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HomeMy WebLinkAboutKIN 94 074 BIA Beautification - e - - THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW BY-LAW NO. 1994-74 A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINCIPAL AMOUNT OF $36,000.00 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 $36,000.00 bearing interest at the rate of 9.25% 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 $36,000.00 bearing interest at the rate of 9.25% 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, 1994, and shall be payable in ten (10) annual instalments of principal on the 31st day of December in the years 1995 to 2004 inclusive, and the respective amounts of principal and interest payable in respect of such debentures in the years 1995 to 2004 inclusive, shall be as set forth in Schedule "B" attached hereto. The amount of interest paid in the year 1995 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 Business Improvement Area in the years 1995 to 2004, inclusive. .. ./2 · · · · · · By-law No. 1994 - 74 Page 2 6. THAT the said debentures be purchased by the Equipment Reserve Fund as a long term investment. THAT 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. 7. (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. 9. This by-law shall come into full force and effect upon its final passage. such be or the 10. This by-law may be cited as the Beautification Debenture Issue By-Law". Downtown "BIA READ a FIRST and SECOND time this 3rd day of November, 1994. READ a THIRD time and FINALLY PASSED this 3rd day of November, 1994. ~~-~ Mayor . . . . . . THE CORPORATION OF THE TOWN OF KINCARDINE SCHEDULE "A" - BY-LAW NO. 1994-74 ONTARIO MINISTRY OF THE RESOLUTION MUNICIPAL BD ENVIRONMENT TOTAL APPROVED PREVIOUSLY TO BE ISSUED PURPOSE NO. FILE NO. CERT. OF APPROVAL BY O.M.B. ISSUED HEREUNDER Downtown nla nla nla Nil $ 36,000.00 Beautification - to purchase and install benches and garbage receptables. By-law No. 1994 - 74 SCHEDULE "B" '. Out- Due standing Date Princit>al Interest Total princit>al · Dec. 31/1994 $ 0 $ 0 $ 0 $ 36,000 Dec. 31/1995 2,500 3,330 5,830 33,500 Dec. 31/1996 2,500 3,099 5,599 31,000 Dec. 31/1997 3,000 2,868 5,868 28,000 Dec. 31/1998 3,000 2,590 5,590 25,000 Dec. 31/1999 3,500 2,313 5,813 21,500 Dec. 31/2000 4,000 1,989 5,989 17,500 Dec. 31/2001 4,000 1,619 5,619 13,500 · Dec. 31/2002 4,500 1,249 5,749 9,000 Dec. 31/2003 4,500 833 5,333 4,500 Dec. 31/2004 4,500 416 4,916 0 S 36.000 S 20.306 S 56.306 PRINCIPAL: INTEREST RATE: FIRST PAYMENT: LAST PAYMENT: $ 36,000 9.25% DEC. 31, 1995 DEC. 31, 2004 · . .