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
.