HomeMy WebLinkAboutKIN 71 2204 Borrowing By-law
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. 'lH& CORPORATIDI OF THE TOWN OF KINCARDIN
1iII"...IoIW No. 2201.
. IBIE ... BY~ to authorize" the borrowi ot
~84.J500.00 upon debentures for the purp· se
of 40nstructiDg a tràter 'lreatmen t Plant nd
the installat'lcm of new trunk lines.
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'IJoUmR4-" the Council of ;he Corporation of the To
liacaråine has by By-law Ho. 2205 authonzed the
U'uC1;1on of a Vater 'fI:'eatae~ Plant;
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un TIUIDIWt it ~~e"'" expe4tent to borrow tor the
aaUpurpose a Stili n,ot ex.eedug 13SJ..500.;.oO upo the
CX'edi t of the Corporation and to issue debenture
therefore bearing in1; erest payable annually. at he
.rate per aDDUII. show. in Schedule ... attached to this
111...1aw, and to proTide for any discount and exp ses
incidental to the negotiation and sale of such d ben..
tures.
U1'I WHBR'II:AS it is expedient to ake the principa of
1;h. said debt repayable in 1iI"...1 instalmen ts du ing
the period of issue of au ch debentures;
IiOW TY1ibi:POU the Couaeil of the Corporation of e
'f.01m. of UBcardine DIAC'lS. as tollows:
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ror the purpose aforesaid the Council of the Corporation
of the 'l8wn of nncardine shall borrow u on the credit
of the COrporation a SWl not exceeding. 84..:500.00 and
shall isau.e debeDtur.. therefore.
ach debeature .~1 bear interest at thrate of 7 ~ð_
per cent per ann. set out for the respe tiTe years in·
Schedule .. attacàed to the sr..law and ban haw
coupons attached thereto for the payment of the said
iø:tereat.
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3.
I ¿MY ,/ /1/""'.
!b.ede~enturea shall be dated the I '1 of ~
Jl9 7"-:__, and &hall be payable in twenty ( 0), annual .
initã1iiients on the. J . day of ~/ I{.N!V n.each of the
years t.o i9'l:J . beth inclus Te ani e respective
_aunts 0 priDc1pal and iDterest payabl in each of
t..hA Iears sball be the ...ount so desi [~ ed in Schedule
...... ttach.d to and fol'll1Dg ¡art 01" t1rls By-law.
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'rJle debentures shall be payable as to bo
iDterest in lawflÙ. money of C'anada and
the Bank of Montreal in th e 'rowa of Kin
prindpal office of the said Bank in the
h principal and
y be payable at
ardine or at the
Clty of 'roronto.
5..
'the debentures shall be sealed with the eal of the
COrporation and signed by the head of th Còuncil or by
SOlIe other person authenzeel by by-law t sign tlae same
and by the freasurer. ~e said interest coupons .hall
be signed by the 'fi'easµrer and his signa ure to them may
be written ot". eDgraTed. l1thograp~e<4. II ntedi or
.echaDicallyr.produceel ancj. if such debe tures are
counter8igt$~1m writing by the deputy..t easurer the
signat.lØ't o£t):¡. 1reas\.U"er thereon may b written or
engraT.d~ lithographed., printed or oth se mechanically
reproduced.
COnttd........ Z
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The P~blic Utilities Commission at t e Town of
Kineard!.Þ. shall pay to the Town of lCiacardine each year
the alQUÍ1t of principal and inte:Nst :Nqui:Nd in each
year forpayaent of aaid debentU:N8.
Th. 8&14 debenture8 IlAY contain a cl s. providing for
the :NlistraUcm the:Not pursuant to Section 323 of
the MUnicipal Act.
9. Pending the sale of the said debentu s, the Head of
the Gowscil and the Treasurer..y ra . tor the purp08e
atoresaid by way or loan on such œege ture any amount
ot .000y not exceeding in all the 8U11 hereby authorized
to be bo.'rowed and may hypothecate su h debentures for
such loaD.
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READ . fir8t and.ad SECORD time on this
October, 1971.
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UAD a THIRD TIIŒand finally passed this
NO'I..ber , 19 71 .
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BY-law 2204
th
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KW. AlDREWS
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ENTERED
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O. B. ......[l1-~."..........
folio o.............g.';t..........
EC t 1971
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