HomeMy WebLinkAboutKIN 65 1895 Borrowing By-law
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COJlPOBl: TIO_OF THE ron. OF KINCARDIB
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~t. protiàe for the bo:n-.'Ifb¡g or t8 .9~." by
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"",;'obeDwe for thepurp'ose of financing 7;'1 of e oost ot tho
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""'preJeotas tollo.
,'""....ge paping; s1;&ti_ an d overflow pipe.
t. . Qte twe1veiltc1l. cü....ter forcemain..
3. ~~eel.l stabilizatiOD: pon_ and appurt_
1..w.L~..pur.u..1o tG agreem.Dt date. the e
..,.,. ¡9~. C:_1or~"r1ogage and Housing Corpora
··..ma~e.a lean to the Corp0t"a tion ot the Town
'.' Ur.1naftør referred t'o as the Borrower in the a
of$84.9Q9.8S.
ØD W:H2R1I!&~ the 1og1;&l cost of th e proj.ct
U wài~b1 .al+~.9ó9.8C is the hrrower's port1øn
.'. _ WHIIi&ø it i.necossary to borrow thé
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·...:,1~.;'S:;01ith. credit of th e. Børr..el!' an d to
i,c_(f': .'...... ~eretol" beUiag..iat..erest at the .m:e of Five
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(~l/~'pel"¢tlÎl.t'pel"ann.. cålc.u.latèd half ye
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<iebeature.
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d~~th..d.þ"1Itt_d.a. tó be created by this By..l w~
,;;.¡,i; .a:..... :Ltisexped1ent to IRÙ:. .the pri cipa1.of tlte
.åtddebt repayable in yearly SUIIIS during the .' riod ot thirty
1ttara. ot suçh allOUDts resplWti't'e1y that the a egateamount
+;jJqable for. priDcipal and interest in any year hall àeeq\la!
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..~ n~:ras iU.Y'.ot,e¡..the .alllOUDt so payable fo tÀeprineJ,pa1
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.aII4 1øJõÜ'eA,~ . :.tthe other yeus':
.. waRn i't. wiJ.l be necessary. to rài;se a uaUy tÀe sua
.tI5..717..69 duriJag the period of ttdrtyyears 0 payth. said
yru-1y SW118 of pr~c;:ipal and interest as they come duej
.IIQ) D-.t~ttht)Ílllount 0 f th e whole ra tellbl ptotpeñy èf .
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:;_<bid.palitY.~~C.1"ding to the las. revised ........t r.1l
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.,,1.t ÞJ$J..235~OO. '%
. ØD nmus .,JÁ1DUJIT of
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the existing debe tur'e d,"*'ôt
. 1':tJåe·Y1~Pilitr'(~Cl\tll1v. of local illlProYellleß
.0,. .pe~iaJ¡.,rate. .;r...........Jõ).is .322..245.32
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de....... .ec1U'ed
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nd,.. pa.r;t e£
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pr1nClipå1. er interes' 18 in arrears~
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THEREFORE the Municipal Council of the orporation of the
Town of Kincardine enacts as follows;-
1. THAT for the purpose aforesaid there s all be borrowed on
the credit of the Corporation of the Town of Kincardine at large
the sum of $84,969.88 and debentures shall b issued therefor
in sums of not less than $206.27 bearing int rest at the rate of
Five and one-eighihper cent per annum calcul'ted half-yearly.
2. The debentures shall bear the same dat and shall be
issued within two years after the day on whi h this By-law is
passed, and may bear any date within such tw years and shall
be payable in thirty annual instalments duri g the thirty years
next after the time when the same are issued and the respective
amounts of /rinciPal and interest payable in each of such years
shall be as follows;-
Payment
Date Principal Inter st Total
1 Jan 1/65 $ 206.27 $ 51 .22 722.49
2 Jan 1/66 1,317.90 3,88 .61 5,204.51
3 Jan 1/67 1,386.30 4,33 .39 5,717.69
4 Jan 1/68 1,458.26 4,25 .43 5,717.69
5 Jan 1/69 1,533.96 4,18 .73 5,717.69
6 Jan 1/70 1,613.58 4,10 .11 5,717.69
7 Jan 1/71 1,697.33 4,02 .36 5,71'1.69
8 Jan 1 2 ----:b 85.44 J 93 .25 5 717.69
9 Jan 1 73 1, 7 .11 J, 3 , .
10 Jan 1/74 1,975.60 3,'14 .09 5,'117.69
11 Jan 1/'15 2,078.15 3,63 .54 5,717.69
12 Jan 1/76 2,186.02 3,53 .6'1 5,71'1.69
13 Jan 1/77 2,299.48 3,41 .21 5,717.69
14 Jan 1/'18 2,418.84 3,29 .85 5,717.69
15 Jan 1/79 2,544.40 3,17 .29 5,717.69
16 Jan 1/80 2,6'16.47 3,04 .22 5,'117.69
17 Jan 1/81 2,815.39 2,90 .30 5,'117.69
18 Jan 1/82 2,961.5J 2,75 .16 5,717.69
19 Jan 1/8J J,115.25 2,60 .44 5,'117.69
20 Jan 1/84 3,276.96 2,44 .73 5,717.69
21 Jan 1/85 3,447.05 2,27 .64 5,'717.69
22 Jan 1/86 3,625.98 2,09 .71 5,717.69
23 Jan 1/87 3,814.19 1,90 .50 5,71'7.69
24 Jan 1/88 4,012.17 1,70 .52 5,7l?69
25 Jan 1/89 4,220.43 1,49 .26 5,717.69
26 Jan 1/90 4,439.50 1,27 .19 5,717.69
27 Jan 1/91 4,669.94 1,04 .75 5,717.69
28 Jan 1/92 4,912.34 80 .35 5,7l7.69
29 Jan 1/93 5,167.32 55 .J7 5,717.69
30 Jan 1/94 5,4J5.72 28 .97 5,717.69
$84,969.88 $81,05 $166,022.32
J. The debentures as to both principal nd interest shall
be expressed in Canadian Currency and shall e payable at the
Bank of Montreal at its branch in the Town 0 Kincardine or in
th~ City of Ottawa.
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.,..~. Tne .yer of thiliCorporatien ot the Town ot Dacardine
_hall s~p and b8\1. the debcture. and the 8 e sÃal1 alae h
.tpeciby the Treasurer or the Town et X1mcar and the debenture.
.haJJi-be sealed withthe seù of the said Town K::i.Dcardine.
5!!>~~ thirty years, the currancy of the de the
'Q e£ ~71?6' .~be raised annuallw fer yment ot the debt
and. 1D.1öøreat. and shall be raised anJIIIUallw by special ra te
.,.rfiC1ct theretor,. ever and above all other
Ij'lII.1oeaòlê propen.yin the l6micipality, at the
,¡~e s.e unner as other rat.. but it shall n be neee.sary to
.. ,~.'t'Y in any year a p-eater alllØunt than is reqto pat the said
Wtallllenl; after taking into account net frem uy sour..
·,iIl Corme,ctiOJll witJa the proposed work.
·,6. 'J!he debenture. l1li&1' contain any clause provo din. for the
'i¡ist.ratien theree.t." authorized by any atatut relating to the
. ~ic~pa¡. deb_tures in force at the ti_ of t e issue 1oàereof.
1~ i'b.eameunt oftb..iIi loam authorized by this -LawIlaY be
øen:sol1dated with..tlae amount ef any loans auth rized by ether
li1icali.,prev8lll.t B,,.J.aQ, by including the s e W1th such, other
~.ans in a cansolidåting by-law authorizing th bor,rowingof the
·aggregate thereof as one loan, and the issue 0 debentures fer
;<á\tch lGaD. in one consecutive issue, pursuant
.o<j
<tal the ata 10ute in that behalf.
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'8,.. Previd4d that,th.i.. Çorpora~i;on shall ba~ t e r.l.ght, at
1ts opinion, of re<ieela1ng said deben tures upon
,,,cipal _.\IIlt owing hereunder to~th,r with tenst acerued
to the date of red8lllpt1on and upø. giving pre
1Rt8l1w'on of the Corporation to redeelll by ising once ilathe
,Oþ'1iarl8 Gazette and. once in a daily newspaper 0 general
,;~)~'Y1ACial circulaii!el'II, published in Toronte, ~donce.
'iJI,a lecal newapapel"., åuch notiee to ed asd'or....id at
Âi:i!M.'th1rt:r days beføre the Giate fixed for re Netice
,.f intention so 1;0 redeelll ahal! alse be sent b hut
tlairty days prier totbe date set for ,such rede ptien to the
parson in whose nlillle the debenture so to ,be red e..d1sr~1ster.d
at the ad.dress shown.,ü ,the Debenture
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BY..Law l$9ò 1a,:hÎl'_by repeal.~
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.~-.. ,Tb1s By...lûr íaha11.take ettecton the day otthe 1'aal
p'¿'siq ther..t.
,ftDjJ a FIRST and SECOJID tillle 0D1 the
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DB ,. THIRD TIB and FINALLY PASSED on
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,01' otSEPTEMBER' 'Ln. 1965.
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