HomeMy WebLinkAboutKIN 65 1890 Borrowing By-law
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CORPORATIOIl OJ' THE TOWII OF laNC nm.
BY-LAW KO. 1890
A BY-LAW to provide for the borrowing t *g~,969.g, by
debenture tor the purpose of financing 75~ t the cost ot the project
described as tollews:
1. Sewage pumping station and overtl. pipe.
2. On~ twelve inCA diameter íorcemain
3. Two-cell stabilization pond and ap urtenance..
WHEREAS, pursuant to agreement dated t e eighth day ot
May. 196;, Central Mortgage and Housing Cor ratioJa haa- agreed
to make a loaa to the Corporation of the T ot KiBcardine
hereiaatter referred to as the Borrower in he sum of $84,969.'8.
AND WHEREAS the total cost of the proj ct is $113,$93.16
of which $8~,969.g$ is the n ot the coat.
AND WHEREAS the estimated lif.time ot h~ project is
thirty years.
AND WRRRRAS it is necessary to borrow e said sum ot
$84,969.88 on the credit of the Borrower a to issue debentures
therefor bearing interest at the rate ot F" eighth
(5 l/~) per cent per annua which is the a
intended to be created by this By-law.
AND WHEREAS it is expedient to make e principal of the
said debt repayable in yearly sums during
years, of such amounts respectively that te aggregate amount
payable íor principal and interest in any ear shall be equal
as nearly as may be to the amount so payab e for principal and
interest in each of the other years.
AND WHEREAS it will be necessary to rise annually the sua
of $5717.69 during the period of thirty ye ra to pay the said
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yearly sums of principal and interest as t ey become due;
ANn WHEREAS the amount of the whole r teable property of
the Municipality, according to the last re ieed assessment roll
is $2.$81, 325.00.
AND WHEREAS the amount of the existin debenture debtct ot
the MUnicipality (exclusive of localimpro e.eat debt8~ secured
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by special rate& ot assessments) is *322,2~5.3 and no part of the
principal or interest is in arrears;
THEREFORE the Municipal Council of the Co poration ot the
Town of Kincardine enacts as tolloW8;~
1. THAT for the purpose aforesaid there hall be borrowed on
the credit of the corporation of the Town ot ncardine at large
the sum ot $84,969.8' and debentures shall be ssued therefor in
sums of not less than $206.27 bearing interest at the rate ot Five
and one-eløÞtb per cent per annum.
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2. The debentures shall all bear the sam date and shall be
issued within two years atter the day o~ which this By-law is passed,
and may bear any date within such two years and shall be payable in
4IÞ thirty annual instalments during the thirty ye rs next after the
time when the same are issued, and the respect've amounts of
principal and interest payabiein each of such ears shall be
as follows j'" Payment
Date
1 Jan 1/65
2 Jan 1/66
3 Jan 1/67
4 Jan 1/68
5 Jan 1/69
6 Jan 1/70
7 Jan 1/71
8 Jan 1/72
9 Jan 1/73
10 Jan 1/74
11 Jan 1/75
12 Jan 1/76
13 Jan 1/77
14 Jan 1/78
15 Iran 1m
16 Jan 1/80
17 Jan 1/81
18 Jan 1/82
19 Jan 1/83
20 Jan 1/84
21 Jan 1/85
22 Jan 1/86
23 Jan l/.åt
24 Jan 1/8g
25 Jan 1/89
26 Jan 1/90
27 Jan 1/91
28 J~n 1/92
29 Jan 1/.93
30 Jan 1/94
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PRINCIPAL
$ 206.27
1,317.90
1,386.30
1,458.26
1,533.96
1,613.58
1.697.33
1,785.44
1,878.11
1,975.60
2,078.15
2,186.02
2,299.48
2,418.84
2,544.40
2,676.47
2,815.39
2,961.53
3.115.25
3,276.96
3.447.05
3,625.98
3.814.19
4,012.17
4.220.43
4,439.50
4,669.94
4,912.34
5,167.32
5,435.72
INTERESt'
't 516.22
3,886.61
4.331.39
4.259.43
4,18'.73
4,104.11
4,020.36
3,932.25
3,839.58
3,742.09
3,639.54
3,531.67
3,418.21
3,298.85
3.173.29
3,041.22
2,902.30
2,756.16
2,602.44
2,440.73
2.270.64
2,091.71
1,903.50
1,705.52
1,497.26
1,278.19
1,047.75
$05.35
550.37
281.97
Total ~
J 722.
5,204.51
5,717.69
5,717.69
5,717.69
5,717.69
5,717.69
5.717.69
5.717.69
5,717.69
5,717.69
5,717.69
5,717.69
5,717.69
5.717.69
5,717.69
5,717.69
5,717.69
5,717.69
5.717.69
5,717.69
5,717.69
5,717.69
5.717.69
5,717.69
5,717.69
5,717.69
5.717.69
5.717.69
5,717.69
$84,969.88 $ 81,052.44 $166,022.32
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3. The deben~ures as to both principal shall
be expressed ža Canadian Currency and shall be at the
Bank of Montreal at its branch in the Town of ncardine or in
the City ot Ottawa.
~. The Mayor ot tà. Corporation of the Town t Kincardine shall
sign and issue the debentures and interest cou ns and the same
shall also be signed by the Treasurer of the T ot Kincardine and
the debentures shallbe sealed with the seal of aid Town of Kincar-
dine.
5. During thirty years, the currency of the ebentures, the sum of
$5717.69 shall be raised annually for payment the debt and interest,
and shall be raised annually by a special therefor,
over and above allother rates, on all the property in the
7. The amount of the loan authorized by thi by-law may be
consolidated with the amount ot any loans auth local
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er as other rates.
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MUnicipality, at the same time and in the
6. The Debentures may contain any clause pr
registration thereof, authorized by any statut
debentures in force at the time of the issue t
iding for the
relating to MUnicipal
improvement By-lawa, by including the same ~t such other loans in
a consolidating by-law authoriaing of the aggregate
tor such loan in
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thereof as one loan.. and the issue
one consecutive issue, pursuant to the
in that behalf.
8. PBOVIDED that this Corporation e the right, at its
option, of redeeming said debentures
aaount owing hereunder together with interest ccrued to 'the date ot
redemption and upon giving previous notice ot
Corporation to redeem by advertising once in t e Ontario Gazette
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and once in a daily newspaper of general provi cial circulation,
published in the City ot Toronto, and once in local newspaper.
such notice to be adverti.ed as aforesaid a~ 1
before the date fixed for redemption. Notice f intention so to
redeem shall also be sent by post at least to the
date Set for such redemption to the person in de-
benture so to be redeemed is registered at the address shown in the
"'*' Debenture Registry Book.
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9. 'rhia By-law shall take eftect on the y ot the tinal passiRg
thereof.
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IUD a First anci Se.oad time on the Snent
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READ A rHIKD TIM and FINALLY PASSED on the
May t A.D. 1965.
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