HomeMy WebLinkAboutKIN1912-612 Borrowing of sum to pay for sidewalk consturction
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BY-LAW
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By-law to prov1iB for borrowin~ ~fiAO.37 upnn debenttres to pay for the
oonstruotion nf a eranolithio sidewalk on the 30uth sid~ of Lambton
~treet fr~m Huron Terraoe ~treet to the nest aide of Prinoeos Street 1n
the Town of Kincardl~G,
\':HEREAO pursllant. to oonntruotiCln by-lnw No fi97 pasoed on the Second
day of October I,. D. 1911,a eranol1thio Bidewalk haa been constructed on
Lambton ~treet in Bain Town of Aincardine from Huron Terrace Street to the
~eBt side of prinoeoa ~trQat fiR a Local Irnprovement under the provisions.
of the Local Irn~rovo~~nt Seotions of Th~ ~un10ipal Aot,
A~::' ";HEilEt.S the total c "ot of the Viork 1 s ~02~. 75 of wh1ch .~~53." 0 is
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the Cnrpnration'a portion of the cost S~70.75 10 the ownorB. portion of
the cost,ci' which ~~.:;() hatl boen 1'ail\ by tM CQrporation and $41.13 by A.
!,It\lco1n:,Ii,U.L'lgear,Th9 !~aB(')nic LC',dl's and R. J, Herritt in full of their
reapective Bhar3B thorsof,laavinr. a balance of $580.37 fo~ which a special
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aVSSBom~nt roll has beer. ~uly made ani certified,
AND ',liHEnEAG tho) estiltated tifetime of the work is twsnty yoars,
AIID \'iimR!!l,C it is neceRsary to borro'", the lIaid Bum of $!'i80.37 on the
credit of the Corp~ration and to issue debentures therefor payable w1thin
twenty years f'rol1l toM timfl of the iAsue thereof ,anl1 bearing interest at
tho rat.e 01' five per cont pl~r annum,whioh 1e the amount of the debt 1n-
ten~sd t.e be created hy this by-law,
AND ~~ER~^S it will be necessary to raise annually $21.60 tor the
payment. of the debt,an1 t?~.02 for the pay~ent of tha interest thereon,
cakinr 1n all $~O.6P. to b~ raised annually for the pay~flnt of the debt and
1nterest,of which ~?}.n7 is reqirod to pay the Corporation's portion of'
the coat an~ the interest thereon,and ~28.75 iB re~u1red to pay the
ownflra' port10n of' the coot and the interost there~n,
,
AND '''iEE!n.~3 the acount 'of; the whol!'! rateable property of t.he .L!unio1-
pal1ty aocordinl" to the,last revised D.SSl.lBSr.lllnt roll io !l>68?',:57?.ClO,
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~,o pay for the
Lambton
os Street in
the Second
nstructed on
e street to the
he provisIons
,ch .~~53."O is
I. port! on of
Irl $41.13 by A.
'ull of their
which a speoial
~y yoars,
~!'i80. 37 on the
payable within
~g interest at
the debt in-
.60 for ths
rest thereon,
of the debt and
's portion of
to PllY the
of t.he .L!unio1-
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AND i'iHEREAS the
tion ('lxolusive of local improv'irlent lobts, ~.acured by B!leo1al rates Or
aasessments) Is &A7,814.7l,and no part of the prinoipal or interest in
in arrear,
TlIF:llEFORE: tho I.lunicipal Council of tho vorporat1on of the Town of
K1ncardine enacts as follows,
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THAT fnr the purposo aforesaid there shall be borrowed on th~
credit of the Corpor~tion at larr,e the eum of Five Hundred and EiChty
dollars an.l thirty Bevan cents (~580.37) and debentures shall be 1ABued
therefor in dUl!lB ot' not lall3 than Ur.o.OO oaoh,Whil1h shall hav'3 coupcns
attache., thereto for the paynent of the intarest,
2. The rlebontUl"eB Aha U all beo.r the lIame date an" llhall be issued'
wi thin two years after the My on which thia by-law is pailssd and ma:r
bear any dIIte within such two years and shall be payable within twenty
y~ars after the ti30 wher. the same are iSSUBd,
3. The debentures shall bear 1nterest at the ro.te of f17e per oent
psr annum payab13 yearly,and ae to both principal and interest may be
pressed in canadian Currenoy or Sterline money of Great ~ritain at the
rate of one pound storling fC'r each four d"llars and eighty s1x anti two
third oents,anri may be payable at any place Or plaoes in Canada or Great
Bri tain,
1 4. Th~ Mnyor of the Corporat.ion shall sien and Lasue the debentures
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! and interest coupons.and the same shall also be sir-ned by tho Treasursr
\ of the CorT'orat1on,and tha dsbentureo ohall be Bealed with the oeal of'
I the \lorpore.tion,
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i 5. Dur1nr- twenty years the currency of the dobentures,~21.60 shall
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, I bo raLs ld annually to form II. einl<inr: fund for the plI.yment of the nebt,
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'and f~g.OP, shall b~ raised annUAlly for the payMent of the interest there.
on,nakinr 1n all $~().6? to be ra1sed annually for the payment of the
debt and interest,as follnwo,:-
TM lIum of $21.87 aha11 be raiRed I\nnuo.lly for the payment of the,
Corporation's pnrtion of ttja oost and the interest thereon,&n(i shall be
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laav1ad and raieen annually by a Bpeolal rate Buffioient therefor over
and above all other rates on all the rateable property in the Uunio1~a11t,
at the s~e time and in the eame manner as other ratos,
FOr the paymont of the ownere' portion of tho oost an~ the interest
thereon, the special assessment Aet forth in the Baid speCial ^see~sment
Roll iR hereby 1mposed upon the l~~ds liable therefor as th~rein set fortt
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whioh oaid speoial a~sessment with a sum suffio1ent to o~ver interest
thero~n at the rate aforesa1d shall be payable in twenty equal annual
instalments of 1t12.~'7 tiach,and for that purpose an equal annual speo1al
rate of thirty eight mills por foot frontage 10 hsreby imposed upon eaoh
Lot entered in the said Speoial Asseasment Rnll,aooordlng to the assessed
fr~ntage thereof,over and above all other rates an~ taxes,wh1oh Raid sne~~
cial rate shall bo colleoted annually by the Colleotor of taxes for the
Corporat10n at the same time and 1n the same manner as other rates,
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6. ALL money ar1ainrr from the said special rates or from the commu-
tation thereof not 1mModiat.ely required for the payment of interest shall
be 1nvested as requ1red by law,
7. The debentures may oonta1n any olaulJo providlTll!. for the registration
the!'sof author17.ed by any statute relatinr- to Hunio1pal debentures in foro
at the ti~e of the 1RBue thereof,
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The amount of the loan autbortzed by this by-law may be consolidate
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w1th the acour,t of any loans authOrized by other local 1mprovemont by-laws
by includ1nB the same with azaarsuoh other loans in a ornsolidating by-
law authoriz1nL the borrow1nr. of the aggregato thoreof as one loan and the
issue ot' debentUres for such loan in one oonseoutive 1sBue pnrsuant to
the proo1s1ons of the statubs 1n that behalf,
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p. This byoola\Y shall' t.llka effeat on the dny of the final palls1n~ thereo:
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A.D. 1911l.
Passed this
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Mayor
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Olerk,
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refor over
e Uunio1!'al1 t,
ie interest
. AeSel!SlDent :
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. interest
1111 annual
lual epeo1al
~ed upon eaoh
) the aBsessed,
110h Raid sne~~
axe s for the
r rates,
III the commu-
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interest shall
he registration
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'ovemont by-laws
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ll1dattng by--
me loan and. the
pnr suan t to
1 palls1n~ thereo:
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