HomeMy WebLinkAbout09 165 FOTP Financing (CIBC) By-Law
e
e
e
e
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2009 -165
BEING A BY-LAW TO AUTHORIZE THE FINANCING OF A LOAN FROM THE
CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) TO FUND A LOAN TO
THE FRIENDS OF THE KINCARDINE BEACH PAVILION COMMUNTIY
CENTRE
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 - 162 the Council of The
Corporation of the Municipality of Kincardine authorized the borrowing of three
hundred and fifty thousand dollars ($350,000.00) from the Canadian Imperial
Bank of Commerce (CIBC) for a term of 10 years with a 10 year amortization at
an interest rate of 4.1 %, in addition to any reasonable charges of CIBC
associated with borrowing, to fund a loan to the Friends of the Kincardine Beach
Pavilion Community Centre to be used to repay current loans and accounts
payable incurred in the restoration of the Pavilion and to complete additional
renovations;
NOW THEREFORE, the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
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.
That repayment of the loan is scheduled to begin May 1, 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.
1.
2.
4. This by-law may be cited as the "FOTP Financing (CIBC) By-law".
READ a FIRST and SECOND time this 11th day of November, 2009.
cR---i' 9C::. - v\1Wwtu; cNm",,,, on
o Mayor ~ CI:rtO
READ a THIRD time and FINALLY PASSED this 11th day of November, 2009.
vffi~~ie~~}Pon
cht-cl a 1-e_ ` A ' —\-tis) \I 6\1\1 k t . a cc c - qr 5
FRFT- Amortization Calculator
c ` { ` 1 4f � c o The M unicipa l i ty of Kincardine
Clr tbm6r� t �
r ..- A ' 5252
a {�, f November 10 2009
D�i>;p1 Prd��
; * Required fields
Inputs
Principal Balance $350,000.00
Term (Years) 10
Amortization (Years) 10
Payments Per Year 2 semi annually
Advance Date (mm /ddlyyyy) 13 Nov - 09
First Payment Date (mm /dd/yyyy) 1- May -10
Interest Rate 4.100%
Days Prior to 1st Payment 169 { .
Interest Accrued prior to 1st Payment $6,701.26
r
Calculations
Payment $2
# of Periods 2
# of Periods (Term) 20
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.
• 1 � � r S 4 s .t # 7 - 4 '' s o, f fi+' -dt t 't lr K �k d _ `k d xt
i + • u'.�h , f p s . .. x?` j :, x , s - : ' .. -. gp . . . . 'S ,. .. �. ' _: j0!"s. ti.. .^ ,. -1.
1 5/01/10 $350,000.00 $21,544.72 $14843.46 $6,701.26 $335,156.54
2 11/01/10 $335,156.54 $21,544.72 $14,615.06 $6,929.66 $320,541.48
3 5/01/11 $320,541.48 $21,544.72 $14,917.24 $6,627.48 $305,624.24
4 11/01/11 $305,624.24 $21,544.72 $15,225.66 $6,319.06 $290,398.58
5 5/01/12 $290,398.58 $21,544.72 $15,540.47 $6,004.25 $274,858.11
6 11/01/12 $274,858.11 $21,544.72 $15,861.78 $5,682.94 $258,996.33
7 5/01/13 $258,996.33 $21,544.72 $16,189.74 $5,354.98 $242,806.59
8 11/01/13 $242,806.59 $21,544.72 $16,524.48 $5,020.25 $226,282.11
9 5/01/14 $226,282.11 $21,544.72 $16,866.13 $4,678.59 $209,415.98
10 11/01/14 $209,415.98 $21,544.72 $17,214.86 $4,329.86 $192,201.12
11 5/01/15 $192,201.12 $21,544.72 $17,570.79 $3,973.93 $174,630.33
12 11/01/15 $174,630.33 $21,544.72 $17,934.08 $3,610.64 $156,696.25
13 5/01/16 $156,696.25 $21,544.72 $18,304.89 $3,239.84 $138,391.36
14 11/01/16 $138,391.36 $21,544.72 $18,683.36 $2,861.37 $119,708.01
15 5/01/17 $119,708.01 $21,544.72 $19,069.65 $2,475.07 $100,638.36
16 11/01/17 $100,638.36 $21,544.72 $19,463.93 $2,080.79 $81,174.43
17 5/01/18 $81,174.43 $21,544.72 $19,866.37 $1,678.35 $61,308.06
18 11/01/18 $61,308.06 $21,544.72 i $20,277.12 $1,267.60 $41,030.94
19 5/01/19 $41,030.94 $21,544.72 $20,696.37 $848.35 $20,334.57
20 11/01/19 $20,334.57 $20,755.00 , $20,334.57 $420.44 $0.00
•
1
1