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HomeMy WebLinkAboutKIN 87 075 Postponed Indefnitly THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW 1987-75 e BEING A BY-LAW TO AUTHORIZE THE BORROWING OF $34,292.00 (THIRTY-FOUR THOUSAND, TWO HUNDRED AND NINETY-TWO DOLLARS) UPON DEBENTURES FROM THE CORPORATION OF THE TOWN OF KINCARDINE'S CAPITAL EXPENDITURE RESERVE FUND. WHEREAS the Council of has included in its $86,500 to carry out a Davidson Centre¡ The Corporation of the Town of Kincardine 1987 approved capital budget the sum of program of energy conservation in the AND WHEREAS the current 1986¡ the budget includes provision to raise $52,208 from revenues and from unexpended capital receipts from NOW THEREFORE the Council of The Corporation of the Town of Kincardine ENACTS as follows: 1. In this by-law, ·work" shall mean the construction and installation of materials and equipment designed to reduce energy consumption at the Davidson Centre for Kincardine and District and to include the installation of a low emissivity ceiling, pipe insulation, corridor lighting improvement, boiler economizer stack and loop circulating system and improvements to the supply fan system; 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 the issue of debentures in an amount not exceeding $34,292 being the total cost of $86,500 less payment of $47,000 from the Province of Ontario Municipal Oil Conversion and Energy Conservation Program and less payment of $5,208 from the 1986 unexpended capital receipts and repayable in 5 (five) years is hereby approved and authorized. 3. In each year in which an instalment of the said debentures becomes due, the amount to be paid shall be paid from the income of The Corporation of the Town of Kincardine Revenue Fund until the debenture has been paid in full. 4. The debenture shall be purchased from the Capital Expenditure Reserve Fund at the current rate of investment for a period of five years. 5. This by-law shall the approval of obtained pursuant Board Act and shall approval being given. not come into The Ontario to Section come into full force and effect until Municipal Board has been 64 of the Ontario Municipal force and effect upon such READ a FIRST and SECOND time this 17th day of September, 1987. e ~ø~----- ê~ READ a THIRD time and FINALLY PASSED this 1st dây of 1987. October, POSTPONED INDEFINITELY Mayor Clerk