HomeMy WebLinkAboutKIN 61 1772 Borrowing By-law
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aoBJORATION OF '.rHI!: 'fOWN OF
Br-UW HO"'lHi'
£ By"UW'1'O PROVIB FOR BORROWDIG'1'mI SUIt OF ho.,o
Ør Jlontreal tor ~he purpose o~ installing a Sprinkl
IhIDorial Areaa 1n the '!own or X1ncardìne.
IHICI<It6.g it 1s providei. by the IWl1cipal Act.
J71. $.S. 69 that Councils ot all Munieipal1ties m
approval ot the Department ot Municipal Aftaira. pa
main~aining and operating or granting aid to arenas
creaUon.
IN.B:
Q 0 ~rom the Bank
System in 'the
day of
. o. Chapter 20..tee..
. subject to the
by-laws for erecting.
r other places of re~-
AND ~w..~ the Department ot Municipal Affair has approved ot this
by-law b1' its order dated ~he Twentieth
1961.
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AND IrH¡¡;I<t<.AS the Counoil at the Uorporation of t. town or Kincardine
deem. it expedient to inatal a Sprinkler System in e said AreÐ&.
AND WH¡¡;~Æ.8 the cost of said installation will e 110.JOO.00.
Am> .R1ÐU¡!&~ it is neceàsary to borrow the said WB of 110.JOlhOO on the
OJ.'ed1t or the ~rpore.tion at five and three-quarter er oen't per annum which
1s the amoun1l of the debt intended to be created by his by-law.
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AND wmmuS the Bank of Montreal haa
oan tba said Oorpora~ion
e and three-quarter per
Ì{
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the sai4 8um ot 110.'00.09 at an interest rate
sent per &nnUID with the principal repayable in
12&60.00 tor a period ot tift years a
AND WR11D11!UI it i8 expedient to make the princi 1 of the said debt re-
P'Yable in yearl1 SumB o~ 12060.00 and the interest cn the unpaid
balance anll whereas it w111 be necessary to raise the said 8IIlOunta
during the period ot five years to I'47 the said yea prinaipaJ. and
. interest IUI they become duet
AND WHBB&&S the amount ot the whole rateable proper of tba ~icipa1i~.
aceording 110 tn. last revise4 assessment ~ll 1s fa 6,~.oZ5.oo.
.AN» 1JR1I!1mAS the amount ot the existing debentu deb~ ot the said Corp-
ontion. ex.lua1T8 of looal improvement debts. seau rates or
.....amen" is '.508.~85.t9 and no part ot the princi aJ. or interest on said
debentures ia 1n arrear..;
AND .H~H~&S this by-law 1a approved by the Ont
bT 1 ta order dated the 27i;h
day or
May
ria MunioipaJ. Board
~d J.96J..
lawn ot Kincardine.
'f1mREFORE. the QounciJ. ot the Corporation of t
enacta as tollowa;
i d in th- praomble the Corporation ahaJ.J.
1. For the purposes ment one .........
borrow upon the oredit of the Corporation from the
.WIt not exoeeding ~ moDS1ND. onmmR litJB])BJm 110
bearins interest at Five aDd three-quarter per oent per aJlD,Øò
at Ii1ontreaJ. a
(~10.)OlhOO)
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2. 'lb.e principal or ~he saicl debt shall be
equalÝearl;y sums of 12060.00 during the perio or tin years and
interest on the unpaid balance of the said prin ipaJ. sum shalJ. 'be
pa;rable 1'earJ.1' and the respective amounts or pr"noipa1 and 1nt.e~t.
payable in each ot such years shall be the 8IIlO ts so designat.ed
in Schedule ftA- heret.o att.ached;
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,. DIlring the five years. the um of the sa d debt. tbel sum o~
12060.00 and the interest. pa;rable as shewn in ~ edule -.- hereto
rateable propert1' ot t.he III1nlclpal1 t.1' at
1I&D118r as other rate..
~ ~
t. of t.he said debt
att.ached shall be raised annuaJ.J.;r
and 1n1l.,..t., and shalJ. be levied and raised
ra~e suffioient t.heretor over and above all oth :¡Irate. on alJ. 'the
time and in tba same
BBAD a First and "con" time this
....D. 196J..
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JrIA]) a ~RD 'fIlm lUll. :rnrn.y.y p" aa,", the 2nd. day or June
A.D. 1961.
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See Ontario Water Resources Commission Approval
16tp May 1961.
() foII.[j ~ /:'U· ¿g37- b I .2 7 /n-/ /9t1-
C rtlf1cate No 61-B-198
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i:W.tUW1J'JioII -A,- M'TJ.aam> TO JB]) FO
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PAlð or Dr-LAW NO. 1772 OJ'
CODOBA.'lIOH OJ!' '!HE mm 0" ID.
~6J.
0. PlUNCIP.AL Tour.
1. FfJ'- 12060.00 '.592.2.5 12.6.52. 2;
2. d.} 2060.00 4".80 2;".80
3. ('HI( 20EG.OO J;;.'; 241;.J;
4. I,,;/,r 20611.00 236.90 22,6.90
.5. IfH 20W¡.OO 118.4; 2178.4;
110.300..».
11776.75
11,2.076.7.5
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COP Y
THE ONTARIO MUNICIPAL BOARD
P.F. E-6837
IN THE MATTER OF Section 64 of The
Ontario Municipal rloard Act R.S:Õ:
19óO, c. 274)
-and-
(SEAL)
IN THE MATTER of an application of
the Corporation of the Town of Kin-
cardine for approval of the inatal-
).ation of a sprinkle r system in the
Memorial Arena at an estimated cost
at $10.334 and approval of the borrow-
iXlJ: for such purpose of the sum of
$10,300.
"¡ f';~ II
~ ~.},-oJ tV
\i"·,' ". \
\/Î . f\ I
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B E FOR E: )
R.L.Kennedy,
Vice-Chainnan
.and-
Saturday, the 27th
day of May, 1961.
D. Jamieson,
Member
""
...
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UPON THE APPLICATION of the Corpor t10n ot
the Town of Kincardine for approval of theinsta lation of
a sprinkler system in the !'Jemorlal Arena at an e timated cost
at $10,334 ard approval" of the borrowing for suc purpose of
the sum ot $10,300, and upon reading the materi filed,
THE BOARD ORDERS, under and in pu suance of
the legislation herinbetore referred to and of
all other powers vested in the Board that the sa d applica-
tion be and the same is hereby granted, ànd that the said
corporation may now proceed with the installatio of a
sprinkler system in the ··..morial Arena at an est cost
of 110,334 and for such purpose may pass all re site by-
laws, including by-laws providin; for the issue r debentures
repayable over a term of not more than five yea
borrow money to the extent sufficient to provid
not exceeding $10,300 therefor.
Entered
O.B. Bo. 624
Folio No. 49
June 2/6J.
I (B. Viokers{( EB)
Acting Secretary,
. Ontario Municipal Board.
Certified a true c py of above OMB Order
No. P.F.E-6837 27t May 1961~
Original on file at Bank of Mo treal, Kincardine. Ont.
duñng time of loan.