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HomeMy WebLinkAboutKIN1922-820 Provide For Borrowing $746.37 Upon Debentures To Pay For Construction Of Curbing East Side Of Princef t b� rk rk .o . l I I ji , C � r BY -LKI No - e u ------ A by -law to provide for borrowing $746.37 upon debentures to pay for the construction of a curbing on the East side of Princess Street, from Russell to Lambton Street,and fou a granolithic sidewalk on the East dide! of Huron lerrare Street from 'groadway "treet to Mechanics Avenue North ',j'aIMAS pursu, nt to Construction. by -law No 780 passed on the Seventh day of September,A.D. 1920,a curbing has been constructed on th.e East side of Princean Street from Russell street to Lambton 6 treet, and a granolithic sidewalk, on the East side of F:uron Terrace Street from 1 Broadway Street to Mechanics Avenue North,ae a local improvement under fx the provisions of The Local lmporvement Act; At;D IMIMEAS the total cost of the work is $746.37.of which $406.27 is the Corporation's portion of the cost,and $340.10 is the owner's portion of the cost.for which a special assessment roll has been duly made and certified; y"ZI.iY AND WHEREAS the estimated lifetime of the work is thiTtry years; 1W AND 1 9HEREAS it is necessary to borrow the said sum of $746.37 on the credit of the Corporation and to issue debentures therefor within ten years from the time of issue thereof,and bearing interest at the rate of six and one quarter per cent per annum,which is the amount of the debt intended to be created by this by -law; AND WHEREAS it will be necessary to raise annually $ 65.111+ f �. for the payment of the debt $46.65 for the payment of interest thereon,macing in all $111,76 to be raised annually for the payment' . !- the debt and interest,of which is required to a the Corp $60.84 pay at.on's portion of the cost and the interest thereon,and $50 i required to pay the owner's portion of the cost and the interest ther - ' AND W4HEVEAS the amount of the whmle rateable property of the' Municipality according to the last revised assessment roll is $672,47, AND 1 17HERCAS the amount of the existing debenture debt of the Corporation is $1 ?0.471.77 and no part of the principal or interest is f in arrear,and the ::'.unicipallty has further guaranteed the bonds of the Ontario 'Neet Shore Railway to t're extent of $50,000.00; �Y^r F N TFFRFFORR the Munici•al Council of the Town of Kincardine enacts• t [` 1' as follows; 1. That for the purpose aforesaid there shall be borrowed on the credit of the Corporation at large the sum of Seven hundred and forty six dollars and thirty seven cents ($746.37) and debentures shall be issued therefor in sums of not less than One hur:dred dollars each,which shall have coupons attached thereto for the payment of interest. 2. The debentures shall all bear the same date and shall be issued within two years after the day on which this by -law 1s jaseed and may bear any date within such two yearn and shall be payable within ten years after the time when the same are issued. 3• The debentures shall bear interest at the rate of six and one quarter per cent per annum,payable annually and shall be payable at the branch or agency of The Bank of i.Iontreal,Kincardine. li 4. The Mayor of the Corporation shall sign and issue the debentures and interest coupone,and the same shall also be signed by the Treasurer of the Coraoration,and the debentures shall be sealed with the seal of the Corporation. During ten years,the currency of the debentures j $65.11 shall be 5. raised annually to form a sinking fund for the payment of the debt,e.nd� 4,;46.65 shall be raised annually for the payment of the interest thereon, making in all $111.76 to be raised annually for the payment of the debt and interest,as follows; The sum of $60.84 shall be raised annually for the payment of the Corporation's portion of the cost and the interest thereon,and shall be levied and raised annually by a special rate sufficient therefor over P,bove all other rates on all the rateable property in the Municipality , j . at the same time and in the same manner as other rP.tes; For the payment of the owner's portion of the cost and the intere2'. thereon,the special assessment set forth in the said special asse©sl-e::t rmll is hereby imposed upon thelands liable therefor as therein set forth;which said special assessment with a sum sufficient to cover 1 interest thereon at the rate aforesaid shall be payable in ten equal annual instalments of $50.92 each,and for thot purpose the special annul. I I i i� I I yl 3 rates per foot frontage set forth in Schedule 1 hereto attached are hereby imposed upon the lots enetered in the said special assessment roll,e.ccording to the assessed frontage thereof l over and above all other rates and taxes,and the said special rates shall be collected annually by the Collector of taxes for the Corporation at the same time and it the same manner as other rates; 6. All money arising from the said special tat or from the commutation thereof not immediately required for the payment of interest shall be invested as required by law; 7. The debentured may contain any clause providing for the recie- tration thereof authorized by any ota.tute relating to Municipal deben- tures in force at the time of the issue thereof; 8. The amount of the loan authorized by this by -law may be consoli- dated with the amount of any loans authorized by other local improve- � ment by- ls.wa,by including the some with such other loans in a consoli- dating by -law authorizing the borrowing of the aggregate amount thereof' as one loan and the issue of debentures for such loan in one consect issue pursuant to the provisions of the statute in that behalf. 9. This by -law shall take effect on the day of the fine.1 thereof. PASSED this w day of A. D. 1922 n' 8 7 K Mayor ,1 11 4 " /l I ' $ , " 10 66 , 28 ,v Do 1.6G 1 a 4 il. Mitchell , do , , , 'I ' 66 do 1.66 1 Do , n t do II 9 28 11 ,. Schedule attached to Debenture by - law 40. --- -- - -- --- -Lots abutting on work----- --------'--------- ---- ^ --- -f- - -- ------------------------------- ^ --- , b 1 O P, (d $4 ' 1 a ° uu ' ° ' 4J m Name of Owner S , W 1 m e ' m N'" N ' h a 0 • ' V U O� m ' .S ' 1-1 H ID I P. ld 1 H m 1 rl 1 Id W rl W Id 41 r1 '•y 1 N 1 1 7i 1 '+� ' 4 00 W E, o +4 11 L _L- _L- - 1 J- - -Sti. $ - - -J- Jd•Z f -- J _ -------°---- 1 1 I ' '1 12. 1 73 mills John McLean Broadway North , 15 1 169 1 16¢ o , 1.1. C..e_9, �`' t ' 8 1 1 'i 6.14 ' Do vim Framer ' Do do P 3 1 1 1 '� ' 'N P> g3 1 1 6� 1/ 6.14 1 UeODo Wm Thompson , do 1 do 1 1 — 1 1 , Methodist Church, Pri East , 15 1 94 , 28 c is 2,37 2 51 , r - Alex McKenzie ' do ' " ' 14 1 66 ' 28 I ✓ 1.66 ' PO ' do , « , 13 1 66 1 28 1V 1.66 1 Do J .McCrim;non 1 -_ 1 Do J. McCrlmmon do ' " ' 12 ' 66 ' 28 1.66 , 1 a 1 1 ' 66 ' 28 ' 1. ' Do J. J. Hunter do 1 Geo Jo. ne on I , , , A .. Hugh McKenzie ' Hugh do ' " ' 8 ' 66 ' 28 ' 1.66 ' Do F. E. Coombe , do , n , 7 , 66 , 28 1 � 1. 66 1 Da ' do " 6 66 28 ,� ' -. , 1 7 _ Do J.B.Wateon I 1 I A , ' do ' " ' S ' 66 ' 28 �' 1.66 Do 1 J. -R. Watson ' Dr Helliwell , do 1 1 " , 4 , 66 1 28 1� 1.66 Do Mrs J � do � " �ti�3 � 66 , 28 ', 1. , Do .McPherson Richard Emmerton' do « 1 �'Q ' 66 ' 28 ' 1.66 ' Do .� ft. Henry , do , ° ,pt 1 1 33 , 28 '1 ,83.1 Da ° opt 1 33 , .28c 1 '1 83 I QS� 2 Do D. C. Roes do I 1 1 1 � � 1 � 1 1 � 1 1 � 1 1, ' 1 1 , 1 , , 1 ti- 7 Uf r . �C+Y � P H T O w t� o 0 g p o d M I fD 0 O O r• I H p 1 N O A N r• O y y 9 m P. cL ct y y H 1 p N O 1 Pa P. P x i 1 7 y O av w w 1 j i I i 1 1 1 1 b b I 1 0 4 1 r• r• N N N N N o N N N N N N �C+Y � P H T O w t� o 0 g p o d M I fD 0 O O r• I H p 1 N O A N a _ +t1 i � J 1 i I I I . I T iK f 1 x i o r 1 j i I i a _ +t1 i � J 1 i I I I . I I I It �. r 73