HomeMy WebLinkAboutTWP 76 001 Issue debenture
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THE CORPORATION OF THE TOWNSHIP OF KINCARDINE
BY-rAW NO. 76-'0/
A By-law to authorize the issue of a
Debenture in the principal amoUnt of
$110,000.00 for the
purposes referred to in Schedule "A"
attached hereto.
WHEREàS the Council of The Corporation of the Township of Kincardine
now deems
it expedient for the purposes set out in Schedule "A" attached hereto to borrow !!IOney
by the issue and sale to The Ontario Municipal Improvement Corporation of a Debenture
of this Municipality in the principal amount of $110,000.00
bearing
interest at the rate of
11':; % per annUID payable semi-annually, which is the· amount
of debt intended to be created by this By-law.
NOI'1 THEREFORE the Council of The Corporation of, the Township of Kincardine
enacts as
follows:
1.
T~T for the purposes aforesaid money shall be borrowed on the credit of
The Corporation of the Township of Kincardine
by the issue of a Debenture of the Corporation in the principal amount of $110,000.00
bearing interest at the rate of 11':; % per annum payable semi-annually on t:þe 15th
day of
and the 15th day of December
in each
June
year of the currency of the Debenture, upon the principal amount from time to time
relllaining unpaid.
2. THAT the said Debenture shall be dated the 15th day of December
1975 , and shall be payable in 10 annual instalments of principal on the 15th day
.
of
December
in the years 1976 to 1985 , inclusive. and the respective
amounts of pJ:'incipal and interest payable in respect of such Debenture in the years
1976 ,to, 1985 ,inclusive, shall be as set forth in Schedule roB" 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
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registered owner of the Debenture and such cheques shall be payable at par in the... City
of Toronto.
4.
THAT the said Debenture shall be sealed wi.th'the Seal of the Corporation
and shall be sis,ned by the Head of the Councilor by some other person authorized by
By-law to sign the same, and by the Treasurer.
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5.
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THAT all sums required to payoff the instalments of princip~l of
the Debenture and to pay inter¡,st thereon as set out in Schedule "B" attached
hereto shall be levied and raised in the years 1976
to 1985
, inclusive
by a special rate sufficient therefor, over and above all other rates, upon
all the rateable property in the Municipality at the same time and in the
same manner as other rates, but it shall not be necessary to levy in any year
a greater amount than is required to pay the said instalment of principal and
interest after taking into account receipts from any other source in respect of
said works.
6.
THAT the said Debenture be sold to The Ontario Municipal Improvement
Corporation.
7.
THAT the said Debenture shall contain a clause providing for the
· registration thereof pursuant to Section 326 of The Municipal Act.
8.
THAT application shall be 1IISde to the Ontario Municipal Board for
approval of this By-law and for the certification OL the Debenture to be issued
hereunder pursuant to Sections 58 to 60 of The Ontario Municipal Board Act.
9.
THAT Schedules "A" and "B" attached hereto, are hereby declared to
be and to form part of this By-law.
ENACTED this
{;-;:t;
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day of
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THE CORPORATION OF THE TOWNSHIP OF KINCARDINE
SCHEDULE uBI! TO BY-LAW NO. l!,-t!J/
1 2 3 4 5
PRINCIPAL INTEREST TOTAL ANNUAL
DUE Decem e DUE DUE AMOUNT PAYABLE
197 $ 7,000.00 $ 6,325.00 $ 6,325.00 $ 19,650.00
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197 7,000.00 5,922.50 5,922.50 18,845.00
I 0' 5,520.00/ V
197 8,000.00 J'" 5,520.0q 19,040.00
197 9,000.00 5,060.00 5,060.00 19,120.00
198 10,000.00 4,542.50 4,542.50 19,085.00
198 l1,OOO.O<Y 3,967.50-- 3,967.50 18,935.00
198 12,000.00 3,335.00 3,335.00 18,670.00/
198 14,000.00 2,645.00 2,645.00 19,290.00
_98 15,000.00 1,840.00 1,840.00 18,680.00
198 17,000.00 977.50 977 .50 18,955.00
$110,000.00 $40,135.00 $40,135.00 $190,270.00
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