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HomeMy WebLinkAboutKIN 70 2145 Borrowing By-law . I . . . " ..~,,"'- ,~~" ":t THE CORPORATION OF THE TOWN OF KINCARDI E SY-LAW NO. 21.5 Being a by·law to authorize the borrowing of $ 650.000.00 to provide for the replacing the existing bridge and reconstruction of Queen Street from· Durham Market So h to Kincardine Avenue. WHEREAS the Council of the Corporation 0 the Town of Kincardine has by by-law authorized the recons ruction of Queen Street from Durham Market So1zth to Kinca dine Avenue j AND WHEREAS it is deemed expedient to bo row for the said purpose the sum not exceeding $6~O,ooo. upon the credit of the Oorporation and upon the complet on of the said reconstruction of the said project and th receipt of the Province of Ontario grants for this purpos the balance of the cost of said project shall be raised by the Corporation issuing debentures; NOW THEREFORE the Council of the Gorpora ion of the Town of Kincardine enacts as follows: 1. That a sum not exceeding $ 650,000.00 be borrowed from the Bank of Montreal in the Town 0 Kincardine for the purposes aforesaid. 2. That the proportion received of the sai cost payable by the Province to the Town shall be ap lied against the loan. J. That debentures shall be issued for sal for the balance of the said project over and above that portion of the cost paid out of grants received from'. he Province , of Ontario. 4. The Oorporation of the Town of Kincardi e shall levy on all rateable property in the municip lity an amount over and above all other rates sufficie t to meet such payments including interest. 5. That each promissory note shall bear th interest at the rate of g % per annum. ,,~. · , _¥~ · · . . , - 2 - 6. That each promissory note shall be seale with the seal of the Corporation signed by the he d of the Councilor by some other person authoriz d by by-law to sign the same and by the Treasurer. 7. That this by-law shall become effective pon the final passing thereof, subject to the approval of The Ontario Municipal Board. Read a tint allÀ ..COd tille this August, 1970. .~ ~..~ Read a third time and finally passed seventh day ot Janua'l'1 , 1911>. ~~':d- -'.-" - - ."', ·..:.-......-~l··-- ~ ........- ...."..,., ¥ ~~ / \,/- - ..... .r v-: :....... .-....... :. -: - - -:.. _ -c. _.:: ." " .::::-.... " ..../ ......" '7 ¥' y- ~ ,"-- ~....."":_ w_"'_'-:: . ~ ~.' ..... Ontario Municipal Board Approval Dece File No. H-1308-70 er 14, 1970 ,",' , ,..-.... :'>':'-' , "'/ }! ./ - - ~ 11 H l;JOg 70 · ONTARIO ONTARIO MUNICIPAL BOARD OF Section 64 of c al B rd A 4 - and - IN THE MATTER OF an applicatio by The Corporation of the Town ot Kincardine for approval of the con- atruction of certain works at estimated coat ot $650,000.00 nd the borrowing of the sum of $96,500.00 therefor xIL'f B E FOR E . . , J. A. KENNEDY Q.C. , ) , Chairman ) ) Monday, t e 14th day Of -and- ) ) Decemb r, 1970 B. E. SMITH, ) M_ber ) UPON THE APPLICATION of The Corporatio of the Town of Kincard1ne for approval of the construct on of the worka descrlbed in Schedule "A" attached he eto, at an esti- mated coat of $650,000.00 and the borrowing ot the Bum of $96,500.00 therefor, and upon reading the terial tiled; · THE BOARD ORDERS, under and in purauan e ot the legL:- lation herelnbetore referred to, and of any and all other powerB veated in the Board, that the the same i8 hereby granted, and that oration may now proceed with the said undertaking at coat not to ex- ceed $650,000.00 and tor auch purpose may by-lawB, including by-lawsprovidlng for th i.sue of deben- ture. in a pr1r1c1pal amount not exceeding 6,500.00 repayable over a term of not acre than f1fteen years, borrow money to the extent suft1cient to provide a not exceeding $96.500.00 theretor, provided: . · I I ... - ~. ~ ~ /' . · , . · · " , 11 H 1308 70 ONTARIO ONTARIO MUNICIPAL BOARD - 2 . 1. that tbe corporation may borrow the who e or any part of the said s_ of $650,000.00 as requi ed pending receipt of subsidies and the sale of debentures or the receipt ot lIoneya troll any other source, and 2. that the amount to be debentured shall ot exceed in any evsnt the net cost to the corporation a ter deducting any grant or contribution from the Province of Ontario or frail any other source in respect of the said work, and 3. that the corporation in exercising any f its powers ap- proved by this order shall comply with 11 statutory and other legal requirements related theret . "'-~ ~ ACTING SECRETARY NTERED O. B. No.,::. ......../d.....t/:........... Fû!io No. .... ......m.~?þ............ SecreIIry, Orolc ..aa-. lJC) J! 19ïJ ;; .",'- , ~A ~ ,.: ~ . . , . . . .> 11 H 1308- 0 ONTARIO ONTARIO MUNICIPAL BOARD ~q,~¡¡;!?U LE "A" Ontario MuDicipal D m Reconstruction ot: 1. QUEEN STREET from Kincardine Avenue to Gordon Street, 1ncluding excavation, gr ular b£ckf1l1, .torm sewer, curb and gutter, 8ide- walk and asphalt pavement $1 5,000.00 $13,000.00 2. QUEEN 5TRE¿T trora Gordon Street to Durham Market South, including construc ion ot a BRIDGE over PENETANGORE RIVER. te. detour, street reconstruction, includi excavation, granular backfill, storm se curb and gutter. sidewalks, watermains a.phalt pavement TOTAL E~TIMATED COST ................ AMOUNT TO BE DEBLNTURED ................... ........ - 8J.SOO.00 ~ $96,500.00