HomeMy WebLinkAboutKIN 66 1947 Borrowing By-law
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THE COBPORATIΠOF THE TQiN or CARDDIE
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Bebg a by-law to authorize the
borrowiag fit .28,000.00
to. proTi.. for purchase of
lands described" in schedule "A"
attached hereto.
W1æRIUS ~e Council of the Corporalôion of he To1fD. ot
lïncardiae has DY by-,.law authorized the purcha e of lands
descri"'insched~."Aft attacbed here1;G.
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AIfD WHEREAS it 18 deead expedient to bor w for the said.
purpose a sua not exchdiag .28,000.00 or
the CorperatioR 1;0 be raia_ by way of prolD1ss ry no1;es.
'l'J.ÐtRVOU thè CoUDcll of the Corporalôion 0 the Town
of Kincardiae enacts as follow.:
1. 'f!:Iat a SUIB no1; exceediD.g 128,000.00
1;he Bank of MoRtreal iR the Town of nncardine for the
. purposes aforesaid..
2. !hat the loan of .2ft,ooO.QO be repaid a :¡>eried not
exceediag eight (8) years being 1967, 196ft, 9, 1970,
1971, 1972, 1973 and 1971t.
3. That eight (8) promissory Dotes 10 of $3590.00
be drawn in favour of the Bank of MoRtreal in ot
I:incardine and each of the saiel aotes shall b due and.
payable in the respectiTe yeara 1967, 1968, 969, 1970,
. 1971, 1972, 1973 aDd. 1974. on the anniversary of the date
,of driBg thereet.
,
4-. the Corporation or the To1fD. of lïncardine shall levy on
all rateable property in the sunicipal1ty an OUDt over and.
above aU other rate. sufficient to seet such paym.at
including iDterest.
s. That eacbp1'Gll1ssory no1;e shall bear int8 st at the ra1;e
of 6 ~ per auUII..
6. Tàa1;each P~SQry Dote shaU be sealed with the seal
of the CorPoratioa siped by the head. of COUD il or by s..
other person auhorized by by-law to siga the the sa. aDd.
by the Treasurer.
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7. Tlaat this by-lawàhall becoae effective u n thè tiDal
passing thereof, subject to the approval ot Th c:atario
Municipal Board..
RE.AD a FIRST and SEC())U) TIME this 21
July 1966.
Mayør
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RIW> a THIBD T,DIE aad. FINALLY PASSED this
. .
September
. . 1966.
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