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HomeMy WebLinkAboutKIN1907-521 Borrowing by-lawcA�BY- 7J►I��to sathorii�e the �ipw'I�Oo o ! - ths ToKn - a! �[i sardine to raise or borrow the -slum o! 48600.00 ao proride end for certain p6rman4ht_improremente ' to th Hig}i_sohool _iii the ` 'said mdnioipality. - � _ _ - - ,_ pHEREAS_ the Board o Education o! the TOwn_of Kinc a r dine raquj ` Y the sum Of 48600.00 for nedessary permanent impr oTemsnts' as #` defined by! "The High Sohool" Ast" 'in enlarging, improTng, ez0i -1ng an d ventilating the High school buildings, and propertty,' situate within the Rinoordine -High-school Distriot, eadlunfit 1 r-.the-'Jnriediotion_Of. =the said board. - -. :SFr e7 - F _,ABD. =pEllS the -said Board ol Rduoatiori beta as rsgnised t J , °High Sohool Act submitted to the `said Oounail 4Atimates o! th ; amount required by:them for such;permaatat impsoTements, aa4a e laid- -;anm of 4E600.00 is not is excess of such estimates. s < -ranks the said High Sohool Distriot is oompoied of oo its municipality only, namely; the said Toes of Binoardirie. t7= r AWNHEREAS the said Board_ of Education has made applioatio err „ - da- _under the prorielone of . -The High schools Aot -,to the,ssi _ Ovunoil of the T Hincardine .(being thejXunioi*l Oonnol "i -'� ' £he` said High school Distriot) to pass a by -lax or by lavi - or ti�purposa of raising tbo'said sum -by asaassment on the- s to ysrs o! the sai Tow and the said Oa un e il b a8 appro��� A11D MMRUS the said ?lnaioipal council under -the - ;rovisiOno "fhs High Schools Avt” deem tt to-grant the rsgne F `' o! t he saidBoard o! Ednaation and to peas a bylaw for the: purpose of raising said sum for the purpose aforesaid. for -the-' af such permanent imp"ess IF { i x_ nsoeasary-for the; said Council o raise or bo tb 3 = saki -stuQ of 4£800.00- upon_ the 4ssdit W tbs- debentures 0� #b m u. i i v f 161 created by this by -law. - ABD mmHuB the amount of the whole rateable property of the' municipality of-the Town of Kinoardine according to the last revised assessment roll thereof amounts to the sum of $686 - An WHF.RBAB the existing debenture debt of the said Munioipality amounts to the sum of #'6 0 884.03 of which no portion of the principal or interest in in arrear. AED WHSH8A8,it will require the sum of $6.00 to be raised annually during the term of thirty years for the payment of the ` acrid' interest and the further am of $44.57 to be raised annually - I i as a sinking fund, to be ospiLtdlisad yearly at the rate of four per centum per annum for the payment of the said debt or loan of $86006000 TJ38REBORE the Mmiolpal Council of the Corporation of Town of lippardine in purauanoe of .the powers which are oonferrad on E them by the said "'the High Schools dot", and the Cousolidatad Mioipal Act 1903- enaote as follows: - 10 ,TRIT it shall be lawful for the Council of the said .- Hunioipsiity and the said ,Council is hereby directed and authorited_to raise-hr borrow for the purposes aforesaid upon ti=the credit -of- the said municipality, and -upon -the- aeourity -_of= the debentures of the said Corporation by this by- law.author- :•isad to_` -be issued the sum of Two thousand and five hundred - - - — Dollars. - E - THE x9yor of the said Corporation-ie hereby-empowered _ - andAireoted to ieeue' the debentures -of the said munioipality : -to -the -said amount of- Two _thousend and five hundred dollars in sums of not.less than- $100.00•esoh and the as shall be payable `within thirty years at furth4t from the date ou which such ldebehturex are issued, spdd'tber shall 7bew interest at tbc rats Y -'7 _ !, A� i I _ •� - � ,. '_ -_ _ ,� � T ._ -., i . � -, _.. h.� . _:_ _ _ _.., ... � � -�- f � � t ti a� NA-43 �, 0 b o w-Av�\ J— - 3 i i s_ 163 ••aYiOU oa tha A• Y• 1907• - " DATED and PASSED in open Qounoil this kMw.o\ dys of Wy _- A: D. 19070 , ro t ti a� NA-43 �, 0 b o w-Av�\ J— - 3 i