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HomeMy WebLinkAboutKIN 88 021 Debnture-Beach Clean THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW NO. 1988-21 . A BY-LAW TO AUTHORIZE THE BORROWING OF UP TO $100,000 UPON A DEBENTURE FROM THE CORPORATION OF THE TOWN OF KINCARDINE'S CAPITAL EXPENDITURE RESERVE FUND WHEREAS the Council for The Corporation of the Town of Kincardine has included in its 1988 capital budget, the sum of $100,000 for the purpose of purchasing a beach cleaning machine and related equipment; AND WHEREAS the Council for The Corporation of the Town of Kincardine deems it expedient to debenture for this machine; NOW THEREFORE the Council for The Corporation of the Town of Kincardine ENACTS as follows: 1. That the Town of Kincardine purchase a beach cleaning machine and related equipment upon approval of the Ontario Municipal Board and on an agreement with at least two other municipalities for rental of this machine for a five year period which agreements shall also be approved by the Ontario Municipal Board. 2. The undertaking of the said work, the extension of the powers of The Corporation of the Town of Kincardine to proceed therewith, and the provision of monies therefore by issue of debentures in an amount not exceeding $100,000 from the capital expenditure reserve fund be hereby approved and authorized. 3. In each year in which an instalment of the said debenture becomes due, the amount to be paid shall be paid from the income of The Corporation of the Town of Kincardine's revenue fund until the debenture has been paid in full. 4. The debenture shall be purchased from the Capital Expenditure Reserve Fund at a rate of 9% per annum. 5. This by-law shall not come into full force and effect until approval of the Ontario Municipal Board has been obtained pursuant to Section 64 of the Ontario Municipal Board Act and shall come into full force and effect upon such approval being given. READ a FIRST and SECOND time this 17th day of March, 1988. ~~ (~~~ Mayor Clerk . READ a THIRD time and FINALLY PASSED ~~ this 7 th day of April, - .... . --." /. .... :-.; ~'. / - "_... ---.,Þ Ontario . Ontario Municipal Board Commission des affaires municipales de l'Ontario 180 Dundas 51. West/180, rue Dundas, ouest Toronto, Ontario M5G 1 E5 416/598-2266 Fax: (416) 979-8808 Please respond to:/S.V.P. répondre à: .....-.........................................,..... May 18, 1988 Mr_ Ronald R. Shaw Clerk-Administrator Town of Kincardine 707 Qu~en street Kincardine, ontario N2Z lZ9 Dear Sir: Re: Beach cleaning machine - By-law 1988-21 Total Estimated Cost $100,000.00 - O,M.B. File E 880502 This is to acknowledge receipt of your letter of April 29th, 1988, and also to confirnl our telephone conversation of today's date advising that the Board's approval under section 64 of its act would no longer be required since the project will be financed from your reserve fund. Therefore, the subject file has now been closed. Yours truly .ø'~ ~.~' Agenda - DIY. Aeq'd AQenda . Not Req'd AQenda . Repor1s CIeII<·Admin T.......' T,M.S. fire Chief Hos. CenI18 Chlel 01 Police Date: Mayor C.B.a. Oi,. . Rec. Foe. Mgf. B .I...,.'fØ-2/ Stella Cacciotti (Mrs.) Supervisor Application Analysis & Approvals Capital Expenditure Section . - CompJeted