HomeMy WebLinkAboutKIN 95 079 Apportion Debenture
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THE CORPORATION OF THE TOWN OF KINCARDINE
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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".
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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.
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May
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Clerk
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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
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By-law No. 1995-79
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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
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By-law No. 1995-79
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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
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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
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Total special annual rate
$
7.134.25
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