principal and interest becomes due, by special rate sufficient
therefor on all the rateable property in the municipality the specific
sum shown for the respective year in the said Schedule "A" but no
greater rate shall be levied in any year, for such purpose, than
is required to pay the instalment after taking into account
receipts from any other source in respect to the s~id work.
7. The said debentures may contain a clause provJding for the
registration thereof pursuant to Section 326 of thE Municipal Act.
8. Pending the sale of said debentures, the Head of Council and the
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Treasurer may :ra....efor the purpose aforesaid by W¡y of loan on
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such debentures any sum or sums of money not exceecing in all the
sum hereby authorized to be borrowed and may hypot ecate such
debentures for such loan.
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Read a FIRST and SECOND time this
Day 0
7th
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Read a THIRD time and finally passed this
27t
Oct.ober
1971.
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CORPORATION OF THE TOWN OF KINCARD
~CHEDuLE "A"
BY-LAW NO. 2201
YEAR: PRINCIPAL AND PRINCIPAL
- INTEREST :
1972 $ 6,700.00 $ ),60 .00 $ 3,100.00
1973 6,752.00 3,35 .00 3,400.00
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1974 71 6,680.00 3,08 .00 3,600.00
1975 7, 6,692.00 2,79 .00 3,900.00
1976 l¿ 6,600.00 2,48 .00 4,200.00
4f77 17 6,744.00 2,1 .00 4,600.00
tt 978 7v 6,676.00 4,900.00
- 979 ì! 6,684.00 5,300.00
1900 tþ 6,760.00 5,800.00
1981 <r( 6,696;00 6,200.00
J\67.064..00
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.$45.000.00
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