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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.
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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.
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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.
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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.
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Mayor ~Clerk
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By-law 4679
SCHEDULE "A"
TOWN OF KINCARDINE
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$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
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