HomeMy WebLinkAboutKIN 71 2183 Borrowing By-law
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THE CORPORATION OF THE TOWN OF KINCARD NE
BY-LAW NO.
2183
Being a by-law to authorize the borrow ng of
$29,000.00 upon debentures for the pur ose
of purchasing a fire pumper.
WHEREAS the Council of the Corporation of th Town of
Kincardine has authorized the purchase of a fire
AID WHEREAS it is deemed expedient to borrow
purpose a sum not exceeding $29,000.00 upon the c
Corporation and to issue debentures therefor bear
payable annually at the rate of 8 per cent per an
said
the
interest,
and to
provide for the discount and expenses incidental 0 the
negotiation and sale of such debentures;
AND WHEREAS it is expedient to make the cipal of the
said debt repayable in annual instalments during he period of
issue of such debentures;
NOW THEREFOR the Council of the Corporation f the Town of
Kihlardine ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Council of the Corporation of
the Town of Kincardine shall borrow upon the cred t of the
Corporation the sum of $29,000.00 and shall issue debentures
therefor.
2.
Each debenture shall bear interest at the ra e of ~..-$- per
cent per annum as set out for the respective year in Schedule "A"
attached to this by-law and shall have coupons at ached thereto
for the payment of the said interest.
3. The debentures shall be dated the first day f August, 197a
and shall be r~payable in
10
on the first
day of August in each of the years 1972 to 1981 oth inclusive and
the respective amounts of principal and interest ayable in each of
the said years shall be the amount so designated n Schedule "A"
attached to and forming part of this by-law.
4. The debentures shall be payable as to both p incipal and
interest in lawful money of Uanada and may be mad payable at the
Bank of Montreal in the Town of Kincardine or at he principal
office of the said Bank in the City of Toronto.
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5.
The debentures shall be sealed with the sea of the
Corporation and signed by the head of the Council
some
other person authorized by by-law to sign the sam 8l11d by the
treasurer. The said interest coupons shall be sign by the
treasurer and his signature to them may be written r engraved,
lithographed, printed or otherwise mechaniœally re oduced. The
signature of the head of Council may be written or
lithographed, printed or otherwise mechanically re odueed, 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.
levied and
6. There shall b~raised commencing in the year 1972 and
c,p
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thereafter in each year, in which an instalment of rincipal and
interest becomes due, by a special rate sufficient herefor on all
the rateable property in the municipality the speei ie sum shown for
the respective year in the said Schedule "An but no greater rate
shall be levied in any year, for such purpose, than is required to
pay the instalment after taking into account receip s from any
other source in respect to the said work.
7. The said Debentures may contain a clause pro iding for the
registration thereof pursuant to Section 323 öf the Municipal Act.
8. Pending the sale of the said debentures, the Head of the
Council and the Treasurer may raise for the purpose aforesaid by way
of loan on such debentures any sum or sums of money not exceeding in
all the sum hereby authori.ed to be borrowed and ma hypothecate
such debentures for such loan.
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Read a FIRST and SECOND time this fourth day of Ma
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Read a THIRD time and finally passed this
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twenty- econd day of
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April, 1971.
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Certified that the above is a true copy of By-Law N . 2183
as enacted and passed by the Council of the Corpora ion of the
Town of Kincardine. on the 22 day of April 1971.
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CORPORATION OF THE TOWN OF KINCARDINE
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SCHEDULE tlA"
BY-LAW NO. 2183
YEAR : PRINCIPAL AND INTEREST PRINCIPAL:
INTEREST: PAYMENTS:
1972 $ 4,000.00 tf/7y $ 2,320.00 $ 1,680.00
1973 5,000.00 7~ 2,185.60 2,814.40
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1974 4,000.00 1,960.45 2,039.55
1975 4,000.00 ?ç 1,797.28 2,202.72
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1976 5,000.00 7(- 1,621.07 3,378.93
1977 4,000.00 77 1,350.75 2,649.25
'978 ,
4,000.00 ìt 1,138.81 2,861.19
7'r 4,090.08
1979 5,000.00 909.92
1980 4,000.00 <¿,O 582.71 - 3,417.29
1981 4,175.92 qJ. 309.33 3,866.59
!;3,1l7~.92
$14, 175.92
$29,000.00
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