HomeMy WebLinkAboutKIN 70 2145 Borrowing By-law
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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.
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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
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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.
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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.
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Read a third time and finally passed
seventh
day ot
Janua'l'1
, 1911>.
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Ontario Municipal Board Approval Dece
File No. H-1308-70
er 14, 1970
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H l;JOg 70
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ONTARIO
ONTARIO MUNICIPAL BOARD
OF Section 64 of
c al B rd A
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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 .
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, 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;
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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:
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H 1308 70
ONTARIO
ONTARIO MUNICIPAL BOARD
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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 .
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ACTING SECRETARY
NTERED
O. B. No.,::. ......../d.....t/:...........
Fû!io No. .... ......m.~?þ............
SecreIIry, Orolc
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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 ...................
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8J.SOO.00
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$96,500.00