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Home My WebLink AboutKIN 51 1528 Borrowing By-law -. ------~------------- -'-""~ If~9fO ,.. '" CORPORATION OF 'fEIE TÒ'iiN OJ!' KIN BY-LA.W No. . /1)0" INS A BY-LAW to authorize the borrowing ot Debentures for the building ot a Public aohoo in the ~own at Kincardine. \fR"Ii:R1U·S the Board of .J!,;ducation of the T n 01' Kinoardine has made application to the 'Iown Øouncil to pass By-Law tor the issui ~ , ~,-,¡.,- ,.'.<~"' 01' debentures for the purpose of the. building fa newF\lblia !:ich.ool . . in the Town ot Kincardine. AND \'tFERRAS a synopsi.a at this By-Law an a notice ,pt whieh a copy i8 hereto attaehed ,were :9Ucblis,hed in the í:1cardine!fews on the 14th, 21st and<$8th days ot Ju.qe, ,19'50,. AND V/'FtBt'R1l!A$ by a vote ot. the ratepayers l' the'Jown .of Kincar- dine, qualitied to vote on e money by-law, on el7th. day of JUly. A.D. 1950, the number of ratepayers voting in evour ot this by-law was ;65 and the number ot ratopayers voting ag said by-law was !I8; ~." ;.. ¡: ..I ¡''' . . AND WH'ffi~AS it i8 expedient to borrow fo i118 a Public i:¡ch.ool in the 'fown of Kincardine, purpose ot build sum not exceeding ~. . . . .190.000.00 upon the cred.itot:tþ.e.~orporation theretore bearing interest at ~e rate of Four d"one-quarter per cent (4t.) per anmJm and to prOVide' for the dis the expense . incidental to negotiation and sale ot such deb AND WHEREAS it i8 expedient to make the p inei»al ot the said debt repayable in annual instalments during the period ot twenty ~."ut atter the da1õe ot iasue ot such. deb "tures ot BUch. amount respeotively that, with the interest in respeo", of the debt, the agg regate ~ount payable tor principal -~¡;;,;d'.a_iÜ~~¡.)~;!j..·.....; .AND WFn\:R1e.4!'\ the amount ot the and interes in each. year shall -------,--'--'--_;.'--0</_ rateable PI' party of the Munici revised assessment roll thereof. is ..~ll",Y, acoording to the l~st . v~I,;.5I,68'1.00; .AND WBEREAS the amount of the existing de enture deb"t ot the . eo.:t'poratlon, axelUBivEt of local improvement deb s, seoured by spe rates ot a88essmenî, 1s .27.~04.40 and no par"t f the principal or interastot suGb. debt is in arrears; TH~æwORE the Couneil of the COrporation t the Jown ot Kin- ,J - 2 - " J ~ ee.rdine enacts as toUowsj (I) The Board otEducation is hereby authori ed to build a Publio School according to the plan, a blue¡¡rint of w ich 1e hereto attached (2) .!'or the purpose atoresaid the Corporatl0 shall borrow upon the credit ot the Corporation a sum not exceed ng ONE HUNDRED and , ~.w.l:!O:l:y 'fHOUSAND DOLLAR5 ($190.000.00) and shal issue debentures thaI' - :tore in sums ot not less than 150.00 each. debenture shall bear interest. at. the· rate or Fou1' an40ne-quarter annÚlll payab e· semi annually and shall have coupons attached ereto tor the payment ot such. interest. (:5) A11 the debentures- shall e. shall be issued at one time and within one and one-halt years atte the day on which thi By.,law is pees ed, may bear any date within such one and one-half year and shall be made payable in annual instalments during the period at twenty years next after the date of issu~ereo , and the respective aœounts of principal and interest payable in of such years shall be the amounts as designated in Schedule -An (4) The debentures shall be payable as to bo principal and int- at such pIa erest in lawful money of Canada and may be mad or placss in Canada as shall be designated ther (5) '2he said debentures shall be sealed with oration and signed by the head or the CounCil, ot the Gorp- by some other perso authorized by by-law to sign the same, and by th 'Ïreasurer. 'ihe sai interest copuons shall be signed by the Treasure and his signature. thereupon may be wri tten, stamped, lithographed I' engraved. (6);Oommencing in the year 19.51: and thereatter in each year in whi an instalment ot principal ot the said debt and nterest become due. the Corporation shall levy and raise the specifi sum shown for the __,respective year in the fourth column of the said ~chedule. ::Iueh sum _' - "'~'~----~:--~~---'~--':':~''-''''~';c'''r7i'''T-'~,ë-', ::-:-~-'.'."~ -, ,'~'-- shall be levied and raised by a speoial rate sur icient therefore, 0 and above all other rates, upon all the rateable property in the liun ic1pality. (T) ~he said debentures may contain a clause p oviding tor the reg istration thereat pursuant to section 336 of' the (8) Pending the sale of' the, said debentures, th and the 'treasurer may raise tor the purposes ato ie1pal Act. ot the Counci by way ç¡t 10 on auch. d&bentures any sum or sums of money not e cseding in all tJ¡$' '."'>'-'- "'t~ c <:.".'C;"" '4 'C";:' --~ ~. - 3 - ! aum hereby authorized to be borrowed and may b ntures tor such. loan. (9) the Corporation shall have the right, at its own option, to othecate such. de- < redeem those debentures ot the latest maturity date issued under this by-~aw on any day prior to the maturity t ereof at the places where and in the moneys in which the said debe tures are expressed to .be payable, upon payment of the principal amo t thereot together wi interest e.ecrued to tke 4ate of redemptien and upon giving previous . notice ot said intention 1;0 redeem by advertis'ng once in the Ontario Gazette and once in a daily newspaper of gener 1 provinoial cir- culation, published in the City ot Toronto, an once in a local news- paper, suCh notice to be advertised as afore sa betore the date fixed tor redemption. Notioe intention so to re- at least thirty days deem Bhall also be sent by post at least thirt days prior to thedat set for suoh redemption to each. person in whos a debenture so to be redeemed is registered at the address the Debenture Registry Book. Where only a portion of the is so to be redeemed, suoh portion shall compri of this issu the debenture that have the latest maturity dates and no debe tures of this issue to any debenture tha shall be called for suoh redemption has a later maturity date. (10) By-Law No. ¡50h of the ~own of Kincardine is hereby repealed. Read a rirst and Seoond time this ¿~-~ day ot April, 1951. Read a 'lhird time and finally passed this ..2,,;K' day of . I951. ."..... . / ~ - -. - t - . ~ - , 'v / f ~-' - ~ . , ... -.......-..:. .,' ....; l . SCEE¡)ULE ItAIt ATTACHED TO AND FORMING PAR!' THE TOWN OF KINCARDINE.. BY'"LAW NO. IJ.l. 9 OF NO. PRINCIPAL n ST TOTAL I $6000.00 .00 .14.075.00 2. 6000.00 13.820.00 J '1O&Ch'OO 756 .eEt I4,,65.00 4 7000.00 72.6 .50 14.267.50 5 7000.00 697 .00 13.97chOO 6 8000.00 6''1 .50 14,672..50 '1 8000.00 633 .50 14,332..50 8 8000.00 599 .50 13.992..50 9 9t>00.00 .565 .50 ,14.652.50 10 9000.00 52.7 .00 14.270.00 II 9000.00 488 .50 t' , 13.887.50 12 10.000.00 450 .00/ 14,.505.00 , I; 10.000.00 408 .00 t' 14,080.00 14 II,OOO.OO 36.5 .00 ... 14.65.5.00 15 II.OOO.OO 318 ..50 ' 14,187..50 16 IZ.OOO.OO 272 .00/ 14,720.00 17 12.000.00 .00 - 14,210.00 ,"'.- 18 13.000.00 .00/ 14,700.00 19 13.000.00 .50 . 14,147.50 20 14.000.00 .00 / 14,.59.5.00 .. .190,000.00 .00 *286,;0.5.00 -..,~.-,+"--,,,~,..- ~'- '.-'l-~~',·,''':':''--C''F'''' '-T,f' - 1;, .' -. ~,,,'?"