HomeMy WebLinkAboutKIN 77 4064 Borrowing By-law
THE CORPORATION OJ' THE TOWN OF KIHCA~IHE
BY-LAW NO. 4064
BEDlG A BY-LAW TO AUTHORIZE THE BORROWIHG OF $140,000.00 to
PROVIDE FOR THE RECONSTRUCTION OF RUSSELL STREE;1 IH THE TOWN
OF KIICARDIHE. '
WHEREAS the Council of the Corporation o~ the Town of
Kincardine has by By-law authorized the reconst~tion of
Russell Street in the Town of Kincardine. '
AND WHEREAS it is deemed expedient to bolfTow for the
said purpose a BUll not exceeding $140,000.00 u~n the credit
of the Corporation. :
THEREFORE the Council of the Corporation !of the Town of
Kincardine enacts as follows:
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Than a SWII not exceeding $140,000.00 be ~rrowed from
the Bank of Montreal in the Town of Kinc~rdine for the
purposes aforesaid. '
That the proportion, if any, received of ¡the said cost
payable by the Province to the Town shalJ¡ be applied
against the loan. '
The Corporation of the Town of KinCardin~ shall levy on
all rateable property in the municipalit an amount over
and aboTe all other rates sufficient to eet such
payaents including interest.
That each promissory note shall bear int~rest at the
rate of 8 3/4'1> per annum.
That each promissory note shall be seale4 with the seal
of the Corporation signed by the head of !Council or by
soae other person authorized by By-law tq sign the same
and by the Treasurer. !
That this By-law shall become effective ~pon the final
passing thereof, subject to the approval of the Ontario___
Municipal Board. ' ' , ---
this
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21st day of :AÐr1l Ot' 1971. " "", '-
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READ a FIRST and SECOND time
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READ a THIRD time and FIHALLY PASSED this ...!!i ~ay of SeJ "t,ember'C/~977.
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-c~~~_M~ ~:<
¿¡~ fr C?J-4;
Mayor
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Town of Kincardine
-law 4064
E 77621
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Ontario Municipal Board
IN THE MATTER OF Sect10ns 63 and
64 of The Ontarlg lIunlclQal Board
Act. (i.s.ó. BfO, c. 323)
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IN THE MATTER OF an appl1cat10n by I
The Corporat1on of the Town of I
ltincard1ne for an order approv1n¡:
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the reconstructlon of Russell I
Street approxlmately 2700 l1neal
feet from Camþbell Avenue -1
easterly to Huron Road at an I
estlmated cost of $140,000.00 i
and the borrow1n¡ of money by i
way of temporary aavances not 'I'
exceeding 1n the aagre¡ate such
estimated cost pending the sale I
of debentures, and
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the lssuance of the neoessary I
debentures
and declar1n¡ and d1rectln¡ that thf'
assent ot the electors of such corp ration
aball not be requlred
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(b)
(a)
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BEFORB: !
A.H. ARRELL, Q.C. ) I
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Vloe-ChatJ"øl&n ) I
) Thursday, the <4th day of
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) August, 1971 I
D. S . COLBOURNE ) ,
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~ Vlce-Chalrman ) I
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THE BOARD ORDERS that thls appllcat10n be grante and that
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the appl10ant may proceed wi th the sald undertak g and may
pass all requlslte by-laws, and may issue debent s theretoI'
for a sum not exceedln¡ $140,000.00 and not to e oeed the net
oost of suoh undertaklng to the app11cant, for a term not to
exoeed fiftsen years.
SBCRlTARY
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