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Home My WebLink AboutKIN 54 1574 Borrowing By-law CORPOIW.'ION fØ mE 'fOWH 0.., K:mOARD Dr-LAW No_ 1574 Â Br-LAW to authorize the borrowing of i12.000.00upon Debentures for the purpose of installing an Eight Inch Watermain from the intersection ot Broadway and Huron 'rerra Streets to the interseotion ot Queen atreet with the Northerly 1 it of the ~own ot Kincardine. WBlREAS the lubl1c Ut11itieBOoBImission of the OOrporaUon of the Town ot Kinoardine haB applied to the Coun 11 of the said 'rown of Kincardine for the Bum ot tle.OOO.oO to b raised by the issue of JlUnicipal Debenture. b1 the said Corpora ion at the 'rown ot Kincardine. the said sum ot h2o.ooo.00 being quired tor the purpose at installing an E.ight Inch 1fatermain f the intsrsection of Broadway and Huron ~erra" streets to the inte Quean Street with the Northe:r1.1 111111 t ot the 'JO\IIID. ot · A.ND wmt1m'¡S by-law 1fo.l~67 duly passed on the Second day of October. 19.53. provided for taking the votes of e electors on the proposed by-law on the same date as the :u:unicipal elections. AND IYH"''''US by a vote 01' the ratepayers of the Town at Kincardine on the 14th day of December. A.D. 19;; the number at ratepayers voting in favor of installation of sai Wa:termain was 421 and the number at ratepayers voting against s id inetal1.ation was 2.14. Am> wme'R'li!4~ a IQ"nopsis of this ~-Law and Notice. of which a copy ill hereto attached. were published in the noardine News on the 18th and 25th day. 01' November and the 2nd d 01' December. 195;. AND ~,¡s it is expedient to borrow 1'or he purpose afore- said the aum of 112..000.00 upon the credit of the Oorpora~~~ ~ to issue debentures there1'or bearing interest at the rate of ~ per oent per annUJII and to provide 1'or the expenses in idental to negot- iation and sale of BUch debentures; AND WBEHiAS it 1. expedient to aaka the pr cipal at said deb' repayable in annual instalments during the p riod of ten years next after the da1õe at iaBlle of such debentures such amounts respeoUve¡Y that. with the interest in respect 0 the debt the ~. " - 2 ~. aggregate amount plQ'able for principaJ. and inter st in each year. shall be. as nearly as possible the same; AND 'll.'EJ'EREAS the amount of the whole rate ble property of the Munioipal! t;y aocording to the last revised a sessment roll thereof is the sum at '2,283.565.00. A.ND WHEREAS the amount of the.øisting the ~~~~:-~t~ ~-~:~ <.;' debt ot .{ 'c~NDWHÊRE1sfhe 'D'~t5'ã.H\(Ìn~ 'bl }HøJ:tÀf "Of ot.h. P vince, of' ~..rio .' i.:: n ~ i i", ',' in ti, ?'t CJi~' Sf' 'Ifta~ sU}fpit artdctb. roposed works in has approved of the soure ac~ordance with"s~~tio~YlÖf8f dtie"d,rfc Health A t RSOlt'50 cM,p. 306' ~~ it~ èe'rt.lci¡~àt.'·ió."5~~~OO;' "; 5;' ""!:".o;<;.:' :'J. ,:: 6 -').1 1 ,.~..,.... u. ._.,";"~-~_....,¡_..:.l."""e ~-Laws. TH~¡Kg:I'OBE '!HI ootINCIL OF 'tHB CORPORATION OF !B& !rOWN OF IaNOAImINE mu.ors AS FOLLOWS ; 1. For the purpose aforesaid the Corporatio shall borrow upon the oredi t of the Oorporation a sum not exo eding ftELVE 'l'HOUSAND DOLLARS (11Z,OOQ.00) and &hall issue debenture$ herefor. in sums at not less than 150.00 each. ':the said debentures hich mature in the years 1955 to 1964. both inolusive. shall bear i terest at the rate tØ1A/l,. U;. of ~ per cent per annua. payable annually, an shall have coupons attached thereto tor the payment of such interes . e. All the debentures shall bear the same ta, shall be issued at one time and wi thin two years attar the day 0 whi cb. this by-law 18 passed. may bear any date within such two yea s and shall be made payable in annual instalments during the period :r ten years next after the date or issue thereat. and the respeotive am unts at prinoipal and interest payable in each of such years shall be the amounts as designated in Sohedule '"A- hereto. which is here l' declared to be and ~ , form part 01' this by-law. ,. 'fhe said debentures. as -ro both princip end in"'erest, shall be payable in lawful money o:r Canada. and may be made payable at such place or places in Canada as shall be designated therein. 4. 'fhe said Debentures a}1aJJ be sealed with the seal 01' the Corporation and shall be signed by the ](ay~~~ some Oth~ p.:¡rOOn authorized by By-LaW "'0 sign the ~ame~ byth 'i~j.,.. a:;~ signature thereon may be written. stamped. lith raphed or engraved. 5. In each year 01' the currency at the debe tures there shall - ; .. be levied and raised annually by a special rate sufficient therefor, over and above all other rates. on all the rate ble. proper'ty in the JlImiOipaUty of the 'fawn at Kincardine. and at the same manner as other rates. the respective unta falling due for prinOipaJ. and interest in that year as in said Sohedui.. -A-. ., ., 6. 'fha Debantures may oontain any viding for the reg- istration thereof authorized by any Statute rel ting to Mnn10iPal~;t Debentures in tor.. at the time of the issue th reof. ~ - 7. !he OorporaUon shall haTe the right. Hs option. to ~ redeem thai; portion of the said Debentures mat tenth or .... 1'inal year. eitàe~ 1R .bo'" "'r i:¡¡ !,A:~. on any 'te. prior to maturity, at the places where and in the moneys in which e said debentures are expressed 100 be ~able. upon pa3'lllent of t princ.ipal amount thereot, together with in'\;erest aocrued to the at.. of red8mlt.tion and upon giving p:revioua noti.. 01' said intention 0 redeem by advertising on.. in the Ontario Gazette and once in a dai newspaper of general provinoial cirClllation. published in the ai ty f 'foronto. and once in a looal newapape1'. such notice to be advert least thirty days before the date fixed :Cor intention so to "deem shall also be sent by p st at least thirty day. prior to '\;he date set for suoJl redemption to each person in -<....... who.e name a debentura so to be redeemed is ehown in the :Debentu:re Registry Book. nia By";la. shall take effeot on the paSliling thereat. iaterad at the address of . hird time and finalltPaased t A... 1954. of the final Bead a first and second time the S- A.D. 19~. day 01' ~ .2'~day ~._-~ ",. -...-.A't'fAØI:œJ) to .I\.!œ FOW":m: PAR! OY - I JIO. 1574 OJ' 'rIm ø m fOU 0., :!tØ'Q.üU)DTB. !f0. PIUJiOD aT !f0'fA]'. 1. UOO.oo 80.00 .1480.00 a. 1000.00 440.00 1440.0 · U.OO..ø. 400·.00 1 o .00 4. 1100.00 4.00 14 '.00 .. U .00 '. 1464.00 · 114.00 8. 164.00 · . -;- 10. .6.00 'fO'f .2.~"'''.'''' ./iI. Y(¡I ¡rì , 1'ovn of Kincardine SYNOPSIS Or P~OPOS¡¡;D BYwLAW A BY-LAW to authorize the borrowing of the sum of Twelve Thousand Dollars for the purpose of installing an eight inch watermain from B adway and Huron Terrace Street.. to the intersection of Queen Street with theNort er1y limit of the Town of Kincardine. , The said sum of Twelve Thousand 1J011ars shall be raised by the sale of debentures bearing interest at five percent per annum pay b1e in annual instal- ments during a period of ten years after the date of issu of the debentures. The annual instalment required to pay the principal and interest on said debentures will be $1554.00. ' Dated at Kincardine, Ontario, this Second day of Octobe , 1953. .JR. Lautens1aø:erL Clerk ~ NOTICE TAKE NOTICE that the above is a synopsis of a prOposed By..law of the Corporation of the Town of Kincardine to be submitted to he vote of the electors at the request of the Public Utilities Commission of the Town of Kincardine on the same date as the Municipal Elections, n me1y the Fourteenth day of ~ecember, 1953. AND THAT the Eleventh day of December. 1953 at nev noon at the Council Chambers in the said Tovn has been fi of persons to attend at the polling places and at the fin votes by the Clerk. o'clock in the fore- ed for the appointment 1 summing up of the And if the Assent of the Electors is obtained to the it will be taktm into consideration by the Council of the meeting thereof to be held after the expiration of one me first publication of thås notice and that such first pub1 18th day of November, A.D. 1953. TAKE NOTICE FURTHER that a tenant who desires to vat by-law must deliver to the clerk not later than the tenth taking the vote, a declaration under the Canada Evidence whose lease extenøa for the-time for which the debt or Ii 'created or in which the mone,. is to be raised by the pro or for at least twenty-one years, and that he has by the all Municipal Taxes in respect of the ~pwWPk pro pert,. 0 other than local improvement rates. Signed { R. Lautensl ToWl Clerk said proposed by-law said Corporation at a th from the date of the cation was made on the upon such proposed day appointed for ct that he is a tenant bility is to be sed by-law is payable ease covenanted to pay which he is tenant, Certified that the above is a true copy of S BY-LAW and NOTICE which appeared in the KINCARDINE Kincardine, Ontario. on November 18th. 1953, Novembe December 2nd, 195'. OPSIS OF PROPOSED EWS of the Town of Jf~m-1 25, 1953 and --71i R. Lautens1ager Town Clerk-Treasurer