HomeMy WebLinkAboutKIN 59 1714 Borrowing By-law
THE COill?OliATIOn OF TEE TOWN OF KIHGAHD -~.
BY-LAW HO.
1'Z11t
A BY-UW TO Ati'THORIZik TIm BO:é":H.Q'.iIlTG OF ~60. 00.00 to
provide for payment of the cost of construe ion of the
connecting link on Highway 21. in the Town f Kinoardine.
~~ it is provided by the Highway Improvement
Act u.S.O. Ohapter 166. Sec. 88. that the C r~orationof any
.,
Lluniolpali ty through which an:;, pal't of the
ng I s Highway
is situate may enter into an agreement with the liinister for
the construction of a paveuènt or roadway;
AIID WHJ:IŒ.A3 by by-law number 1712 of t e Corporation of
the Town of Kincardine the Council of the
accepted the estimates and costs of the pla s prepared by R. ~.
Dawson. dated June 27th. 1959 and has autho ized the pro~osed
l;(Jrk and expendi tu:ces on the conne cting linl en the Kingt s
Highway number twenty-one;
jJll) \~Œ}~ the said Council of High-
ways have entered into an agreement for the Ollstruction of said
work by Lavis Oonstruction Co. Ltd.
AIID VI~~AS it is necessary to e sum of $60,000.00
for the oonstruction of said work. of which Slæl of $46,272.1~
is to be paid by the Department of Highways the sum of
~13,727.81 is to be paid by the said Corpora on.
AIm íiHJ.;':Ri.i1I\S the anount of tœ e:Üsting ebenture debt of
the Oorporation is i 458.9Q5.56
an no part or the
principal or interest is in arrears;
AND m~(:u...s the amount of the whole rat able property
of the LIunicipality according to the last re ised assessment
roll is t 2.537.660.00 .
AND Wm::l;;,:A8 by Order Ho. PFE-3003-59 da ed the Second
day ot
September
.195~. the Ontario NU icipal Board has
approved the purpose of the said borrowing
d passing of all
requisite by-laws including debenture by-law,
TEEREFORE the Council ot the Gorpo~·atio. of the Tovll of
Kincardine enacts as follows;-
(1) That a BUIll not exceeding i60,ooo.oa be borrowed from
- 2 -
the Banlc of IÆontrsal in the Town of KinclU'dine for the purpose of paying
for the construction of the said wor~
(2) That the loan of .60.000.00 be repaid over a eriod not exoeeding
three years being the yeal's 1~59. 1960. and 1~61.
(3) ~ three vromissory notes be drawn in favou of the Bank of
Montreal at :'Üncardine. Ontario. in the amounts of and for the years.
as follows;
1~59 $23.000.00
1960 ~30.000.00
1961 - 7.000.00
and each promissory note shall bear interest at th rate of (5ii) Five
and three quarter per oent per annum.
(4) That eaoh promissory note shall be sealed \ü t the seal of the
Corporation and signed by the Head of the Council 0 by some other person
authorized by by-law to sign the same. and by the Treasurer of the said
Corporation.
(5) That each promissory note shall become
respective years 195~. 1960 and 1~61 on the
the
date of
the signing thereof and the Oorpol'ation of th:l Town of :Kincardine shall
levy on all the rateable property in the ~unicipali y an amount over and
above all other rates sufficient to meet suoh payme ts. inoluding
interest.
(6) THAT this by-law shall become effective upon f al passing thereof.
READ a first and second time this Seventh
d Y of August.'
A.D. 1959.
BEAD a third time,and.fi~lly passed this Second
day of Oc'tober
A.D. 1959.
o Ontario Municipal Board approved: See their Orde PFE-)003-59
Wednesday, 3eptember 2, 1959.