HomeMy WebLinkAbout18 128 The Internal Borrowing By-law for the Connaught Sewage Pumping Station Trunk Sewer and Upgrades THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
NO. 2018 - 128
BEING A BY-LAW TO AUTHORIZE THE INTERNAL BORROWING IN THE
MAXIMUM PRINCIPAL AMOUNT OF $1,260,000TOWARDS THE CONSTRUCTION
COSTS OF THE CONNAUGHT PARK SEWAGE PUMPING STATION TRUNK
SEWER AND REPLACEMENT
• WHEREAS Council passed Resolution#07/05/17-12 authorizing the funding model for the
Connaught Park Sewage Pumping Station Project, including Broadway St. Reconstruction
(the "Project"), which includes internal borrowing from reserve funds;
AND WHEREAS Debt Management Policy GG.2.23 adopted on June 14, 2017 requires all
internal borrowing to be authorized by by-law passed by Council and sets out the amount,
interest, term, and specific reserve fund from which the loan is made;
NOW THEREFORE the Council of The Corporation of the Municipality of Kincardine
ENACTS as follows:
1. The Council of the Municipality hereby approves the internal borrowing of funds from
the Sewer Reserve Fund 67 for the financing of the Project up to the maximum
aggregate principal amount of One-Million Two-Hundred and Sixty-Thousand
Dollars ($1,260,000) per Schedule "B" attached hereto and forming part of this By-
law.
2. The annual debt payments shall be funded by the Development Charges collected
under By-law No. 2016 - 080 for wastewater services over the term of the loan, up to
the maximum eligible amount of 50% of total costs as per the Development Charges
• Background Study.
3. The interest rate shall be equivalent to the rate earned in the Sewer Reserve Fund
67.
4. The borrowing term shall be no more than 10 years.
5. Repayment term to commence once all Project costs have been incurred and the
Project is complete.
6. This by-law shall come into full force and effect at the time of its passing.
7. This by-law may be cited as the "The Internal Borrowing By-law for the
Connaught Sewage Pumping Station Trunk Sewer and Upgrades".
READ a FIRST and SECOND TIME this 7th day of November, 2018
READ a THIRD TIME and FINALLY PASSED this 7th day of November, 2018.
• �,
Mayor Clerk
Page 12
The Internal Borrowing By-law for the Connaught Sewage Pumping Station
Trunk Sewer and Upgrades
By-law No. 2018 - 128
• Schedule "A"
to By-Law No. 2018 -
(1) Description of Capital Work (2) Estimated Expenditure (3) Internal Loan Amount
Connaught Park Sewage Pumping $5,727,200 $1,260,000
Station Trunk Sewer/Upgrades,
including Broadway St.
Reconstruction
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Page 13
The Internal Borrowing By-law for the Connaught Sewage Pumping Station
Trunk Sewer and Upgrades
By-law No. 2018 - 128
1111 Schedule "B"
Repayment Schedule
Principal Amount $ 1,260,000
Annual Interest Rate 2.10 %
Loan Term (Year) 10
Debenture Date (mm/dd/yyyy) 01/01/2019
Maturity Date (mm/dd/yyyy) 01/01/2029
Payment Frequency Semi Annual
Loan Type Amortizing
'° Interest Principal
& Y
w ✓ v ,v.,.M�. . a' . ...i "I .. ., 1' ,w ,� 1. .r....x.,'a.,n.«:. ..., A4..1. ..'
07/01/2019 $ 70,175.32 $ 56,945.32 $ 13,230.00 $ 1,203,054.68
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01/01/2020 $ 70,175.32 $ 57,543.25 $ 12,632.07 $ 1,145,511.43
07/01/2020 $ 70,175.32 $ 58,147.45 $ 12,027.87 $ 1,087,363.98
01/01/2021 $ 70,175.32 $ 58,758.00 $ 11,417.32 $ 1,028,605.98
07/01/2021 $ 70,175.32 $ 59,374.96 $ 10,800.36 $ 969,231.02
01/01/2022 $ 70,175.32 $ 59,998.39 $ 10,176.93 $ 909,232.63
07/01/2022 $ 70,175.32 $ 60,628.38 $ 9,546.94 $ 848,604.25
01/01/2023 $ 70,175.32 $ 61,264.98 $ 8,910.34 $ 787,339.27
07/01/2023 $ 70,175.32 $ 61,908.26 $ 8,267.06 $ 725,431.01
01/01/2024 $ 70,175.32 $ 62,558.29 $ 7,617.03 $ 662,872.72
07/01/2024 $ 70,175.32 $ 63,215.16 $ 6,960.16 $ 599,657.56
01/01/2025 $ 70,175.32 $ 63,878.92 $ 6,296.40 $ 535,778.64
07/01/2025 $ 70,175.32 $ 64,549.64 $ 5,625.68 $471,229.00
01/01/2026 $ 70,175.32 $ 65,227.42 $4,947.90 $406,001.58
07/01/2026 $ 70,175.32 $ 65,912.30 $4,263.02 $ 340,089.28
01/01/2027 $ 70,175.32 $ 66,604.38 $ 3,570.94 $ 273,484.90
07/01/2027 $ 70,175.32 $ 67,303.73 $ 2,871.59 $ 206,181.17
01/01/2028 $ 70,175.32 $ 68,010.42 $ 2,164.90 $ 138,170.75
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07/01/2028 $ 70,175.32 $ 68,724.53 $ 1,450.79 $ 69,446.22
01/01/2029 $ 70,175.41 $ 69,446.22 $ 729.19 $ 00.00
$ 1,403,506.49 $ 1,260,000.00 $ 143,506.49
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