HomeMy WebLinkAboutKIN 70 2147 Borrowing By-law
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'lIB CORPORAT:I<II or THE Tan C6
BY.LAW 110. Zl.7
CARDIIE
orroriag ot
he purpose
ertain
Bei11¡ a ~y~law to authorize the
t16.StOOO.OO upon debentures for
õ1' enlargilÏg and 1mproTe.ent of
wateraaias and. hydrants.
1rìBUAS the Council of the Corporatio of the Town
of Kincardine h..u authorized construction 0 wateraains
on Broadway froaSaus::een Street to Princes tree; on
Princes Stree1; froa Broadway to 1Ielson St et; on
Kincardine Avenue" from Queen Street to Pene an ore Row;
and on Penetane;ore Row fro. Lot 21 to Lot 11 . 2 , and.
hydrants.
AND y¡m~)p.AS it is dee.ed expedient to borrow for the
said purpose a SUII not exceeding $45,000.00 upon the credit
of the CorporatioD. and to issue debentures herefor bear111¡
interest, payable annually at a rate per
Schedule -A- attached to this by-law and
discoun~ and expenses incidential to the
of such debentures;
A1ID ~AS it is expedient to make e principal of
the said debt repayable in annual instalme s during the period
of issue of such debentures;
N<7I THERElI'OD the Council of the
Town of Kincardbe EllACTS AS FOLLOWS:
1. For the purpose aforesaid the Counci
of the Corporation
of the Town of Kincardine shall borrow upo
Corporation the sua of $45,000.00 and shal
therefor.
2. Each debenture shall bear interest a the rate ot ..!!i.
percent per anDua set out tor the respecti e years in Schedule
the credit of the
issue debentures
eA- attached to this by-law and shall have coupons attached
thereto tor tb8 payment of the said intere t.
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The debentures shall be dated the fir t day of December
121Q and shall be payable in l5 annual inst laents on the f'irs~
day of December in each of the years !21! t ll!!2 both
inclusive and the respective amounts of pri cipal and interest
payable in each or the said years shall be he aaount so
designated in Schedule -Aft attached to and ormi11¡ part or
this by-law.
The debentures shall be payable as to both principal
and interest in lawful money of Canada and y be made payable
at the Bank or Montreal in the Town of Kin ardine or at the
principal office of the said Bank in the Ci y of Toronto.
5. The debentures shall be sealed with t e seal of the
Corporation and signed by the head of the C unci! or by so.e
otlt-er person authorized by by-law to sign t e same and by the
treasurer. The said interest coupons shall be siped by the
treasurer and his signature to the. may be ritten 0;1:' e:ngraved,
lithographed, printed or otherwise mechanic lly reproduced.
The signature or the head of the Council ma we be written or
engraved, lithographed, printed or otherwis mechanically
reproduced, it such debentures are counters
by the deputy-treasurer, the signature of t e treasurer thereon
may be written or engrayed,lithographed, nted or otherwise
mechanically reproduced.
6. There shall be raised commencing in e year 1971 and
thereafter in each year, in which an insta nt of principal
and interest becomes due, by a special rat on all the rateable
prope rty in the municipality the specific shown tor the
respective year in the said Schedule IIA" b no greater rate
shall be levied in any year, for such purp se, thaniis required
to pay the installllent after taking into ac
any source in respect to the said work.
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7.
The said Debenture uy contain a cla e providing for
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the registration thereof pursuant to Sectio 323 of the
Municipal ~ct.
8. Pending the sale of the said debent s, the Head of the
Council and the Treasurer may raise for the purpose aforesaid
by way of' loan on such debentures any sum 0 S&8 of money not
exceeding in all the sua hereby authorised 0 be borrowed and
cay hypothecate such debentures for such 1
Read a FIRST aDd SECOND tae this
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Read. a THIRD tiae and finally passed this
October, 1970.
~0·~
irst day or ._
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Certified that the above is a true copy of y-law Ho. 2llt7
as enacted and passed by the Council of the Corporation of
the Town of Kincardine on the First day of ctober, 1970.
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Year
1971
1972
1973
1974
1975
1976
1977
197'
1979
19'0
1981
1962
1983
1984
1985
CORPORATION C'6 THE TOWII C'6 KDlCARDI
SCBlDULE · A-
Principal
I l,600.OO
1,700.00
l,900.00
2,000.00
2,200.00
2,400.00
2,600.00
2,800.00
3,lOO.00
3,300.00
3,600.00
3,900.00
4,300.00
4,600.00
5,000.00
__ 4~~O.00
Total Iuteres
r
I 3,825.00
3 689.00
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3,51t5.00
3,363.00
3,21:3.00
3,026.00
2,622.00
2,60l.oo
2,363.00
2,100.00
1,8l9.00
l,513.00
l,l8l.00
816.00
425.00
36,321.00
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lITo. 2147
Principal and
I 5,425.00
5 , JItc.lL ()()
5 "5.00
5,383.00
5,413.00
5,426.00
5,422.00
5,401.00
5,463.00··.-··..
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5,413.OQ- -:)-, ,.-:';:-
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5,461.00 .
5,416.00
5,425.00
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