HomeMy WebLinkAboutKIN 87 075 Postponed Indefnitly
THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW 1987-75
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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.
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READ a THIRD time and FINALLY PASSED this 1st dây of
1987.
October,
POSTPONED INDEFINITELY
Mayor
Clerk