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HomeMy WebLinkAboutKIN 75 3085 Borrowing By-law , THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW NO. 3085 61~V ¡JJÞ ~ I tf3 ~' Being a By-law to authorize the borrowiqg of $300,000.00 to provide for replacing th~ existing bridge and reconstruction of ~rham Street from Park Lane to Lot 27 North S~de of Durham Street Plan 4. WHEREAS the Council of the Corporation ~f the Town of Kincardine has by By-law authorized the reco~struction of Durham Street from Park Lane to Lot 27, Nort~ Side of Durham Street, Plan 4. . AND WHEREAS it is deemed expedient to b~rrow for the said purpose a sum not exceeding $300,000.00Lupon the credit of the Corporation and upon the completion o¡ the said reconstruction of the said project and the r~ceipt of the Province of Ontario grants for this purpose the balance of the cost of said project shall be raised by þhe Corporation issuing debentures. THEREFORE the Council of the Corporatio~ of the Town of Kincardine enacts as follows: 1. That a sum not exceeding $300,000.00 berborrowed from the Bank of Montreal in the Town of Kin~ardine for the purposes aforesaid. i 2. That the proportion received of the sai~ cost payable by the Province to the Town shall be applied against the loan. . 3. 4. 6. 7. 5. That debentures shall be issued for sal~ for the balance of the cost of said project ovar and above that portion of the cost paid out of g~nts received from the Province of Ontario. : The Corporation of the Town of Kincard~e shall levy on all rateable property in the municiHality an amount over and above all other rates suffici~nt to meet such payments including interest. That each promissory note shall bear iqterest at the rate of 9 3/4 per annum. That each promissory note shall be sea~ed with the seal of the Corporation signed by the head qf Councilor by some other person authorized by By-~aw to sign the same and by the Treasurer. . That this By-law shall become effectiv~ upon the final passing thereof, subject to the approv'l of the Ontario Municipal Board. , READ a FIRST and SECOND TIME this 20th day of February , 1975 u~~ 70r ~I~~A'~ --cI e I 16th READ a THIRD TIME and FINALLY PASSED this . day of October , 1975. W~L ~or ': . -~::~~--- . ~:$;;ð"---~>}~ /ðlC~ 0" ::-:--~, -,- ~ ~ ,~=2 -0 -:"::,' '- ~ . I I I , 'IE 75423 I ! ! . Ontario Municipal Board IN THE MATTER OF Sections 63 and 6 of The Ontario Munici al Board Act (R. . . , c. - and - i IN THE MATTER OF an applica1;ion by i The Corporation of the Town of I Kincardine for an order approving: i , the construction of a bridge qn Durham Street (over the ' I penetangere River) at an I estimated cost of $300,000.00 and the borrowing of money , therefor, and ¡ the issuance of the necessary i debentures ' and declaring and directing that t~e assent of the electors of such . corporation shall not be required (a) (b) BEFORE: A. H. ARRELL, Q.C. Vice-Chairman I Wednesday, the 17th day of SePtembe~;-T9i5 .- --- - --- I I I -- ---_.- ----.-_..- ~- and- --- -~-- - D. S. COLBOURNE, Member , í THE BOARD ORDERS that this application be g~ted and that the applicantJllay proceed with the said undertaking and may pass all requisite by-laws, and may iSSU~ debentures therefor for a sum not exceeding $78,000.00 ~ not to exceed , the net cost of such undertaking to the appl~cant, for a term not to exceed fifteen years. -. , , ! C. SARUYAMA ~ ACTING SECRETAR, ENTERED I) B. No..~.7..L!1.......... Folio No......../H7.............. OCT '¡ '1~/0 4~ ftlErAiI\'. ONTARIO MUNICIPAL eO"RO