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
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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
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••aYiOU oa tha
A• Y• 1907•
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" DATED and PASSED in open
Qounoil
this kMw.o\ dys
of Wy _-
A: D. 19070
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