HomeMy WebLinkAboutKIN1913-637 Borrowing upon debentures for sidewalk constructionB - LAW N 0.b�'(
NHEREAS pursuant to construction By -law No, 3 (A paased on the
day Of "��A•D• 1913,a granolithich sidawalk has been constructed
on the Neat side of Victoria Street from Lambton Street to Durham Street;
on the South side of Durham Street from Princess Street to Victoria
Street,and An the Last side or Princess Street from Lambton Street to
Broadway Street as a Local Improvement under the provisions of The
Local L mprovement Sections of The Municipal Aot,
AND WHEREAS the total cost or the works is 41411.74 of which $091.58
ie the Uorporation portion of the oost,and 4720.10 is the owners'
portion of the cost,or which latter $62.16 has been paid by The Malcolm _:
Furniture Company,J35. by the Methodist Church and $00.08 by R.Hiller,
in Pull of their respectivo shares or the said cost,leavinp a balance
of $3248,22 f r which a special assessment roll has been made and duly
certified,
AND 74HERF.AS the estimated lifetime of the work is twenty years,
AND IN11ERF.AS it is necessary to borrow the said aim of $1^48.R2 on -
the credit of the corporation and to Josue debentures therefor payable j.
within twenty years fror. the time of the issue thereoP,and boaril in-
terest at the rate of five per cent per annum,whieh is the amount of thbt
debt intended to be created by this by -law,
AND 1 1 1 1HEREAS it will be necessary to raise annually p4 for the
payment of the debt and $02.41 for the payment of the interest thereon_
�-
makinv in all $108.87 to be raised annually for the payment of the de, W
and interest,of which $00.32 is required to pay the Corporation's,
portion of the coat and the interest thoreon,and $o-.55 fa required to
By -law to provide for borrowing
41246,22
upon debentures to pelt' for
the construction of granolithio
sidewalks
on tho kest aids or Victoria
:+treet from Lambton street to Durham
Street;
on the South side of Durham
Street from Princess Street to
Victoria
Street,and, on the ::set aide
of Princess Street from Lambton
Street to
broadway Street,all in the
'e
Town of Kincardine,
NHEREAS pursuant to construction By -law No, 3 (A paased on the
day Of "��A•D• 1913,a granolithich sidawalk has been constructed
on the Neat side of Victoria Street from Lambton Street to Durham Street;
on the South side of Durham Street from Princess Street to Victoria
Street,and An the Last side or Princess Street from Lambton Street to
Broadway Street as a Local Improvement under the provisions of The
Local L mprovement Sections of The Municipal Aot,
AND WHEREAS the total cost or the works is 41411.74 of which $091.58
ie the Uorporation portion of the oost,and 4720.10 is the owners'
portion of the cost,or which latter $62.16 has been paid by The Malcolm _:
Furniture Company,J35. by the Methodist Church and $00.08 by R.Hiller,
in Pull of their respectivo shares or the said cost,leavinp a balance
of $3248,22 f r which a special assessment roll has been made and duly
certified,
AND 74HERF.AS the estimated lifetime of the work is twenty years,
AND IN11ERF.AS it is necessary to borrow the said aim of $1^48.R2 on -
the credit of the corporation and to Josue debentures therefor payable j.
within twenty years fror. the time of the issue thereoP,and boaril in-
terest at the rate of five per cent per annum,whieh is the amount of thbt
debt intended to be created by this by -law,
AND 1 1 1 1HEREAS it will be necessary to raise annually p4 for the
payment of the debt and $02.41 for the payment of the interest thereon_
�-
makinv in all $108.87 to be raised annually for the payment of the de, W
and interest,of which $00.32 is required to pay the Corporation's,
portion of the coat and the interest thoreon,and $o-.55 fa required to
-i
t_ -
Y pay the owners' portion of the coat and the interest the eon.
AND ViHEREAS the amount of the whole rateable property of the !�inioi-
.a. pality according to tho last revised asseaament roll is Ye•a,c. o
AND WHEREAS the amount of the exiating debenture debt of the Corpor-
I� ation (exclusive of Local improvement debte,secured by spacial ratoa of
r
assessment) Is $86.113.93, and no part of the principal or interest !s .
�1 in arrear,
, d; THERFFORE the yunioipal UenjonRation Council of the Corporation of
J
l the Town of Hinosrriins enacts as follows,
t
1. That for the purpose aforesaid there shall be borrowed on the
_ r
oredit of the Corporation at large the sum of One thousand Two hundred
1 and forty eight dollars and twenty two cents ($1248,22) and debentures
R
1
shall be issued therefor in sums of not lose than $100.00 each,whieh
t shall have coupons attached thereto for the payment of the interest..
K 2. The debentures shall all bear the same date and shall be issued
A
J. ) �J
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air
t -
•
within two years after the day on whi!h this by -law is paaaed and may
bear any date within such two years and shall be payable within twenty
years after the time when the same are issued,
3. The debentures shall bear interest at the rate of five per oant perk
annum payable yearly,and as to both principal and interest may be ex-
pressed in Canadian currency of Jterlirp money of Great Britain at the
rate of one pound sterling for each four dollars and eighty six and two-
third eente,and may be payable at any place or places in Canada or Great
Britain,
r 4, The Mayor of the Corporation shall sign and issue the lebentures
and interest eoupona,and the same shall also be signed by the Treasurer
of the Corporation,and the debentures shall be sealed with the seal of
the Corporation.
i;
i 5. During twenty yeare,the currency of the debentures.,M .48 shall be
raised annually to form a sinking fund for the payment of the debt, and
$82.41 shall be raised annually Par the payment of the interest thereon,
makinr in all $108.87 to be raised annually for the payment of the debt
and interest as follows,: -
ilia sum of #80.3 2 shall be raised annually for the payment of th-j
Corporationa portion of the coat and the interest thereon,and shall be
ar
aL
Ro
f o
an
he !�inioi-
he Corpor-
al rates of
terest is
ation of I-
on the
'wo hundred
debentures
ch,whioh
nterest..
be issued
d and may
1
hin twenty
per cent perk
ay be ex-
ain at the
six and two -
ada or Great
iebentures
e Treasurer
,he seal of
.48 shall be
9-debt, and
, eat thereon,
of the debt
levied and raised annually by a special rate sufficient therefor over
and above all other ratee on all the rateable property,in the munioipalit;
at the same time and in the same manner as other rates,
1' V
For the payment of the owners portion of the coot and the �interset
thereon,the special assessment set forth in the said Special Assessment -
Roll is hereby imposed upon the lands liable therefor as therein sot
!forth)which.said special assessment with a sum sufficient to cover in-
1 _y
terest thereon at the rate aforesaid shall be payable in twenty equal
annual instalments of 448,56 eaoh,and for that purpose the special annual._
rates per foot frontage set forth in Schedule 1 hereto annexed are hereby; r'
limposed upon .the lots entered in the said Special Assessment Roll,ao --
-:
wording to the assessed frontage thereoP,over and above all other ratios � -
lend taxes,and the said special rates shall be collected annually by the
Collector of taxes for the Corporation at the same time and in the same
imannar as other rates,
8. All money arieintr from the said special rates or from the comma -
I
station thereof,not immediately required for the payment of interest,shall`
be invested as required by law, -'
.7. The debentures may contain any clause providing for the registration
thereof authorized by any Statute relating to Municipal debentures in --
force at the time of the issue thereof,
8. The amount of the loan authorized by this by -law may be consolidated
with the amount of any loans authorized by other local improvement by- laws - --
by including the same with such other loans in a consolidating by -law
Y
authorizinp the borrowing of the aggregate thereof as one loan and the
issue of dobentures for such loan in one consecutive issue pursuant to the "- a
Provisions of the Statute in that behalf,
9. This by -law shall take effect on the day of the final pasoinv therea
assed this \u.. day of
CaA N.lQ_ A, C. 1813,
Clerk, savor
SOHEDULZ --I
Attached to Debenture By-law Wo.V%
- St
13 53
$hialle
P rincess 3
N pt sent $1.98
is
1 89 Do
�iusl Henry Do if 3.28
74 Upt 13
pliver ooi DO
e 1 i. D.2 50 Do 1.84
Shelton Npt 13
< 4 - 2.42
YTJ obari tbAM Do 3 D. 1 86 Do
S.D.4
r
Ke Elliott Do 3 f i 49 Do f 1.81
D,2.3
r VoKerradhor Do 3 f 1.2 go Do 3.60
D I q
Bunt or Do R i i.2 49 Do 1.81
V
i sh Young Do 9 1 ;f G 85 Do ii 2.39
McPherson Do
C Of a 65 Do 2.39
D.3,4
E. Xicfiols Do 3 of G 85 Do 3.12
D .
so leri Do E of 0 50 Do 1
il T emple j Do 9 of 0 99 Do H 3.64
SE Thirty hroo
�,l Mcaaw Victoria I pt 19 220 1/2 an it ris 4.33
S.3 of quarter i cents
001ins
Do W 8 30.8 Do 1,16
SD 2
� Martyn Do W 18 38.8 Do 1.10
SD 1
DO w 18 35.8 Do 1V10
SD A if
110.8 Do 340
oLatrnan Do SD A 1 2
)cLopnsn Durham s sprig 58 Do u X 1.15
t
1,011' ry Do s 18 ISO Do I G(s
SD 0. ii
y eel a Do S N pt 18 57 Do f 1.438
j
Do S 18,,17 in
Do
At r
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P rincess 3
N pt sent $1.98
is
1 89 Do
�iusl Henry Do if 3.28
74 Upt 13
pliver ooi DO
e 1 i. D.2 50 Do 1.84
Shelton Npt 13
< 4 - 2.42
YTJ obari tbAM Do 3 D. 1 86 Do
S.D.4
r
Ke Elliott Do 3 f i 49 Do f 1.81
D,2.3
r VoKerradhor Do 3 f 1.2 go Do 3.60
D I q
Bunt or Do R i i.2 49 Do 1.81
V
i sh Young Do 9 1 ;f G 85 Do ii 2.39
McPherson Do
C Of a 65 Do 2.39
D.3,4
E. Xicfiols Do 3 of G 85 Do 3.12
D .
so leri Do E of 0 50 Do 1
il T emple j Do 9 of 0 99 Do H 3.64
SE Thirty hroo
�,l Mcaaw Victoria I pt 19 220 1/2 an it ris 4.33
S.3 of quarter i cents
001ins
Do W 8 30.8 Do 1,16
SD 2
� Martyn Do W 18 38.8 Do 1.10
SD 1
DO w 18 35.8 Do 1V10
SD A if
110.8 Do 340
oLatrnan Do SD A 1 2
)cLopnsn Durham s sprig 58 Do u X 1.15
t
1,011' ry Do s 18 ISO Do I G(s
SD 0. ii
y eel a Do S N pt 18 57 Do f 1.438
j
Do S 18,,17 in
Do
At r
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