HomeMy WebLinkAboutKIN 88 021 Debnture-Beach Clean
THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 1988-21
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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
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READ a THIRD time and FINALLY PASSED
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this 7 th
day of
April,
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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
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Agenda - DIY. Aeq'd
AQenda . Not Req'd
AQenda . Repor1s
CIeII<·Admin
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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
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CompJeted