HomeMy WebLinkAbout09 144 KCMC Phase II Financing (CIBC)
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2009 - 144
BEING A BY-LAW TO AUTHORIZE THE FINANCING OF A LOAN FROM THE
CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) TO FUND THE
CONSTRUCTION OF THE KINCARDINE COMMUNITY MEDICAL CLINIC
PHASE II PROJECT
WHEREAS Section 401 of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides authority for a municipality to incur a debt for municipal
purposes;
AND WHEREAS pursuant to the said Municipal Act, Section 408, authorizes
long term borrowing by the issue of debentures;
AND WHEREAS Regulation 276/02 sets out requirements for borrowing by way
of bank loan;
AND WHEREAS with the passage of By-law No. 2009 - 139 the Council of The
Corporation of the Municipality of Kincardine authorized the borrowing of three
million dollars ($3,000,000.00) from the CIBC for a term of 10 years with a 10
year amortization at an interest rate of 4.090%, in addition to any reasonable
charges of CIBC associated with borrowing, to fund the construction of the
Kincardine Community Medical Clinic Phase II Project;
NOW THEREFORE, the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That the amortization schedule for the repayment of the loan is as set out
in Schedule 'A' attached hereto and forming part of this By-law.
2.
That repayment of the loan is scheduled to begin March 21, 2010 with
payments to be made by direct withdrawal on a semi-annual basis.
3. This by-law shall come into full force and effect at the time of its passing.
4. This by-law may be cited as the "KCMC Phase II Financing (CIBC)
By-law" .
READ a FIRST and SECOND time this yth day of October, 2009.
J2 ~C ' . .
c:J Mayor QQ-f);..C.t.l~ Clerk
READ a THIRD time and FINALLY PASSED this yth day of October, 2009.
U~"~e~nJC "
The amortization calculator is intended to be used for illustrative purposes, The sample calculations were prepared using
conventional compound interest principles, and are provided for guidance only, Actual calculations may vary,
Starting Remaining
Period Principal Payment Principal Interest Principal
1 $3,000,000.00 $184,267.86
2 $2,877,082.14 $184,267.86
3 $2,751,650.61 $184,267.86
4 $2,623,654.00 $184,267.86
5 $2,493,039.86 $184,267.86
6 $2,359,754.67 $184,267.86
7 $2,223,743.79 $184,267.86
8 $2,084,951.49 $184,267.86
9 $1,943,320.89 $184,267.86
10 $1,798,793.94 $184,267.86
11 $1,651,311,41 $184,267.86
12 $1,500,812.87 $184,267.86
13 $1,347,236.63 $184,267.86
14 $1,190,519.76 $184,267.86
15 $1,030,598.03 $184,267.86
16 $867,405.90 $184,267.86
17 $700,876.49 $184,267.86
18 $530,941.55 $184,267.86
19 $357,531.44 $184,267.86
20 $180,575.10 $184,267.86
$122,917.86
$125,431.53
$127,996.61
$130,614.14
$133,285,20
$136,010.88
$138,792.30
$141,630.60
$144,526.95
$147,482.53
$150,498.54
$153,576.24
$156,716.87
$159,921.73
$163,192.13
$166,529.41
$169,934.94
$173,410.11
$176,956.34
$180,575.10
$61,350.00
$58,836.33
$56,271.25
$53,653.72
$50,982.67
$48,256.98
$45,475,56
$42,637.26
$39,740,91
$36,785.34
$33,769.32
$30,691.62
$27,550.99
$24,346.13
$21,075.73
$17,738.45
$14,332.92
$10,857.75
$7,311.52
$3,692.76
$2,877,082.14
$2,751,650.61
$2,623,654.00
$2,493,039.86
$2,359,754.67
$2,223,743.79
$2,084,951.49
$1,943,320.89
$1,798,793.94
$1,651,311.41
$1,500,812.87
$1,347,236,63
$1,190,519.76
$1,030,598.03
$867,405.90
$700,876,49
$530,941.55
$357,531.44
$180,575.10
$0.00