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HomeMy WebLinkAboutKIN 92 101 Stret Smart Lighting THE CORPORATION OF THE TOWN OF KINCARDINE - ~~ '" .Æ::.. ...;.. t.\ - , I .--.... ;. f, . ,," ·~;;;:/"6 BY-LAW BY-LAW NO. 1992-101 A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINCIPAL AMOUNT OF $89,000.00 FOR THE PURPOSES REFERRED TO IN SCHEDULE n A n 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 $89,000.00 bearing interest at the rate of 8.50% 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 $89,000.00 bearing interest at the rate of 8.50% 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, 1992, and shall be payable in eight (8) annual instalments of principal on the 31st day of December in the years 1993 to 2000 inclusive, and the respective amounts of principal and interest payable in respect of such debentures in the years 1993 to 2000 inclusive, shall be as set forth in Schedule "B" attached hereto. The amount of interest paid in the year 1993 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 levied and raised in the years 1993 to 2000, inclusive, by a special rate sufficient therefor, over and above all other rates, upon all the rateable property in the municipality at the same time and in the same manner as .. ./2 By-law No. 1992 - 101 Page 2 5. (continued) . other rates, but it shall not be necessary to levy in any year a greater amount than is required to pay the said instalments of principal and interest after taking into account receipts from any other source in respect of said works. 6. THAT the said debentures be sold to the general public by general advertisement in local newspapers. Any remaining debentures unsold by February 28, 1993 shall be purchased by the Corporation's capital expenditure reserve fund as an investment. 7. 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. (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 "street Smart Street Lighting Debenture Issue By-law". READ a FIRST and SECOND time this 19th day of November, 1992. READ a THIRD time and FINALLY PASSED this 3rd day of December, 1992. ~~--- . Mayo . To Be Previously Issued Issued Hereunder - Nil $ 89.000.00 THE CORPORATION OF THE TOWN OF KINCARDINE SCHEDULE "A BY-LAW NO. 1992-101 - Ontario Ministry of Municipal Bd Environment Total Approved File No Cert ~ApEroval By O.M.B. E-920627 nla $113.000.00 Construction By-Law No. 1992-46 . Purpose Street Lighting - conversion of approx. 600 incandescent and mercury varpour fixtures to high pressure sodium fixtures, and related work By-law No. 1992 - 101 SCHEDULE "B" Out- Due Standing Date Principal Interest Total Principal . Dec. 31/93 $ 8,000 $ 7,565 $ 15,565 $ 81,000 Dec. 31/94 9,000 6,885 15,885 72,000 Dec. 31/95 10,000 6,120 16,120 62,000 Dec. 31/96 10,000 5,270 15,270 52,000 Dec. 31/97 11,000 4,420 15,420 41,000 Dec. 31/98 12,000 3,485 15,485 29,000 Dec. 31/99 14,000 2,465 16,485 15,000 Dec. 31/2000 15,000 1,275 16,275 $ 89,000H $ 37.485 $126,485 PRINCIPAL: INTEREST RATE: FIRST PAYMENT: LAST PAYMENT: FIRST PAYMENT FACTOR: $ 89,000 8.50% DEC. 31, 1993 DEC. 31, 2000 5.647 .