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Home My WebLink AboutKIN 98 014 Goderich Lane Sewer · · · . THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW BY-LAW NO. 1998 - 14 A BY-LAW TO AUTHORIZE THE ISSUE OF A DEBENTURE IN THE PRINCIPAL AMOUNT OF $25,583.82 FOR THE PURPOSE REFFERRED TO IN SCHEDULE "A" ATTACHED HERETO. WHEREAS The Council of The Corporation of the Town of Kincardine deems it expedient, for the purposes set out in Schedule "A" attached hereto, to borrow money by the issue and sale, to the reserve funds of The Corporation of the Town of Kincardine, of a debenture of this municipality in the principal amount of $25,583.82 bearing interest at the rate of 7.50% per annum, payable annually, which is the amount of debt intended to be created by this by-law. NOW THEREFORE the Council for The Corporation of the Town of Kincardine ENACTS as follows: 1. THAT for the purposes of the aforesaid, money shall be borrowed on the credit of The Corporation of the Town of Kincardine by the issue of a debenture of The Corporation in the principal amount of $25,583.82 bearing interest at the rate of 7.50% per annum, payable annually on the 31st day of December in each year of the currency of the debenture upon the principal amount from time to time remaining unpaid. THAT the said debentures shall be dated the 31st day of December, 1997, and shall be payable in ten (10) annual installments of principal on the 31st day of December in the years 1998 to 2007 inclusive, and the respective amounts of principal and interest payable in respect of such debenture in the years 1998 to 2007 inclusive, shall be as set forth in Schedule "B" attached hereto. 2. 3. THAT the said payments of principal and interest shall be payable in lawful money of Canada by cheques to the reserve fund of The Corporation of the Town of Kincardine. 4. THAT the said debenture shall be sealed with the seal of The Corporation and shall be signed by the Treasurer. 5. THAT all sums required to payoff the installments of principal of the debenture and to pay interest thereon, as set out in Schedule "B" attached hereto shall be paid by a special annual rate to be levied upon the lands as listed in Schedule "C". 6. THAT the said debentures be purchased by the Equipment Replacement Reserve Fund as a long-term investment. · · · · Page 2 Goderich Lane Sewer Debenture By-Law 7. THAT the said debenture shall contain a clause providing for the registration thereof pursuant to Section 181 of the Municipal Act, R.S.O. 1990, c. MA5. 8. The corporation shall have the right, at its option, to redeem the said debenture on any interest payment date prior to maturity by payment of the unmatured principal amount thereof together with interest accrued to the date set for redemption. a) b) The unmatured principal of the debenture shall become due and payable on the date set for redemption thereof, and from and after such date interest ceases to accrue thereon where provision is duly made for the payment of the amount thereof. 9. This by-law shall come into full force and effect upon its final passage. 10. This by-law may be cited as the "1998 Goderich Lane Sewer Debenture By-Law" . READ a FIRST, SECOND and THIRD time and finally passed this 7th day of May 1998. Jl:1.4 ~tf.~ May6r Q~fb.~N~d :Clerk · · · · THE CORPORATION OF THE TOWN OF KINCARDINE SCHEDULE "A" - BY-LAW NO. 1998-14 PURPOSE Cost apportionment of By-law 1998-06 share of Property owners - Goderich Lane sewer installation project TOTAL APPROVED PREVIOUSL Y TO BE ISSUED BY COUNCIL ISSUED HEREUNDER $ 25,583.82 $ 0.00 $ 25,583.82 THE CORPORATION OF THE TOWN OF KINCARDINE · SCHEDULE "B" - BY-LAW NO. 1998-14 Outstanding Due date Payment Principal Interest Principal December 31/1997 $ 0.00 $ 0.00 $ 0.00 $ 25,583.82 December 31/1998 3,730.30 1,806.40 1,923.90 23,777.42 December 31/1999 3,730.30 1,942.24 1,788.06 21,835.19 December 31/2000 3,730.30 2,088.29 1,642.01 19,746.89 December 31/2001 3,730.30 2,245.33 1,484.97 17,501.56 December 31/2002 3,730.30 2,414.18 1,316.12 15,087.37 · December 31/2003 3,730.30 2,595.73 1,134.57 12,491.65 December 31/2004 3,730.30 2,790.93 939.37 9,700.72 December 31/2005 3,730.30 3,000.81 729.49 6,699.91 December 31/2006 3,730.30 3,226.47 503.83 3,473.44 December 31/2007 3,730.30 3,473.44 256.86 0.00 Totals $37.303.00 $25.583.82 $11.719.18 · · THE CORPORATION OF THE TOWN OF KINCARDINE . SCHEDULE "C" - BY-LAW NO. 1998-14 Listing of the lands upon which a special annual rate will be levied. This list is based on the unpaid balances of By-Law 1998-06. Roll No. Owner Property Yearlv rate 006-21315 Charles N. Kenney 346 Goderich Lane $ 303.06 Mildred Ann Kenny 006-23800 Larry John Riggin 239 Goderich Lane 330.75 006-24600 Dale Allan Johnston 328 Goderich Lane 391.33 Karen Edith Johnston 006-24800 Barbara L. Elliott 302 Goderich Lane 229.63 Douglas Elliott . Joan D. Elliott John R. Elliott 006-25300 Alice Smith 264 Goderich Lane 349.23 006-25400 Trudy Ann Adsett 260 Goderich Lane 229.63 006-26100 Estate of Beda E. McKenzie 220 Goderich Lane 318.97 006-26200 Mildred E. Heller 215 Goderich Lane 229.60 006-26300 Peter Campbell McPherdran 212 Goderich Lane 457.91 006-26500 Charles Alan Barker 202 Goderich Lane 240.72 006-26600 Paul Alexander Webb 196 Goderich Lane 243.20 Bonnie Mae Webb . 006-26605 Paul Alexander Webb Plan 347 Lot 2 243.20 006-26610 Paul Alexander Webb Plan 347 Lot 1 163.07 Bonnie Mae Webb Total special annual rate $3.730.30 ~.