HomeMy WebLinkAboutKIN 65 1905 Borrowing By-law
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THE\CÖRPORA';J.'.:t,QN OF THE TOWN OF,~INCARDINE
. BY-LAW NO. 1905
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Being a by-law to authorize the
borroWing of $25,000.00
to pray,ide for Construction of
Centennial Swimming Pool
WHEREAS the Council of the Corporation of t e Town of
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ltincardinehas by by·law authorized the const
0) That threeþromissory notes in the
for t he said
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..... Gántennia.l Swimmi.r1g Pool.
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AND WHEREAS it1s deemed expedient
, purposè a'sum not exceedingt25,OOO.OO
~rporation to be raised by' Way of promissory
THEREFORE the Council of the Corporation 0
iincarctine enacts as follows:
(1) That aSUIÎfnot exceeding $25,000.00 be orrowed from the
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Bank of Montrealiri the Town of Kincardine for '¡
credit of the
of
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(~) That the loan of $25,000.00 be repaid er a'period not
Qxceed:Î.ng threeyearªþeing 1967, 1968 and
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of $8,333.00,
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18,333.00 and $8,334.00, be drawn'in favour of the Bank of
Montreal in the Town of Kincardine and each of the said notes
shall become due and payable in the respective years 1967, 1968
and. 1969, on the Anniversary of the date of s1 ning thereof.
(4) The Corporation of the Town of Kinca ine shall levy
Qn.all rateable property in the muntJi:ipality a amount over and
'apove all other rates sufficient to meet such ayment inc'luding
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(5) That each.,promissory note shall bear nterest 3t the rate
of 5~% per annum.
(6) ,That each promissory note shall be sea ed with the seal of
Corþgration signed by the head of Council r by some other
authorized by by-law to sign the same a d by the Treasurer.
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{7J That this by-law shall become effectiv upon the final
pa.ssing thereof, subject to thea,pproval' of 'rh On'tario
M~cipal Board.
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BEAD a FIRST and, SECOND time this FIRST
day of OCTOBER
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1966
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UAD a THIRD time and finally passed this
day o.t:,
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