HomeMy WebLinkAboutKIN 56 1629 Borrowing By-law
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C'OBPOBAfiON OF 'fΠ'!OWN OF NaARDID.
Br..L.A.W :rro.1629
A Br-J.A.W 10 provide tor borrowing 41.500.00 upo debenture. to pa:r
for the construction ot a Watermain on Nelson treet East in the
'1'own 01' Kinoardine.
W\i"'.Æ.ap. pursuant to Constnction By-Law
. 16&2 passed on the
oonatnoted on said
I
14'U day 01' :reblfllUT, 1'.56.
street aa therein provided;
AND WHIC~1I!AS 'tbe _tal ooat of the 1IIftrk i8 1jOO.00 ot which
.'00.00 is the ~01IDta pO"10n 01' the cost and , 00.00 i8 \he owners'
portion ot the ooat tor whieb. a apecial assessm nt roll has been
prepared and duly lllade and cerUt1ad;
AND aHIC~.aA tbe estimated lite time ot the work 1s 'live years;
AND \fHII!P1I:AA it is necessary to borrow the aid 8WII ot $1.500.00
on tbe credit ot the Corporation am to issue 4 bent.uxes tbaretor
beu1Da interest at ~ rate 01' tive per cent. r ..n.... which i8 the
aaouDt ot tb. 4ebt intenhd to be created b7 t . By-law;
AND WRJI!P1eA!<1. it is expedient ~o make the pr ncipal of the said
debt repayable in yearly suma during the period aZ 'live years, ot such
amounts respeotively \hat the aggregate amount ayable for princnpa1.
an4 interest in any olle year shaU be equa1. as arly as may be to the
_ount 8. payable to.r principa1 and interest in a~ ot the othar 1"
AND 1rRJI!im<\!<1. it -.ill be neoesa«œy to raise ually tI:Ia swn aZ
1H'_46 during the period ot tive years to pay e sai4 yearly SUIIIS ot
prin01J&len4 interest as thlQ' become due 01' whi .l33..58 i. repired
to .pQ' tU Corporation'. portion of tbe ooat &.IJd.
an4'$aO'l.j8 18 required to pay the owners' porti ot the cost and the
iD~..t ~.;
.m ~'!J!.iSl the 8II10~ o-r the whole ratoab:t proper\7 o-r the :unn-
101pal1'i7 acoœ:ding _ the last revised asaesame t roU is 12,406.83.5. .
AND ~'R!I.SI 't. amoun't ot the existing debe 1nre debtot the aai4
COrporation. exclusive o-r local. improvement debt s.ecured b7 8peo1a1
rates of ...pssment is $;42,3.53.47. and no part t the pr1nQipal or in-
terest ot said debentures is 1n arrears.
.A.ND _im"~ the Department of Health of t1» Province aZ ontario
baa app_-.d ot said construction by i'ta CerU-ri ate No. .5.s-:a-402.
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DB tt' TH..."ø:WOml 1INAa.rED B!" THB MUNICIPAL :u. OJ' '1'1JX
Corporation ot the ~own of KinCardine. as toll. s..
1. J'or the ptU'posea m.ntioned in the preamble there shall
be borrow.d on the o:redU ot the Corporation tb: aUlD. of 11'00..00
and 4eben~res shall be issued theretoI' in IIUIIIS ot not less 'tban
150.00 eaCh_ EacJ:L debenture shall œar int.res at the rate at
Five per cent per ....""" p&78.ble annu"",. and 11 b.P8 coupons
attached thereto tor the payment 01' such intere t.
2. All. 'tJ'¡;e. debenture.. .hall. bear the same dat , _b.', be issued
at one ti_ anit. within one IUI4 a half years aft l' the day on whi Ob.
th1. by..law is passed. III&J' bear any date within aueb. one and a half
,.aa.ra ant. shall be made payable in annual inata nt. during the
period ot tive yeara next atter the date of iss . thereof, and the
r&ape.tive enounts o~ prinCipal and int.rest pa able in eac.b. of such
yearaahaU be t1Iø sounts Il1O designated in Sch dule "A" hereto
.......T.d.
,_ 'fhe debentures shall be payable as to both prino1pal and interNt
1a iLutul IlOna,. at OIl...... an4 may be made payab . at auoh place or
pla... in Caned.a as s.ha11 be designated thereon
4. 'fhe said debentures abaU b. sealed wi t.h th seal ot the Corpora""
10n ~ a16ne4 by the head 01' the Council. or b some other perilG11
au'Uorbed. by by-law to a1ga tœ s_ and. b;y 'freasurez. ~he said
in'krèat coupons sJ1.n be signell by the Treaa l' ant. hi. signa1;ure
th.reon II8J' be wr1 tten. stamp.... or engrav....
s. ~ing the 'liTe years. the currency ot the debentures. the sum of
"Ú.4' sha!.l be rai..4 ann,,"'l,. for the paymen ot 1iba debt and in'"
.rest as to:p.OW.J~ 'the 8UIII of Il}8.,8 shall be ised annua1.1y to:r t'IIe
pa11Den\ 01' the Corporation's portion· of the COB and the interest
thøeoa an4 shall be levied and rai..d annual1.7 bJ' a 8pe81&1 raw
auttiOi~1i 1iheretor over and above all O1;bar rae. on a1.l the rateable
pro¡enJ' of the JIun1eipall V ... the same time sema manner
aa other rete.. For the payme" of tœ ownera' portion of .. ..t;~
and the interest thered. the speoial aaaesam.en ae'\ fom in the said
ape.ial a$aeslll1ent roll ia 1:I.erebT impoaed upon he laa4a liable th.re..
tor as therein set tor\1a. whiGh said special as SSIIIU:t wi'\;!¡ & aum
auttiatG$ 'to cover in_ea" thereon a't the rat
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payable in :rive equal annual instalments
purpose the speoial annual rates per foo~ set
.88 eaoh and tor that
.
hereto attached a1'9 hereby imposed upon the lot entered!:n the saiii
speoial assessment roll. according to the asses d area "hereo:r. over
ant. aboye all othez rates and 1;e.:xes and the sai speoial rates shall
~Ueoted annualll' b, the Colleotor ot taxes l' tba Gorporation at
~; au. 'Ume en~ i.tche same manner .s o~er
6. ~he deben1iurea may contain any clause provi ing for 1;he registra1ö
thereot authorhe4 by aeoUon }" 01' 'fhe ltunici al Aot.
.
7. Ptlnding the sale of' the said debentures the head of t.be I.founoil
ant. the 'lreuurer mq raise for the purposes at nsaid by way 01' loan
on suoh debentures aD7 IIUII1 or sums of monel' not exoeeUng in 81.1 the
au. hereby authorized to be borrowed &.IJd. may h o~e08.te such de-
bentures for such loan.
8. 'fhe Corporation shan bave tbe. right at its option to redeem tba
said cleben'una on &JQ' date prior to maturi'Þ'.
,. _ person whose 1011 is apeoialll' asses.ed
in oaah the specia1.rates imposed thereon b1 p
ooat 01' oonstruction assea..d upon eaoh 10' wi
oommute tor ~
the portion of t '
the inters.1; fort
w1~ atter the speoial asaea~1; roll has been oerUtied by 1;ba Clar
and at IUI7 1I1me thereatter by the payment 01' su a aum a_ when in...
vested at tiTe per cent per annum w1l1 provide
to pay the apu1&1. rate. for the unexpire4 port on ot the tem as
thaT tall du.
A.D. 1'56.
day .¡~
SIGmm. ~AT,~ ant. J!''ÆU.T.y pA!'l'D'n the
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8li11l!iJJU.uB \fAit ATTAOBED '1'0 .AND :mRMING P
or IIY -L.A.W
NO..
oY 'rEX rovm oYKINCABDIJiI'B.
PRINCIPAL IN'l'ERES! 'rOBL
1. 211.46 7.5.00 346.46
2. 285.04 61.42 346.46
3. 2~'.2' 4'1.11 ~6.46
4. 314.2.5 32.n 346.46
5. 32,.,6 16..50 346.46
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