HomeMy WebLinkAboutKIN1905-486 Borrowing By-lawi
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By -law Ito. )+ `b (o
A By -law to provide for Sorrowing money
by the issue of debentures of the TOM
of Kincardine for the construction of a
cement or granolithic side -walk, on the
East side of Queen Street in said Towne
SHMEAS James Armitage and others have dvly petitioned
for the construction of a cement or granolithic side -walk on that
part of the East side of queen Street lying between the North side
Of Durham street and the South side of Broadway Street under the
provisions contained in By -law number 310 of this municipality and
which waiF finally passed (after the assent of the Electors had been
dvly obtained thereto) on the Twent►q� day of January A.D.I6989
and the council of this municipality have deemed it expedient to
grant the prayer of the said petitioners.
AND WHEREAS it has been ascertained and determined under
She provisions of the said by -law number 310 duly passed in manner
aforesaid,and in accordance with the provisions of the statues in
that behalf that the said petitioners a3% over two thirds in number
of the owners and represent more than half in value of the real
property to be benefited by the said ceneht side -wall: according to
the last revised assessment roll of this municipality and that the
real property comprised within the following 1lmits that is to say
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All property fronting on that certain part■ of the East side of
Queen Street Wrig between the North aide of Durham Street and the
south side of Broadway Street real property immediately
benefited by the construction of the said side -wall.
AND the proportion in which the a!,aessnent for the final
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cost thereof is to be made,on the various p of real estate so
benefited and the proportion to be defrayed out of the general funds
of the municipality have been also ascertained in manner aforesaid
and are particularly s6ttforth in the achedyle annexed to this by -law
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AND WHEREAS the said side -walk has been constructedyand i.,
the total cost thereof together with the street corners
and street crossing is the sum of six hundred and fifty dollars and
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eighty one cents ($650.81) which is the amo>lnt of the debt intended
to be created by this by -law of Which the sum of four hundred and
twenty three dollars and sixth four cents ($423 ■64) is to be paid by
the rate - payers and 1s to be asseosed upon the property benefited
thereby as set forth in the said schedule and the sum of two hundred
and twenty seven dollars and seventeen cents($227sI7)being that
portion of the costs thereof as 16 also set forth in the said schedule
and Which is payable by the said munioipalitys
AND YMEREAS the said sun of Six hundred and fifty dollars
and eighty one cents has been raised by a tempoiy loan the said
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side -walk paid for.
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Alm WHEREAS the value of the real property of the rate.• 1
payers assessable under this by -law according to the last revised
assessment roll is the sum of Eleven thousand six hundred and fifty
doll and the amount of the whole rareable property of
of the said municipality according to the last assessment rol:6is the ?
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sum of Six hundred and twenty eight thousand four hundred and forty
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three dollars ($628"3).
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AND WHEREAS the amount of existing debenture debt of the
said mvniclpaiityyexclusbvve of local improvementdebts the sum of {3
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Seventy thousand three hundred and twenty four dollars and forty one
cents,and no part. of either principal or interest is in arrears j
AND WHEREAS the said sum of four hundred and twenty three
dollars and sixty four cents ($423.64) part of the debt to be created
under this by- l& security Of the special rates settled by
this by- law,and is foxther guaranteed by the municipality at lame.
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AND WHEnAS the probable life of the side -walR is twenty
years•
AND WHLMAS it will be neoesaary to raise annually during
the term of the twenty years next after the day on which this by -law
takes effect by special rates the sum of Twenty one dollars and eighty?
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six cents ( #2I.88) to form a sinking fund for the payment of the debt
and the sum of Twenty six dollars and three cents ($28.08)for the
payment of the interest up as followe the purplaee of paying
the said sun of four hundred and twenty three dollars and sixty four
cents (423.84) assessed on the said property,it will be necessary to
raise annually for the said term the sum of rteen dollars and
twenty two cents ( #I4.22) for the payment of the debt the sum of
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sixteen dollars and ninety four cents (1I8.94) for the payment of++:
the interestyand for the purpose of paying the said sum of Two
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hundred and twenty seven dollars and seventeen cents (1227.17)
payable by the municipality,it will be necessary to raise annually
for the sold A errV of twenty years the sum of seven dollard and sixty
five cents ($7.66) for the payment of the debt the sum of nine
dollars and eight cents ( =9.08) for the payment of the interest.
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the municipal council of the Town of Kincardine
enacts as follows;
I•That all proceedings hereinbefore referred to are
hereby confirmed and declared to be valid.
2.That for the purpose aforesaid it shall be lawful for
this corporation to borrow on the security of the special rates
hereby it►poaed, the sum of aiX hundred and fifty dollars and eighty one
cents and for that purpose to issue debentures of the Corporation of
this municipality for the sum of six hundred and fifty dollars and
eighty one cents (=650.8I)in sums of not less than One hundred
dollars and each payable on the Thirty f4rst day of Decenber in the
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year of our Lord One - in ne"Fiundred and twenty four and which said
debentures shall have coupons attached thereto for the payment of
interest and that the moneys so to be raised shall be applied and
expanded in paying off and discharging the temporary loans heretofor6
obtained for the construction of the said side —wall: and in no other
way or for any other purpose.
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9.That the said debentures shall bear interest at the it
rate of four per centum per amnum payable hgif yearly on the thirtietb
days of June and the thirty first days of December and as to both i
principal and interest shall be payable at the Branch Or aZemcf of
kMv dti"& Bank of Canada in the said Town of Kincardine. l
6.That the Mayor of this said municipality shall sign
the said debentures and iasye the same and shall sign the said [
interest coupons and eaves the said debentures and interest coupons
to be signed W the Treasurer of the municipality and the Clerk ofxz:_
the municipality is hereby authorized and instructed to attach the
Corporate seal of the mmicipality to the said debentures.
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6.That the said debentures shall be dated and issued all
at one timetand the same shILU be issued within the time stipulated
by section 984 of the consolidated municipal act of I903. j
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e.That during twenty years the currency of the
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debentures to be issued under this by —law the sum of twenty one
dollars and eighty six cents ($21986) shall be raised annually to ;1
form a siming fund for the payment of the debt the sum of twenty ,
six dollars and three cents (12603) shall be raised annually for the;
payment of the interest,maY.ing in all an annual sum of forty seven
dollars tvid +Eighty nine cents ( =67.89) which said annual suet shall
be levied and raised as follows;The sum of foutteen dollars and
twenty two cents (&16.22) shall be r4lsed annually for the payment
of that pert of the debt asseasad upon the real property or estate
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benefited,and the sum of sixteen dollars and ninety four cents($I8.94
for the payment of the interest thereon,shll be raised annually,
making an annual sum of thirty one dolla)ls and sixteen cents ($3I.I8)
and for that purpose the special rates per foot frontage set forth In
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the schedule hereto annexed ( which is hereby declared to be and form
part of this by -jaw) are hereby imposed on the real property of the
rate - payers mentioned and described therein,according to the frontage
thereof,over and above all other rates and taxes,and which said
special rates are sufficent to produce each year,the sum of thirty
one dollars and sixteen cents ($31,161 and shall be annually insweted ,
In the Collectors roil of the said municipality and shall be payable
to and collected by him in the came manner as the other rates on
said rol11,and the further sum of seven dollars and sixty five cents
(=7085) shall be raised annually for the payment of that part of the
said debt to be paid by the municipality, and the sum of nine dollars
and eight centaA89.00for the payment of the interest theremn making
In all the sum of sixteen dollars and serenty three cents ($I8o73)
which shall be levied and raised annually by a special rate
(sufficient theret W over and above all other rates on all the
rateable property of the said municipality at the same time and in
the same rrAi mer as all other rates.
7oThat the debt to be created on the security Of the
special rates settled by this by -law be and the same is hereby
declared to bA guaranteed by the municipality at large.
8,That all moneys arising out of the said anrmal it
special rates shall be infested by the Traasurer under resolution of
this council from time to time as the law enacts,
9oTaat during the period of Twenty years commencing from
the thirty first day of December A.D.I904 the real property to be
specially ascessedd for the construction of the said side -walk shall
be exempt to the extent of sixty per cent= of any General rate or
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