HomeMy WebLinkAboutKIN 60 1755 Borrowing By-law
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CORPORATION or 'fH& TOWN o:r KINaARDlNE.
BY-LAW NO. 1755
A BY-UW 'f0 AUTHORIZE 'fHK BORROWING o~ "06.
debentures for the construction o~ sewers in e 100m o~ Kincardine.
AND WHlirR1i:A!'I it is deemed expedient to borrow the purpos.e
o~ construction o~ said sewers in the a sum no1ö
exceeding $406.;00.00 upon the oredilO o~ the and to issue
debentures therefor bearing interest at the r te of five and three-
quarter per cent per annum and to provide for the discount. and ex-
penses inoidental to negotiation and sale of uch debentures.
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AND IJ1MR1i:A!,! the amount of 1öhe rateable proper y of the Municipality
t ereo~
aocording to the last revised assessmenlO roll is .~.561.;50.00.
AND 'fmmJe4>=1 the amount of the uisting debent re debt ot. the Corp-
oration exclusive o~ local improvement debts eoured by special rates
of assessment is .511.348.00 and no par1ö o~ 10 e prinoipal or interes1ö
day ar
19
tba said work and
o~ sucb. deb1ö is in arrears.
AND ~H~W~'~ the Ontario Munioipal Board has b its order dated the
appro
the debentures to be issued for t.he constructi the said addi 1òion.
'fH1i:R1U'0m: mE COUNCIL ot the Corporation of 10 1t0lm at. Kincardine
all borrow upon the
enacts as ~ol1ows;-
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1. :ror 'Ul.e purpose aforesaid the Corporation
credi1ö o~ 1öhe Corporation a sum not exceeding
issue debentures therefor in sums of not less
an Fif1öy :Dollars each.
Raoh debenture shall bear interest at the rate o~ five and three-
quarter per cenlO per annum and shall have coup na attached thereto
for payment of such interes1ö.
2. All the debentures shall bear the same date shall be issœd at one
time and within one anI. one-half years after t e day on which this
by-law is passed. may bear any date wi thin suo one and one-halt years
and shall be made payable in annual during a period of the
oamber. 1960.
one year nex1ö atter the date o~ issue thereot
d the respective am-
ounts ot principal and interest payable in one ear shall be the
amounts as designated in ~ohe4uà. -A- hereto
Read a first and seoond time this 2nd. day of
Eaad a third time and finallT passed the
BY of
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Kay or
Cl ;rk
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