Loading...
HomeMy WebLinkAboutKIN 85 4679 PUC Equip Center THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW NO. 4679 A BY-LAW TO AUTHORIZE THE BORROWING OF $250,000. UPON DEBENTURES TOWARDS THE COST OF CONSTRUCTION OF A SERVICE CENTRE FOR THE KINCARDINE PUBLIC UTILITIES COMMISSION. . WHEREAS by By-law No. 4630 the Council of The Corporation of the Town of Kincardine authorized the construction of a service centre for the Kincardine Public Utilities Commission on Lots 33 and 34 on the east side of Queen Street; AND WHEREAS the Ontario Municipal Board by its Order dated November 14, 1984 under its file number E841158 authorized the said undertaking and the issue of debentures therefor; AND WHEREAS for the purposes aforesaid it is now expedient to issue debentures in the amount of $250,000. payable in lawful money of Canada on the terms hereinafter set forth; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF KINCARDINE ENACTS AS FOLLOWS: 1. For the purposes aforesaid, there shall be borrowed upon the credit of the corporation at large the sum of $250,000. in lawful money of Canada, and the corporation shall issue debentures therefor in denominations of not less than $1,000. each. 2. The debentures shall be dated the 1st day of October, 1985, shall be payable in ten annual instalments of principal on the 1st day of October in each of the years 1986 to 1995, both inclusive, and shall bear interest payable semi-annually on April 1 and October 1 in each year. The respective amounts of principal and interest payable in each of such years shall be as set forth in Schedule "A" hereto annexed and forming part of this by-law. The debentures maturing in the year 1986 shall bear interest at a rate of 9-3/4% per annum, the debentures maturing in the year 1987 shall bear interest at the rate of 10-1/4% per annum, the debentures maturing in the year 1988 shall bear interest at the rate of 10-1/2% per annum, the debentures maturing in the years 1989 to 1991, both inclusive, shall bear interest at the rate of 10-3/4% per annum, and the debentures maturing in the years 1992 to 1995, both inclusive, shall bear interest at the rate of 11% per annum. 3. The debentures shall be payable as to principal in lawful money of Canada at the Canadian Imperial Bank of Commerce in the Town of Kincardine or at the principal office of the said bank in either of the cities of Toronto or Montreal, at the holder's option. They shall be in fully registered form with provision for payment of interest by cheque sent by post to the registered holder. . 4. The debentures shall be sealed with the seal of the corporation and signed by the head of the councilor by some other person authorized by by-law to sign them and by the treasurer. The signature of the head of the council to the debentures may be written or engraved, lithographed, printed or otherwise mechanically reproduced. Commencing the year 1986, and thereafter in each year during the currency of the said debentures, there shall be levied and raised by a special rate sufficient therefor, over and above all other rates, on all the rateable property in the municipality, the amount of the interest or instalment of principal and interest payable in that year as set forth in Schedule "A" hereto annexed; but no greater rate shall be levied in any year for such purpose than is required to pay the said amount after taking into account receipts of moneys available from rates charged under the provisions of the Public Utilities Act. 5. .........2 - 2 - By-law 4679 6. The debentures may contain any provision for their registration authorized by law. 7. Pending the sale of the said debentures, the head of the council and the treasurer may raise for the purposes aforesaid by way of loan on such debentures any sum or sums of money not exceeding in all the sum hereby authorized to be borrowed and may hypothecate such debentures for such loan. . 8. The holder of any debenture of the denomination of more than $1,000. issued under the authority of this by-law may exchange such debenture for debentures of the denomination of $1,000. or multiples thereof upon surrender of such debenture to the treasurer of the corporation. Debentures issued in substitution for any such debenture surrendered shall aggregate the same principal amount as the debenture surrendered, bear the same interest rate and maturity date and be the same in every respect except in denomination to such debenture surrendered. The cost of such exchange shall be borne by the corporation. READ a FIRST and SECOND time this 19th day of September, 1985. ~~/ Mayor -/.:~ 7M_~ . Clerk READ a THIRD time and FINALLY PASSED this 19th day of September, 1985. ~~~?n<¿~ Mayor ~Clerk - -:::,.--- -- ~ :::- . By-law 4679 SCHEDULE "A" TOWN OF KINCARDINE . $250,000. Instalment Debentures Schedule of Principal and Interest Payments Dated: October 1, 1985 To Mature: October 1, 1986 - 1995 Interest Interest Principal Payment Payment Payment Total Year April ~ October 1 October 1 Payment 1986 $13,458.75 $13,458.75 $15,000.00 $41,917.50 1987 $12,727.50 $12,727.50 $17,000.00 $42,455.00 1988 $11,856.25 $11,856.25 $19,000.00 $42,712.50 1989 $10,858.75 $10,858.75 $21,000.00 $42,717.50 1990 $9,730.00 $9,730.00 $23,000.00 $42,460.00 1991 $8,493.75 $8,493.75 $25,000.00 $41,987.50 1992 $7,150.00 $7,150.00 $28,000.00 $42,300.00 1993 $5,610.00 5,610.00 $31,000.00 $42,220.00 1994 $3,905.00 $3,905.00 $34,000.00 $41,810.00 1995 $2,035.00 $2,035.00 $37,000.00 $41,070.00 $85,825.00 $85,825.00 $250,000.00 $421,650.00 .