HomeMy WebLinkAboutKIN 93 056 BIA Debenture
THE CORPORATION OF THE TOWN OF KINCARDINE
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BY-LAW
BY-LAW NO. 1993-56
A BY-LAW TO AUTHORIZE THE BORROWING OF UP TO $61,500.00
(SIXTY-ONE THOUSAND, FIVE HUNDRED DOLLARS) UPON DEBENTURES
ON BEHALF OF THE KINCARDINE BUSINESS IMPROVEMENT AREA.
WHEREAS the Kincardine Business Improvement Area (hereinafter
referred to as the "B. I . A. II are undertaking a streetscape
improvement proj ect wi thin the boundaries of the B. 1. A. and
intend to finance the project by way of debentures;
AND WHEREAS the Council for The Corporation of the Town of
Kincardine must approve such borrowing;
NOW THEREFORE the Council for The Corporation of the Town of
Kincardine ENACTS as follows:
1. That debentures in the amount of up to $61,500.00 be
hereby approved.
2. That expenditures for the project be made as required
during the construction phase of the project, which may
take place over a two-year period commencing in 1993.
3. That upon completion of the project the accumulated costs
be debentured together with a market rate of interest.
Such principal and interest to be repaid over a ten-year
period, with principal and interest costs levied on an
annual basis to the membership of the B.I.A. via the
members' business tax bills.
4.
This
its
by-law shall come into full force and effect
final passage.
upon
5.
This by-law may be cited as the "B. LA.
By-law" .
Debenture
READ a FIRST and SECOND time this 5th day of August, 1993.
.
READ a THIRD time and FINALLY PASSED this 16th day of September,
1993.