HomeMy WebLinkAboutKIN1918-725 Borrowing of sums by-laww�
of Kino—
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j BY LAW NO 72/
j By Law number seven hundred anda�.u.f►.� I aLO. of the Town of Kin•
- oardine ,ir, the County of Bruce and Provinco of Ontario.•
For the purpose Of Borrowing the sum Of two the
- usand.five hundred dollars to
meet the interest on' certain
debentures of the Ontario west shore olootric,raiiw
'
_
by the said Mur.iolpality. eY Buarenteei
Whereas the Corporation of the Torn of Kinoardi
.1ns under the authority of its
By Law duly passed .guirante*od... I
oortain,•of the debentures of tho Ontario
west aboro electric'
- rail »ay and is now called upon, to pay;,tho interest thoroon for
rhich, no provislon or levy has boon made.
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And rhoreas it is nocossary to borrow the j
roriey therefor until bueb ti as the taxes
for the year I9I8
oar, be collootod.
'
Be it therefor resolvod Oral it is hereby
rosolvodby the Munioipal Council of the Tom: of Kincardine in
COU,oil assembled.
� _
That`it shall be lawful for the Mayor and
Treasurer of the baid Corporation the
of Town of Kincardine
to borrow from any Bank or person rilling to lend the
same
snob a sum or sums of money as shall be raquirod to meet the �
intorest duo on sand debentures so guarartond and which interest
raturos or, the first day of January I0I8 and .ho first day of
July IDIC -ouch arourt to be borrorod not to oxonod the ii= of
tro
'houi,ard five h=drN dadlers.
The 1'.ayor and Treaburer or, Lohelf of said
Corporation, are bereby suthorizod to
Oxecuto rich promio'ry rote
Or rotes as may be rogltirod for snoh _j1_trioso artd to have the
ij
BMW the Corporatiorattachod thoretosuoh note or notes to bear
r
intorest at the rate of five and one half per cent per arrum.
_
f A apooial rate to meot such arourt and raise
the
[ samo is hereby lovied or, all the rateable property in the
said Corporation liable for the payment thereof which rate shall ' - -��
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beinsertod in tho Collectors roll of the Town of Kinoardine for
the year I948 and shall be collected in the same manner as other _
taxes
.arc% When bo collected shall be applied in payment of
`
such arourtb so borrorod as aforesadd
Signed sealed and finally passed in 'per,
Couroil this day of
` ` -•- A.D. I9I8
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