HomeMy WebLinkAbout01 064 mun admin cen debenuture
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2001 . 64
A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINCIPAL
AMOUNT OF $1,000,000.00 FOR THE PURPOSE OF FINANCING THE
PURCHASE OF A MUNICIPAL ADMINISTRATION CENTRE.
WHEREAS in accordance with subsection 140 of the Municipal Act, R.S.O. 1990,
chapter
M. 45, the Municipality may pass money by-laws allowing for the issue of debentures,
AND WHEREAS the Council for The Corporation of the Municipality of Kincardine now
deems it expedient for the purpose of financing the purchase of a municipal
administration centre to borrow money by the issue and sale to the general public of
debentures of this municipality in the principal amount of $1,000,000.00 bearing interest
at the rate of 6.00% per annum, payable annually, which is the amount of debt intended
to be created by this By-law.
NOW THEREFORE the Council for The Corporation of the Municipality of Kincardine
ENACTS as follows:
1.
THAT for the purposes of the aforesaid, money shall be borrowed on the credit
of The Corporation of the Municipality of Kincardine by the issue of a debenture
of the Corporation in the principal amount of $1,000,000.00 bearing interest at
the rate of 6.00% per annum payable annually on the 15th day of June in each
year of the currency of the debentures upon the principal amount from time to
time remaining unpaid.
2.
THAT the said debentures shall be dated the 16th day of June, 2001, and shall
be payable in ten (10) annual installments of principal on the 15th day of June in
the years 2002 to 2011 inclusive, and the respective amounts of principal and
interest payable in respect of such debentures in the years 2002 to 2011
inclusive, shall be as set forth in Schedule "A" attached hereto.
3.
THAT the said payments of principal and interest shall be payable in lawful
money of Canada by cheques sent through the post to the registered address of
the registered owners of the debentures.
THAT the said debentures shall be sealed with the seal of the Corporation and
shall be signed by the head of council or by some other person authorized by By-
law to sign the same, and by the treasurer.
4.
5.
THAT all sums required to payoff the installments of principal of the debentures
and to pay interest thereon as set out in Schedule "A" attached hereto, shall be
paid by the revenue fund of the Corporation of the Municipality of Kincardine.
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Municipal Administration Centre Debenture By-Law
By-law No. 2001 - 64
Page 2 of 2
6.
THAT the said debentures shall be sold over the counter at the Municipal
Boardroom of the Corporation of the Municipality of Kincardine at Concession 5,
Municipality of Kincardine.
7.
THAT the said debentures shall contain a clause providing for the registration
thereof pursuant to Section 181 of The Municipal Act, R.S.O. 1990, c. M.45.
(a) The Corporation shall have the right, at its option, to redeem the said
debentures on any interest payment date prior to maturity by payment of the
unmatured principal amount thereof together with interest accrued to the date set
for redemption.
8.
(b) The unmatured principal of the debentures shall become due and payable
on the date set for redemption thereof, and from and after such date interest
ceases to accrue thereon where provision is duly made for the payment of the
amount thereof.
(c) Notice of intention so to redeem shall be sent by post at least thirty days
prior to the date set for such redemption to the person in whose name the
debenture is registered at the address shown in the Debenture Registry Book.
(d) At least thirty days prior to the date set for such redemption, notice of
intention so to redeem shall be published in The Ontario Gazette and in a
newspaper or newspapers of general circulation, if any, in the municipality.
9. This by-law shall come into full force and effect upon its final passage.
10. This by-law may be cited as the "Municipal Administration Centre Debenture By-
Law".
READ a FIRST. SECOND and THIRD time and DEEMED TO BE PASSED this
23rd day of May, 2001.
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~ Clerk
Bv-Iaw No. 2001 - 64
SCHEDULE "A"
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Due Date PrinciDal Interest Total Outstandine:
Princioal
June 16,2001 $0 $0 $0 $1,000,000
June 15,2002 $76,000 $60,000 $136,000 $924,000
June 15,2003 $80,500 $55,440 $135,940 $843,500
June 15,2004 $85,000 $50,610 $135,610 $758,500
e June 15,2005 $90,500 $45,510 $136,010 $668,000
June 15,2006 $96,000 $40,080 $136,080 $572,000
June 15,2007 $101,500 $34,320 $135,820 $470,500
June 15,2008 $107,500 $28,230 $135,730 $363,000
June 15,2009 $114,000 $21,780 $135,780 $249,000
June 15, 2010 $121,000 $14,940 $135,940 $128,000
June 15,2011 $128.000 $7 .680 $135.680 $0
$1.000.000 5358.590 $1.358.590
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PRlNCIPAL:
INTEREST RATE:
FIRST PAYMENT:
LAST PAYMENT:
$1,000,000.00
6.00%
June 15,2002
June 15,2011
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