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;
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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;
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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
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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
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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
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the time of the issue thereof.
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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.
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SCHEDULE ATTACHED TO DEBUITURE BY -LAW
1 ?0:
Lots abuttirG on work
Name of Ccmer
Street
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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
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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
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