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HomeMy WebLinkAboutKIN1924-878 Borrowing Debenture for sidewalk construction - various locationsBY LAVJ NO: f7d OF THE CORPORATION OF THE TOWN OF KINCARDINE. A BY -LAW to provide for borrowing of $1589.08 upon debent- ures to pay for the construction of (a) A granolithic sidewalk on the North side of Durham Street from Queen Street to Huron Terrace Street; (b) A granolithic sidewalk on the South side of Durham Street from Huron Terrace Street to Saugeen Street and Lovers Lane; (c) A granolithic sidewalk on the West side of Queen Street extending from the end of former pavement to the south side of Lot Letter "A "; (d) A granolithic sidewalk on the North side of Lambton Street from Huron Terrace Street to the East side of Saugeen Street; WHEREAS pursuant to construction by -laws numbers 834 and 863 passed respectively on the 13th day of October A.D.1922 and on the 2nd day of November A.D.1923 granolithic sidewalks have been constructed on the North side of Durham Street from Queen Street to Huron Terrace Street; on the South side of Durham Street from Huron Terrace Street to Saugeen Street and Lovers Lane;on the West side of Queen Street from the end of the former pavement to the South side of Lot Letter "A" and on the North side of Lambton Street from Huron Terrace Street to the East side of Saugeen Street as local improvements under The Local Improvement Act. - AND WHEREAS the total cost of the work is $1589.08 of which $977.27 is the Corporation's portion and $61I.8I is the owner's portion of the cost,for which a special assessment I roll has been duly made and certified; AND WHEREAS the estimated lifetime of the work is thirty years; �I i M a: �1 ':i r AID WHEREAS it is necessary to borrow the sum of $1589.08 on the credit of the Corporation and to issue Debentures therefor bearing interest at the rate of five and j one half percent per annum,which is the amount of the debt intended to be created by this by -law; AND WHEREAS it is expedient to make the principal of said Debentures repayable in yearly sums during the period of ten years of such amounts respectively that the aggregate amount payable for principal and interest in any year shall be equal as nearly as may be the amount so payable for principal and interest in each of the other years; AND WHEREAS it will be necessary to raise annually the sum of $2II.02 during the period of ten years to pay the said yearly sums of principal and interest as they become due, of which $I29.77 is required to pay the Corporation's portion of the cost and the interest thereon and $81.25 is required to pay the owner's portion of the cost and the interest thereon; AND WHEREAS the whole rateable property of the 1' to the last revised assessment roll, amounts to $I,042,085.00; AND WHEREAS the amount of the existirg Debenture debt of the Corporation is $208,672.43 and no part of the principal or interest is in arrear and the Municipality has further guaranteed the bonds of the Ontario West Shore Electric Railway to the extent of $50,000.00; THEREFORE the Municipal Council of the Corporation of the Town of Kincardine enacts as follows; I. That for the purpose aforesaid there shall be borrowed on the credit of the Corporation at large the sum of Fifteen Ifundred and Eighty Nine Dollars and eight cents and Debentures shall be issued therefore in sums of not less than $I00.00 each bearing interest at the rate of five and one half per cent perannum,and having coupons attached thereto for the payment of the interest; 44 t ., ; :, - 1 c a II 19 2. The Debentures shall all bear the same date and shall be issued within two which this by -law is passed and may such two years and shall be payable during the ten years next after the issued and the respetive amounts of payable in each of such years shall years after the day on bear any date within in ten annual instalmonto time when the same are principal and interest be as follows; No: Interest Principal Total I 987.42 9123.60 $2I1.02 2 80.62 130.40 2II.02 3 73.45 137.57 211.02 4 65.69 I45.13 21I.02 5 57• °0 153.12 2I1.02 6 49.48 161.54 2II.02 7 40.60 170.42 2II.02 8 31.22 179.80 2II.02 9 22.34 188.68 2I1.02 I0 I1.78 199.24 2II.02 3. The Vayor of the Corporation shall sign and issue the Debentures and interest coupons and the same shall also be signed by the Treasure of the Corporation and - .he Debentures shall be sealed with the seal of the Corporation. 4. During ten years the currency of the Debent- ures the sum of $2I1.02 shall be raised annually for the palmlent of the debt and interest as follows: The oum of $129.77 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 thereforo,over and above all other rates,on all the rateable property in the Municipality at the sal:le time and in the same manner as other rates; For the payment of the owner's portion of the cost and the interest thereon,the special assessment set forth in the said special assessment roll is hereby imposed upon the lands liable therefore as therein set fortii;which said special 4 I V assesenent,with a sum sufficient to cover the interest 'a thereon at the rate of interest aforesaid,shall be pay- able in ten annual instalments of $81.25 each and for that purpose the special annual rates per foot front- ' ' age set forth in Schedule I,hereto attached,are hereby imposed upon the Lots entered in the said special assess - ment roll accordirg to the assessed frontage thereof, over and above all other rates and taxes and the said F special rates shall be collected annually by the collect - j or of taxes for the Corporation at the same time and in the same manner as the other taxes; 5. The Debentures may contain provis- ion for the ref;isterati:on theroof,authorized by any 1 statute relatirg to Municipal Debentures in force at i the time of the issue thereof. i, .f I 6. The amount of the loan authorized by fi 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 authorizing the borrowing of the Lrefate thereof as one loan,and the issue of Debent- =j uresfor such loan in one consecutive issue,pursuant to the provisions of the statute in that belief. This by -law shall take effect on the day of the final passim thereof A , Fhssed this r day of D.1924. S CLERIC MYOR. :I= SCHEDULE ATTACHED TO DEBUITURE BY -LAW 1 ?0: Lots abuttirG on work Name of Ccmer Street `" O y.� Q) a) d Sr H is C0 ca N O a) n 4 N N C o d O N N N D .4. (1) 0 m (1) m o 0 a� U O O� r--I C ti as f.' -N 3-, o o a> N 4D o a c Y d F a� (d F cd •rl 'd F4 0.,q zi m 0 a� O r-1 0 c (d 4.4 � to 0 m s. Ci i 118 Hunter Robert Durham North Pt.2 and 3 90 I/2 I4 54.18 40 5/8 Chapr.:an J.H. E. pt. 7 50 I4 2.78 50 3/5 Hunter Mrs E.J. " l7. pt. 7 150 I4 8.37 " Valcolin James " E. pt. 4 w. pt. 6 242 I4 11.25 40 5/8 Leakey Thoms South South N . pt. 4 I29 15 6.43 50 elsh '; illiar.. 11 f 11.pt.1,2,3 203 15 12.13 51 I Walpole Ban Queen 'West Lot letter "A" { 84 13.6 7.28 80 5/8 Gledhill D.T. Lambton 11 S. pt. 4 100 15 4.98 50 1'cKenzio Sir A. " E.pt -I,2 232 15 13.87 51 Fleming J.H. SauGeon East V.I. pt. 9 167 15 9.98 51 I { i I r � ` 1 } I I I l m O bp I� J Q Cd 44 � m 0 �,i1118 ao 5/8 50 a5 u • j � 1 1 CD m C+ N o y �+ ¢• O CC+ ' 1 CD V co so O 1 m CD C c $ � o to C+ h CD m c+ ca A CD m O m h C+ o" H m Q M M f 7 h � O Cy4 P. O. o m C ~ + o O Ny M co m p W. m m m