HomeMy WebLinkAboutKIN 77 4104 Borrowing By-law
THE CORPORATION OF THE TOWN OF KINCARDtNE
BY-LAW NO. 4104
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF $1).0,000.00
TO PROVIDE FOR THE RECONSTRUCTION OF RUSSELL STfiEET IN
THE TOWN OF KINCARDINE.
WHEREAS the Council of the Corporation of ~he Town of
Kincardine has by By-law authorized the final phase of
reconstruction of Russell Street in the Town oflKincardine.
AND WHEREAS it is deemed expedient to borrþw for the
said purpose a sum not exceeding $110,000.00 upþn the credit
of the Corporation.
THEREFORE the Council of the Corporation of the Town of
Kincardine enacts as follows:
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1. That a sum not exceeding $110,000.00 be borrowed from
the Bank of Montreal in the Town of Kincarøine for the
purposes aforesaid.
2. That the proportion, if any, received of the said cost
payable by the Province to the Town shall þe applied
against the loan.
3.
4.
5.
6.
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The Corporation of the Town of Kincardine Shall levy on
all rateable property in the municipality þn amount over
and above all other rates sufficient to me~t such
payments including interest.
That each promissory note shall bear inter~st at the
rate of g 1/4% per annum.
That each promissory note shall be sealed With the seal
of the Corporation signed by the head of Cþuncil or by
some other person authorized by By-law to Sign the same
and by the Treasurer. .
That this By-law shall become effective upþn the final
passing thereof, subject to the approval o~ the Ontario
Municipal Board.
third
d¡ay of November
READ A FIRST AND SECOND TIME THIS
1977.
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READ A THIRD TIME AND FINALLY PASSED THIS sixt~enth DAY
of Februarv
1978 .
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