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HomeMy WebLinkAboutKIN 65 1890 Borrowing By-law !O~ ~,-#.;..- . . .0 , , J. Þr ..". I' 9( f(e.fP~'; 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 I 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 . ~ ~- .. 2 .. ì:--' 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. ~ØY1:U.><:J~'~AUI"J 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 . 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 - 3 - i.:^ - a.~ 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 ~, . er as other rates. . 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 . 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 . ,. ,. 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. , " "~,,,,,c . - .- 9. 'rhia By-law shall take eftect on the y ot the tinal passiRg thereof. ~ IUD a First anci Se.oad time on the Snent ~o~ Cler READ A rHIKD TIM and FINALLY PASSED on the May t A.D. 1965. ¿~ fourt~:ñ!Jl_ - ,:-~y of -þ~ ~~." "? '''~ --. :~ ~ .;,,;- - - - . - -- - - -:::. ...;....: ~ - ,,;;;...;:, ~ -.. ....;,: ..;."..:: - ......~.... .......,-""-,,.¥ 4Þ ßtf#A-L-ßcI /Jy 13;- ¥ 3, 1'(,.5" AW -II' /('6- . .'" Cjj