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HomeMy WebLinkAboutKIN 95 079 Apportion Debenture e e e e THE CORPORATION OF THE TOWN OF KINCARDINE , BY-LAW BY-LAW NO. 1995-79 A BY-LAW TO AUTHORIZE THE ISSUE OF PRINCIPAL AMOUNT OF $47,336.28 FOR THE IN SCHEDULE . A· ATTACHED HERETO. DEBENTURES IN THE PURPOSES REFERRED TO 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 $47,336.28 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. T}IAT 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 $47,336.28 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 . TrIAT 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. TrIAT 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. TrIAT 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 . TrIAT 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 a special annual rate to be levied upon the lands as listed in Schedule "C". . . . /2 ~ e e e e By-law No. 1995-79 Page 2 6. TrIAT the said debentures be purchased by the Equipment Replacement Reserve Fund as a long term investment. 7. TrIAT the said debentures shall contain a clause providing for the registration thereof pursuant to Section 181 of The Municipal Act, R.S.O. 1990, c. M.45. 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. (d) At least thirty days prior to the date set for redemption, notice of intention so to redeem shall published in The Ontario Gazette and in a newspaper newspapers of general circulation, if any, in 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 "1995 penetangore River Cost Apportionment Debenture By-Law". READ a FIRST and SECOND time this 16th day of November, 1995. READ a THIRD time and FINALLY PASSED this 7th day of December, 1995. ~~------ May ~ Clerk e e e THE CORPORATION OF THE TOWN OF KINCARDINE _SCHEDULE "A" - BY-LAW NO. 1995-79 ONTARIO MINISTRY OF THE RESOLUTION MUNICIPAL BD ENVIRONMENT TOTAL APPROVED PREVIOUSLY TO BE ISSUED PURPOSE NO. FILE NO. CER.'I'._OF APPROVAL BY O.M.B. ISSUED HEREUNDER Cost apportionment nla nla nla Nil $ 47,336.28 By-law 1995-56, share of property owners - Queen Street erosion project, stabilization of slope e By-law No. 1995-79 e SCHEDULE IIBII Out- Due Standing Date Principal Interest Total Principal Dec. 31/1995 $ 0 $ 0 $ 0 $ 47,336.28 Dec. 31/1996 3,229.01 3,905.24 7,134.25 44,107.27 Dec. 31/1997 3,495.40 3,638.85 7,134.25 40,611.87 Dec. 31/1998 3,783.77 3,350.48 7,134.25 36,828.10 Dec. 31/1999 4,095.93 3,038.32 7,134.25 32,732.17 Dec. 31/2000 4,433.85 2,700.40 7,134.25 28,298.32 Dec. 31/2001 4,799.64 2,334.61 7,134.25 23,498.68 e Dec. 31/2002 5,195.61 1,938.64 7,134.25 18,303.07 Dec. 31/2003 5,624.25 1,510.00 7,134.25 12,678.82 Dec. 31/2004 6,088.25 1,046.00 7,134.25 6,590.57 Dec. 31/2005 6,590.57 543.68 7,134.25 0 $47.336.28 $24.006.22 $71.342.50 PRINCIPAL: INTEREST RATE: FIRST PAYMENT: LAST PAYMENT: $ 47,336.28 8.25% DEC. 31, 1996 DEC. 31, 2005 e e By-law No. 1995-79 . SCHEDULE "C" Listing levied. 1995-56. of the lands upon which a special annual rate will be This list is based on the unpaid balances of By-law e Yearly Roll No. Owner Propertv rate 6-00900-0000 Enpee Entreprises 232 Harbour $ Incorporated Street 82.69 6-01000-0000 Enpee Entreprises 232 Harbour Incorporated Street 514.51 6-01200-0000 Irwin, 262 Harbour Carolyn Jane Street 514.51 6-01300-0000 Rodgers, 274 Harbour Gordon R. Street 597.20 6-01400-0000 Tommy John's Harbour S/S Lakeview 404.26 6-01500-0000 Jackson, 284 Harbour Barbara Ann Street 128.63 6-01600-0000 Mole, Walter 286-290 Harbour Mole, Teresa Ann Street 486.95 6-01700-0000 Sheppard, 760 Queen James Victor Street 287.11 6-01900-0000 Tommy John's 754 Queen Lakeview Street 859.05 6-02500-0000 Amdu Limited 734 Queen Street 408.85 6-02900-0000 Kozhikott, 724 Queen Rajalakashmi Street 164.46 6-03000-0000 The New Seasons 722 Queen Limited Street 650.49 6-03200-0000 penetangore 708 Queen Ridge Inc. Street 2.035.54 e Total special annual rate $ 7.134.25 -