HomeMy WebLinkAboutKIN 75 3085 Borrowing By-law
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 3085
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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
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'IE 75423
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Ontario Municipal Board
IN THE MATTER OF Sections 63 and 6
of The Ontario Munici al Board Act
(R. . . , c.
- and -
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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 .- --- - ---
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D. S. COLBOURNE,
Member
,
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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.
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C. SARUYAMA ~
ACTING SECRETAR,
ENTERED
I) B. No..~.7..L!1..........
Folio No......../H7..............
OCT '¡ '1~/0
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ftlErAiI\'. ONTARIO MUNICIPAL eO"RO