HomeMy WebLinkAboutKIN 70 2141 Borrowing By-law
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THE CORPOR.tTIOIf or THE 'fOWIf or KINC IRE
Bt-LAY NO. 21lt1
BEDlG ... Bt..LA1J TO AUTHORIZE THE R:lRROWING
$~?~.!.ooo.oo TO PROVIDE FOR THE PURCHASE or ..
r.1.U PUMPER.
. 1II{ERbS purauant to Section 379 (1) Paragra h 21t of the Municipal
Act by-la.. may be passed by Municipalities for t e purchase of Fire
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Engines, Apparatus and Appliances.
WHEREAS the Council of the Corporation of t e Town of Kincardine
has by resolution autborised the purchase of a fi e pumper;
AND WHEREAS it is deemed expedient to borro for the said
purpose a sua not exeeeding $29,000.00 upon the edit of the
CorporatioR;
NOW THDEFORE the Council of the Corporatio of the Town of
Kincardine ENACTS as follows:
1.
The Corporation of the Town of Kincardine i hereby authorised
to purchase a fire pumper at a cost not exc eding $29,000.00
2. The Treasurer i. hereby authorised to borro an amount not
exceeding $29,000.00 froll the Bank of Montr 1, Kincardine
for such Purpose pending sale of debentures as hereinafter
set out.
3. The Town shall borrow $2.9,000.00 by the sal of debentures
repayable oyer 10 years bearing such rate 0 interest a.
may be established prior to the sale of suc debentures and
the proceeds fit which shall be used to pay ff the interill
borrowing frOIl the said bank.
The Corporation of the Town of Kincardine s 11 levy on all
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amount oyer and
the rateable property in the .unicipality
abon otlutr leTies aReI. aufficient to ..et t e annual payments
including interest on the said debentures.
5. That this By-law shall beeoll8 effectiye upo the final passing
thereof, subject to the approval fif the On rio Municipal
Board.
READ a FIRST and SECOND ti.. this
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sixteenth day o! ,;ju~ L 127ft ~
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Head a third time and finally passed this
September , 1970.
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17th day of
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Clerk