HomeMy WebLinkAboutKIN 48 1456 Borrowing By-law
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ao1œO~ION OJ' THE: 'faWN OJ' KINCARD
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Br-LA.1f N0.145'
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J. By-Law to provide :tor the borrowing o:t the sum 01' II6.000.00
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upon debentures 10 pay 1'or the inlltallaUon of a eating system in
the 'fown Ball at a cost of 1~000.00
·town Hall costing 17000.00
and to pay t
WH"'''II'JI. pursuant to By-law No. 1447 passed
J.pril. I948., a vote 01' the electors o:t the !own
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taken on the 2.6th day ot A.pril I948 on a propose
Ii the borrowing 01' 116000.00 upon debentures for t
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AND WHICWæ~R the electors assented to the sai
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:tor and
'5 against said By-Law.
AND Wl'\ICHRI,.FI it is nece..ary to borrow the sai
repairs to the
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Kincardine walil !
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By-Law to authorize I
purposes a1'orosaid1
By-Law by a vote ¡
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sum 01' fI6.000.00 ~
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the 2nd. day at
on the arodi t of the Corporation and to issue deb ntures therefor
bearing interest at the rate ot .711- per annum whi
the debt1.1ltended to be eroded by this by-law.
is the amount 01'
AND bHICi-I1I!.aS i 11 is expedient to make the prina pal or the said
debt repayable in yearly sum. during the period 0 111'teen years and
to make the respective amounts 01' principal and i terest payable in
... ....
such. years as deaignated in Schedule itA.- attached hereto.
AND ' fR'1I1R1I!iR the i)xlsting debenture debts ot e Corporation
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i amount. to .50.3'54.77 (Uðlusive ot looal improv ent debts, secured
by speo.1al rates 01' A.saessment) and no part of th p:r1no.ipal or
AND flR'1mll!11' the amount 01" the whole rateable
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I: MUnicipality according
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to the last revised A.sses
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interest i8 in arrears;
ropertyo1' the
ent Roll 1s
'I'R1IlR1r.1i'()RI the Jl.unic1pal Counc11 o:r the Carpor tion 01' the 1'0wn
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Ii 01' KinearUne enaet.s as 1'ollow8:-.;.·.. -
Ii I. ~ 1'or the purposes a1'oresaid there shaU b borrowed on the
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If
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!! less than ~IOQ.OO each. beariz¡g interest at the r te 01' three and one-
'I quarter per cent per annum. and haviz¡g coupons at ached thereto :tor
. I the payment 01' 1nteroat.
I 2. 'fhe NII& debentures &hall all bear the BBJIle te and shall be
CU'edi t ot the e:orporation at large the sum of S
(116,000.00) and debentures ahaU be issued there
or in sums 01' not
isweà. ...Uhin one year a1't.u the day on which thi by-law is passad.
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and may bear any date within such. one year and s 1 be payable in
, ti1'teen annual instalment. during the fifteen ye a next a1't.er
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prinaipal and interest payable in each or such ye rs shall be the
II amounts so designated in Schedule "4- attae.b.ed to and fo:rming part
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¡i of this by-law.
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Ii pressed in Canadian CUrrency and shall be payable at the Bank:' ot'
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I' Montreal at its branch in the ~own 01' Kincardine.
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. I' issue the debentures and the '!'reasurer or the Co oration shall sign
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~e debentures as to both principal and inte
st shall be ex-
'!'he Mayor ,and the Treasurer 01' the Gorporatio
shall sign and
il the interest coupons and the
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i seal ot the Corporation.
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debentures shall be
ealed with the
During li1'teen years. the currency of the deb ntures. there shall
be raised in each year the amount 01' the instalm t of prine:1paJ. and
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for the registrat~1
ì
icipal debent.ure81
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sub-¡
interest payable in ~t Year as set forth in Sch dule "An attached
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!i hereto. by a special rate suf1'ie:1ent therefore ov r and above all
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i' other rates on all the rateable property in the
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'!'he debenturos may contain any ðlause provi41
ion thereof. author! zed by any statute relating
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¡¡ in 1'or06 at the time 01' the issue thereo:t.
7. . The debentures issued under author! ty of this
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ject to redemption in whole or in part at the opti n 01' the Corporat- II
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[i ion at the prip,cipal sum thereot' together with ac
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II thereof to the :registered holder.
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II idated with the amount 01' any loans authorized by
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if by-laws, by includlDg the same With such other 10
s notice in writ
!he amount 01' the loan authorïsed by this by-l . may be consol-
i' other by-law or
s in a consol1dat..;
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Ii lng by-law authorizing the borrowing 01' the aggrog te thereof as one
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issue pursuant ~o the provisions 01' the s'tat.ute in ~t behalt'. I
9. !his by-law shal1 take effect on the"day 01" th final passing the I o~
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/~. o~ .~ A..~.I9, 8,
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loan. and the issue 01' deben'turès tor such. loan in one consecutive
SIGNED,
S¡¡:,.T.1rn and ]finally passed the
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Clerk
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lSuwwuLJI -.I.- a\taCbe4. w and to
pan of Bl-~i.aw No. I 15/P
'foe 0:1: D.noarUne.
:t ~e
lr!Jl.oi lJiI. te:net
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I 1'00.00 t520.00 '2'.1) .'
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2 ',OChOO 4'0.75 1 '0.75 2'.25·'
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3 '00.00 , 46I.50 I 'I.5O 2'..25-
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. 4 '00.00 432.25 I 32.25 2'.2:5
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5 '00.00 403.00 I 03.00 29.2.5
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. 6 1100.00 373.'l5 I 7'.75 ".7.5 ,
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'1 IIao.oo :;:;8.00 I ,8.00 ,~ "·'15
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8 lIOO.OO 302·2.5 35.7.5 I
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, 1100.00 2".50 3.5.1.5
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10 '. IlGo.ao 2,0.'l5 '5·1.5 -
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II 1200.00 1".00 ".00,
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12 noo.oo I}6.00 I 5'.00 - ".00'
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13 12QO.OO 117.00 ".00
t '18.00 t' 78.00 ~,
14 1200.00 3~.OO
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1.5 naG. 00 39.00 ".Q0
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~ 'fatal. ¡16.800.00 t 14403.1.5 1 '20.403.7.5 ,
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