HomeMy WebLinkAboutKIN 74 3045 Borrowing By-law
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THE CORPORATION OF THE TOWN OF KINCARDIN
BY-LAW NO. 30la.5
Being a By.;.law to authorize the borrow
$1,100,000.00 for the purpose of const
a Community Centre.
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I, WRJõ;BRAS the Council of the Corporation of the T
" has by By-law No. 30la.la. authorized the construct
II Centre.
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AND WHEREAS it is deemed expedient:
(1)
g of
cting
of Kincardine
on of a Community
to borrow for the said purpose a sum ot exceeding
$1,100,000.00 for interim financing u on the credit of
the Corporation.
to issue debentures upon the completi of the
construction of the said project and t e receipt
of the Province of Ontario Grants, and other sources
of financing for the balance of tne co t of the project.
(2)
THEREFORE the Council of the Corporation
¡enacts as follows:
11.
of the
That the sum of $1,100,000.00 be borr
of Montreal in the Town of Kincardine
aforesaid by way of promissory notes.
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ed from the Bank
or the purpose
That the proportion received of the sa d cost from the
Province of Ontario and other sources y the Town shall
be applied against the loan received f om the Bank of
Montreal.
That each promissory note shall bear i terest at the
rate set by the Bank of Montreal.
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15.
That each promissory note shall be sea
seal of the Corporation signed by the
or by some other person authorized by
the same and by the Treasurer.
The proposed capital cost sharing of 'id project is
set out in Schedule nAn hereto annexed.
That debentures shall be issued for sa for a sum not
exceeding $285,000.00
The Corporation of the Town of Kincardi e shall levy
annually on all rateable property in th municipality
an amount over and above all other rate sufficient to
meet the payments of principal and inte est on such
debenture.,
That this By-law shall become effective upon the final
passing thereof subject to the approval of the OMB.
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ed with the
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READ a FIRST and SECOND TIME this 16th
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READ a THIRD TIME and FINALLY passed this
of December, 1914.
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Ontario
B 74 136
Ontario Municipal Board
IN 'l'IIB MA'l''l'ZR OF Seei:ion 64 of
The On1:ario MuniOibl Board Aot,
(It.B.O. 1970, a. 3 )
- and -
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IN 'l'IIB MI.'.l"'l'1!:R OF an applioation
'!'he Corporation of t:he '!'own of
1tinaa¥1!ine for appzoval of
(a) the CIOnat:ruction of a
commanity cen1:re, ice
arena, lIWimminq pool
and ot:her related faai-
lU:1ea to be loaat:ed on
the north side of Durham
81:ree1: in the Town of
1tinoardine, at an e.t:illlated
CIOat of $1,100,000.00,
and
(b) t:he 1..lIe of debentures
t:herefor in the a. of
$285,000.00 repayable
over a t:erlll of brenty
yeara
BBPOR1!::
P. G. BLAD, )
Viae-Chairman )
) '.l'RtJRSDAY, t:he 21s1: day
- and - )
) of NOVZMBBR, 974
B. 1!:. 8M1'l'H, )
. Member )
'1'III8APPLICA'l'Iœ Þavift9C101118 on for pabli hear1nq,
ishe Board order. t:hat .uGh applioation be ran1:ed and
t:hat t:he appl1c:ant may proceed wit:h the .a d unde~inq,
an4 aay pa.a all nqahit:e by-l_a, and.. is.ue
deben1nare. t:herefor for a .. not exe..din $215,000.00
for a tem not to exoee4 brenty yeara.
ENTERED
o II. Jiø......£..;ZIj.~.7..
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l.ìAY 1" j9r5
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1t. C.
SBCRB'l'AR!'
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