HomeMy WebLinkAboutKIN 81 4424 Sanitary Sewer Proj
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 4424
BEING a by-law to authorize the borrowing of
$800,000 upon debentures towards the cost of
construction of certain sanitary sewers, sewage
pumping stations with ancillary works and
equipment.
WHEREAS by By-law 4310 the Council of the Corporation of
the Town of Kincardine authorized the construction of an addition to
the sewage works to service the unserviced areas in the Town of
Kincardine, as set forth in Schedule "A" hereto;
AND vnŒREAS the Ontario Municipal Board by its Order dated
May 28, 1981, under its file number E801356 approved the said under-
taking and the issue of debentures therefor;
AND WHEREAS by By-law No. 4400 the said Council made
certain amendments to the said By-law No. 4310;
AND vmEREAS the Ontario Municipal Board by its Order dated
October 16, 1981, under its file number E801356 approved the said
amendments;
AND WHEREAS fQr the purposes aforesaid it is now expedient
to issue debentures in the amount of $800,000 repayable during the
period of fifteen years 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 $800,000 in lawful
money of Canada, and the Corporation shall issue debentures therefor
in denomination of not less than $50 each.
2. The debentures shall be dated the 31st day of December, 1981,
shall be issued at one time and shall be payable in fifteen annual
instalments if principal on the 31st day of December in each of the
years 1982 to 1996, both inclusive, and shall bear interest payable
semi-annually on December 31 and June 30. The debentures shall bear
interest at the rate of 16-1/2% per annum. They shall be in fully
registered form with provision for payment of interest by cheque
sent by post to the registered holder. The respective amounts of
prinicpal and interest payable in each of such years shall be as set
forth in Schedule "B" hereto annexed and forming part of this by-law.
3. The debentures shall be payable as to principal in lawful
money of Canada at the Bank of Montreal in the Town of Kincardine or
at the principal office of the said Bank in either the cities of
Toronto or Montreal, at the holder's option.
4. The debentures shall be sealed with the seal of the Corporation
and signed by the head of Councilor by some other person authorized
by by-law to sign them and by the Treasurer. The signature of the head
of Council to the debentures may be written or engraved, lithographed,
printed or otherwise mechanically reproduced.
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5. 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 instalment of principal and interest
payable·in that year as set forth in Schedule "B" hereunto annexed;
but no greater rate shall be levied in any year than is required to
pay the instalment after taking into account moneys available from
rates charged under the provisions of Section 218 of the Municipal
Act, R.S.O. 1980, c. 302.
6. The debentures may contain any provision for their reg-
istration 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.
READ a FIRST and SECOND time this 28th day of
1981.
December
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~1ayor
Clerk
READ a THIRD TIME and FINALLY PASSED this 2Rth day of December
1981.
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Clerk
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Mayor
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SCHEDULE "A" TO BY-LAW NO. 4424
Construction of:
SANITARY SEWERS on:
1.
GODERICH STREET from Bruce Avenue to approximately
513 metres southerly of Bruce Avenue.
2.
PENETANGORE ROWand STREET from Albert Street to
southerly limit of Town.
3.
ALICE STREET from Kincardine Avenue to approximately
259 metres southerly of Kincardine Avenue.
4.
QUEEN STREET from Bruce Avenue to approximately 244
metres northerly of Bruce Avenue.
5.
PRINCES STREET from approximately 213 metres northerly
of Albert Street to Bruce Avenue.
6.
VICTORIA STREET from approximately 152 metres northerly
of Albert Street to approximately 335 metres southerly
of Kincardine Street.
7.
ADELAIDE STREET from Albert Street to Kincardine Avenue.
8.
ALBERT STREET from Queen Street to approximately 152
metres easterly of Adelaide Street.
9.
KINCARDINE AVENUE from Penetangore Street to approximately
46 metres easterly of Alice Street.
10.
KINCARDINE AVENUE from Princes Street to approximately
193 metres easterly of Park Street.
BRUCE AVENUE from Goderich Street to Princes Street.
11.
SEWAGE PUMPING STATION
12.
A dry-well-wet-well sewage pumping station to be located
on Goderich Street to be equipped with two dry pit pumps
each capable of 45 L-S and a diesel engine standby
power facility.
13.
A dry-well-wet-well sewage pumping station to be located
on the South side of Kincardine Avenue approximately 223
metres East of Park Street, to be equipped with two dry
pit pumps each capable of 49 L-S and a diesel engine driven
standby power facility; both stations to discharge via
their individual forcemains into the inlet works of the
existing Kincardine Sewage Treatment Plant, including
all appurtenances, controls and electrical work.
SCHEDULE "B" TO BY-LAW NO. 4424
$800,000
TOWN OF KINCARDINE
l6}¡~ Debentures
To be Dated: December 31, 1981
To Mature: December 31, 1982-1996
YEARS PRINCIPAL INTEREST PRINCIPAL & INTEREST
· 1982 15,000 132,ôOO 147,000
1983 17,000 129,525 146,525
1984 20,000 126,720 146, 720
1985 24,000 123,420 147,420
· 1986 27,000 119,460 146,460
1987 32,000 115,005 147,005
1988 37,000 109,725 146,725
1989 43,000 103,620 146,620
1990 50,000 96,525 146,525
1991 59,000 88,275 147,275
1992 68,000 78,540 146,540
1993 80,000 67,320 147,320
1994 93,000 54,120 147,120
1995 108,000 38,775 146,775
1996 127,000 20,955 147,955
$800,000 $1,403,985 $2,203,985
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