HomeMy WebLinkAboutKIN 60 1759 Borrowing By-law
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IOORPORATION OF TBK m\'/N OF KINCARDI
Br-LAVl NO. 1759
A Br-LAW TO ~ROVI~ FOR BORliOWING $105 .86
TO PAY FOR THE: .iXTE.NSION OF A WA'l'J;;..,~i.àIN ON
æm:Jï:r EAST IN 'fI!I TOWN OF KINCARDINJj;.
WHEREAS, pursuant to
number 175(
constru ction By-
passed on the llst. day of
-.
1960 a six inch watermain has been construe ed on King
Street East as therein provided.
AND WHEREAS the total oost of the work is 110.57.86
of w:!lioh $423.14 is the 'lown's portion of t e cost and
$634.71 is the owners' portion of tba 0051'., for which a
special assessment roll has been prepared a
and certif'ied;
AND WHEREAS 1t is necessary he said sum
or 11057.86 on the credit of the at rive and
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three quarter per cent interest per annum w 1a the
aD .ount of the debt int.ended to be oreated b thia by-law;
AND WHEREAS it is expedient to make t prinoipal of the
aaid debt repayable in yearly sums during t e period of five
years. of auoh amounts respeotively that t aggregate amount
payable for prinoipal end interest in any 0 ahall be
equal as nearly as mq be to the amount
oipal and interest in each of the other
AND WHEREAS IT will be necessary to r
sum of 1249.43 during the period of five
1"or prin-
annua1.ly the
s to pay the said!
yearly aums of prinoipaJ. and interest as. t y beeome due of
which 499.77 is required to pay the Corpor ion's portion 01"
the cost and the interest thereon and 1149.66 is required to
pay the owners' portion 01" the oost and th interest thereon;
AND WHEREAS the amount of the whole r teable property 01'
the .unicipality acoording to the l~st rev' sed assessnent roll
is . 2.632,02.5.00
AND WHJj:.R'UQ the amount of the existi
debenture debt 01"
.:,--:,~~:
the said Corp0r'Iíl~£)J ;,. exolusi ve 01"
provement "6bts,
.
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secure4 b;y special ratea of asaessment is end no
part of the prinoipal. or interest 01" the said ebenturea is in
a aum not exceeing
arrears&
'rHImEFORE the Council of the Corporation f the ':own of
~ncardine. enaots as follows;
(1) For the purposes mentioned in the preambl the QOJ:poration
shall borrow upon the credit or ~he Corporati
ONE 'fHOUSAND am rIftI"-.::ìJJ;VM and 86jlOOth DO
at five and three-quarter paroent per annum.
(2) 'the princñ.pal of the said debt shall be r payable in yearly
bearing interest
.
sumaduring the period of five years 01" such ounts respe cti vel;y
that the aggregate amoun~ payable for prinoip and interest in any-
one year shall be equal as nearly as may be to the amount ao payable
for principal and interest in each of the othe yeara, and the re-
spective amounts or principal and interest pay ble in eaoh of such
;years shall bet the &mounts 80 designated in So edule "AIt hereto
. ~
annexed.
3. During the five yeara, the 'te= of the 8 d debt, the sum of
&249.4' shall be raised annuall;y
t of the debt and
.
interest as follo1ls; 'fhe awn of 499-'17 ahall e raised annually
for the paymen~ of the QaJ:poration's portion 0 the cost end interest
thereon and shall be levied and raised annuall bj" a apeoial rate
sufficient therefor over and above all other r tea on all the rateable
properv of the J[unicipalit.;y. ..~ the same time and in the same manner
. as othe:r rates. For the payment of the owners portion of the oost
and interest thereon, the special assessment s t forth in the said
apeoial assessment roll is hereby imposed upon the lands liable there-
for as therein set. forth, which said s:¡;:eoial a sessment with a sum
sufficient toioovet- interest thereon at the ra e aforesaid. shall
be pa;yab1e in five equal annual instalments of 114,.66 each, and for
that purpose the speoial. annual j a~es per foot frontage sat forth in
Schedule aB- hereto attached, are hereby impos d upon the lots en-
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tared in the said special assessment roll, acc rding to the assessed
frontage thereof, over and above all other ra't s and taxea, and the
ia the same manaer aDIi
said special rates shall be colle cted annually~UUfY~1N"'*,-r. ~,(..
with lfie remedie. as water rates.
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SIGNiCD. =.4T.ZTI end FINALLY l'ASSim this 21st d of December,
A..D. 1960.
SCHEDUIJC "An TO BY-LAW NO. 1759
OF '.ffi& COBPORA.'fION OJ' mE: OWN OF
KINCARDUm.
. 1961
110. Princï al Interest 'total
1. 188.~0 60.B3 2.49.43
z. 199·45 49.98 249.43
3. 2.10.92 38..51 2.49.43
4. 22.3·04 2.6.39 2.49.~3
5. 2.35.85 13..58 249.43
. TOTALS il057.86 *189.29 $1247.1.5
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