HomeMy WebLinkAboutKIN1921-795 Debentures For Paying Floating Debt of Town of Kincardine74
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BY - LAW H o. 7,2%`
To raise the sum of Forty One Thousand Dollars by the issue of
debentures for the purpose of paying the floating debt of the Town of
Kincardine and for improvements to Huron terrace Street in said Town.
WHEREAS by an Act of the Legislature of the Province of Ontario
passed at the 2nd Session,15th Legislaturs,ll ueorge V,19211the Mating
debt of the Town of Kincardine was consolidated at the sum of Thirty
Eight thousand dollars and authority was granted to the said Corporation
to issue debentures for thr.t amount to pay said floating debt and to
issue debentures for a further sum of ;3 to pay for improvamente
to Huron `errace Street in said Town,as in said Act mentioned and
provided;
AIM WHEREAS under the provisions of said Act it is not necessary
to o'tain the assent of the rate - payers of said Town to the passing of
any by -law issued under the authority of said Act;
AND WHEREAS it is deemed necessary and expedient to raise the sum
of Forty One Thousand Dollars for the purposes aforesaid by way of loan
upon credit of debentures of the Corporation of the Torn of Kincardine
under the provisions and authority of said Act;
A-D WHEREAS the sum of Forty One thousand dollars is the amount
of the debt intended to be created by this by -law;
AND WIiEREAS it is desirable that the principal of said debt
should be repayable by yearly sums during the oarenoy of the period of
fifteen years being the time within rdiich it is intended the said debt
is to be discharged;
AND WHEi,GAS it will require the sum of $4,221.47 to be raised
and levied in each year during the currency of the said debt by special
rate upon the whole rateable property of theCorporation of the said
Town of F_incardins according to the last revised assessment roll theret
which sum shall be sufficient to discharge the said several yearly
sums of principal andintereet accruing due,as the said yearly sums
become respectively payable according to the terms of this by -law as
hereinafter mentioned and provided;
AND
Uunicipali'
aaoessmen
AND
Municipal
or intere
bonds of
THEI
Kincardit
1. is
and he ii
borrow t!
of the s
lees tha
and at t
2. z
payment
shall b4
shall bi
30th da;
said di
3-
during
dischar
of inte
respect
raised
proper'
last r
4.
day of
and up
l y branch
Kinoax
-
z _,
47
AND AREAS the amount of the riiole rateable property of the said I s
Municipality of the Toren of Kincardine according to the last revised
assessment roll thereof is the sum of x'872.479.00
AND WHpRL+AS the amount of the existing debenture debt of the said
Municipality is the sum of $136.761.09.or which o part of the principal j 3
or interest is in arrears.and the Municipality has also guaranteed the
bonds of the Ontario W est Shore Railway for the sum of $50,000.00
Tgp the Atunioipal Council of the Corporation of the Town of ,
Kincardine enacts as follows;
1. IT SHALL BE LAWFUL for the Mayor of the said Town of Kincardine
and he is hereby authorizeland instructed for the purposes aforesaid to I `
borrow the sum of Forty One Thousand Dollars and to issue the debentures
of the said Municipality or Corporation for that amount in gums of not i
less than One hundred dollars each payable in the manner for the amount
and at the times hereinafter more particularly mentioned;
2. The said debentures shall have attached to them coupons for the
payment of interest at the rate of six per cent per e.nnum,which coupons
shall be signed by the mayor and the Treasurer of said Corporation and �h
�= I
shall be made payable half- yearly on the 30th day of December and the !
30th day of June in each and every year during the Conti. canoe of the
k1
said debentures.
3 The said sum of $4 shall be raised in each and every year
during the currency of the said debt,which aum shall be sufficient to
disoharge the said several yearly sums of principal and half-yearly sumo },
of interest accruing due as the said sums of principal and�ntereat become
respectively payable an herein provided,which gum of $4,221.47 shall be
tbbcciala
raised and levied each year by a sufficient %rate therefor on all rateable R
property in the Municipality of the Town of Kincardine according to the
last revised assessment roll thereof. -
4. The said instalments of principal shall be payable on the 30th
i
the principal and interest payable under
day of June in eahh year .and t
and upon the debentures issued under this by -law shall be payable at the
l branch or agency of the Lterchants Bank of Canada at the raid 'Town of
i
Kincardine -
1 4 _
>e
24
2r-I
i4R
5. The yearly instalments of principal on the said debentures and
Aaw.t
the annual payments of interest thereon,shall be in each year of said
period of fifteen yeareiae- follows:
�t
Year
Principal
Intereot
Total
+� 1
1
1761.47
2460.00
p 4221.47
2.
1867.16
2354.31
4
3•
1979.20
2242.27
4221.47
4.
2097.94
2123.53
4221.47
+
5.
?_223.82
1997.65
4221.47
6.
2357.25
1864.22
4221.47
I fl
7.
2498.68
1722.79
4221.47
80
2648.61
1572.86
4221.47
t
'•h�
9•
2807.52
1413.95
4221.4 7
<p
4
10.
'975.97
1245.50
4221.47
3154.53
1066 .94
4221.47
12.
3343.80
877.7
4221.47
13.
3544.43
677.04
4221.47
14.
3757.10
464.37
4221.47
f
NOTICE OF REGISTRATION
3982.52
238.95
4221
'4
OF RT LIL
1
.'. Notice to hereby glrea that a by law
g p pp� by the alutdeipal conne"
debentures shall
be signed
g
b t
Y he Mayor Of the Town
O1 own of Kineatdilue on the
i, twentletl day of June, I11N1, Providing
[' ior.>he ;l *,ue of debenturev to the
nd by the Treasurer thereof
and shall have the Cor.
amoaat of folly one thousand dollars
lot the purpaw of paying the flouting 1
the said Corporat ion affixed then eto .
Uebt of the paid Town of Khieardlue. .
1
i own, and I mpro v eme nts t pueh t
JA
lnaald Town, and that each Ay Ise
low shall take effect fro^: :1
^' rfter the f inal passing
1 regWeroll In the Ilegislory otthre
-
a 3ithe County of Bruce on the 23rd
n the coming into
force of the maid Act•
.a
dty of Jude,llkl.
,lay motion to quash or pct adds
urea may contain any provision for the registration of
y l
t VIRLme or Any. Part thereof must
b \' law
.2
e
pd.;_pypdowithin three months after
the "nrsttUpblicgtlan of this natlee,
d passed at Ki7 ^.ardin3 this
day of June,A.D.1921
4
RInj ranupt be made tbereatier.
paled . the 97th day at June 11
j
- - JOiI\ H. BCUL'OAi.LI
d
- - t fv " -ti " Town Clerk. ;
� ' - pM��iW a►' W J
4 .IwNN
- IS
y
p
Clerk
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