HomeMy WebLinkAboutKIN 95 057 Slope Stability Proj
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1995-57
A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE
PRINCIPAL AMOUNT OF $730,000.00 FOR THE PURPOSES REFERRED
TO IN SCHEDULE . A· ATTACHED HERETO.
WHEREAS the Council for The Corporation of the Town of
Kincardine now deems it expedient for the purposes set out in
Schedule "A" attached hereto to borrow money by the issue and
sale to the general public of debentures of this municipality
in the principal amount of $730,000.00 bearing interest at the
rate of 8.25% 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 $730,000.00 bearing interest
at the rate of 8.25% per annum payable annually on the
31st day of December in each year of the currency of the
debentures upon the principal amount from time to time
remaining unpaid.
2.
THAT the said debentures shall be dated the 31st day of
December, 1995, and shall be payable in ten (10) annual
instalments of principal on the 31st day of December in
the years 1996 to 2005 inclusive, and the respective
amounts of principal and interest payable in respect of
such debentures in the years 1996 to 2005 inclusive,
shall be as set forth in Schedule "B" attached hereto.
The amount of interest paid in the year 1996 shall be
adjusted, if necessary, to the date of purchase of the
debenture.
3. THAT the said payments of principal and interest shall be
payable in lawful money of Canada by cheques sent through
the post to the registered address of the registered
owners of the debentures.
4. THAT the said debentures shall be sealed with the seal of
the Corporation and shall be signed by the head of
councilor by some other person authorized by By-law to
sign the same, and by the treasurer.
5.
THAT all sums required to payoff the instalments of
principal of the debentures and to pay interest thereon
as set out in Schedule "B" attached hereto, shall be
paid by the revenue fund of the Corporation of the Town
of Kincardine.
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By-law No. 1995-57
Page 2
6.
THAT the said debentures shall
at the Town Hall front office
Town of Kincardine.
be sold over the counter
of the Corporation of the
7.
the said debentures shall contain a clause providing
the registration thereof pursuant to Section 181 of
Municipal Act, R.S.O. 1990, c. M.45.
THAT
for
The
8. (a) The Corporation shall have the right, at its option,
to redeem the said debentures 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.
(b) The unmatured principal of the debentures 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.
(c) Notice of intention so to redeem shall be sent by
post at least thirty days prior to the date set for such
redemption to the person in whose name the debenture is
registered at the address shown in the Debenture Registry
Book.
thirty days prior to the date set for
notice of intention so to redeem shall
The ontario Gazette and in a newspaper
general circulation, if any, in
(d) At least
redemption,
published in
newspapers of
municipality.
such
be
or
the
9. This by-law shall come into full force and effect upon
its final passage.
10. This by-law may be cited as the "penetangore River Slope
Stability Project Debenture Issue By-Law".
READ a FIRST and SECOND time this 7th day of September, 1995.
READ a THIRD time and FINALLY PASSED this 21st day of September,
1995.
~Y$-~~
Mayor
/Já
Clerk
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By-law No. 1995-57
· SCHEDULE 'B'
Out-
Due Standing
Date Principal Interest Total Principal
· Dec. 31/1995 $ 0 $ 0 $ 0 $ 730,000
Dec. 31/1996 50,000 60,225 110,225 680,000
Dec. 31/1997 54,000 56,100 110,100 626,000
Dec. 31/1998 58,000 51,645 109,645 568,000
Dec. 31/1999 63,000 46,860 109,860 505,000
Dec. 31/2000 68,000 41,663 109,663 437,000
Dec. ·31/2001 74,000 36,053 110,053 363,000
Dec. 31/2002 80,000 29,948 109,948 283,000
· Dec. 31/2003 87,000 23,348 110,348 196,000
31/2004 94,000 16,170 110,170 102,000
Dec.
Dec. 31/2005 102,000 8,415 110,415 0
$ 730.000 $ 370,427 $1.100.427
PRINCIPAL:
INTEREST RATE:
FIRST PAYMENT:
LAST PAYMENT:
$ 730,000
8.25%
DEC. 31, 1996
DEC. 31, 2005
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