HomeMy WebLinkAboutKIN 65 1887 Borrowing By-law
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THE CORPORATION OF THE TOWN OF K
-ªl~LAW NO. ¡ga7
Being a by-law to authQrize the borr wing of $4500.00
to provide for the purchase of lots C, D, , F,. and. part of G.
Russell St.,. Malcolm S't., and Mill Reserve 1, West side of
QaeenStr&e",' Town of Kincardine
WHEREAS the Council of the Corporati n of the Town of
IG.ncardine has by by-law authorized the pu chase of lots C,
DJ.&, F, and .part of G, RUssell St., Maleo St., and Mill
!braerve 1, Vest side of Queen Street, Town of Kincardine.
AND WHEREAS it is deemed expedient t bOrrow for the
sa1' purpose a sum not exceeding 14500.00 pon the credit
of the Corporation to be raised by way of rolllissory notes.
THEREFORE the Council of the Corpora iOI1 of the Town
of Kincardine enacts as follows:
1. That a sum not exceeding $4500.00 be b rrowed from the
Bank of Montreal in the Town of Kinca ine for the
purposes aforesaid.
2.
That the loan of $4500.00 be repaid ov r a period
exceeding tWO years being years 1966 a d 1967.
That promissory notes in the amount of $4500.00,
be drawn in .favour of .the Bank of Mont a1 in t.ne
Town of Kincardineand each of the said notes shall
become due alld..payab1ein the respécti e years
1966 and 1967, on the Annivers~ry' of t e date of
'$1gning thereof.
not
3.
It"" The Corporati9l19f the .Town ofIUncard
on a¡¡ the .rate.I:tUe property, in. them
amount O'fer:E!4I,d. aDm-e all other rates
meet such pa~ent including interest.
That each prOmissory note .shall bear i terest at the
l'ate of 5i~ pe 1.' annum.
ne shall 'In:y
icipality an
ufficient to
5.
6.
That each promissory note shall be sea ed with the seal
of the Corporation signed by. the head f Council or by
some other person authorized b by-law to
. sign the see and by the Treasurer.
7.
upon the i'inal
of The Ontario
That this by-law shall become efféctiv
passing theroi', subject to the approva
Municipal Boara..
READ a FIRST and SECOND time this second d y of April·l965.
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Mayor
~ a THDW ti.tl/..._, finally passed this 7~_
May A.D. 1965.
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Mayor
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; çprev.d by.' THE ONTARIO MUNICIPAL BOARD'
.rUe F. 62'72-65 Monday, 3rd May; 1965.
o~lii.Noi F20 .FoUe 12 May 4/1965.
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