The URL can be used to link to this page

Home My WebLink AboutKIN1925-896 Borrowing Debenture for Sidewalk Constructionthis by -law. AIM I:' is espadient to make the principal of the said debt repayable in yearly sums Burin; the period of twenty years,of such amounts respectively that the aggre3F.te amount payable for principal and interest in any year shall be equal . as nearly as may be to the amount so payable for prineinal and interest in each of the other years ;'D ',H. ,'.i:.AS it will be necessary to raise annually the sum E of ?115.II during the period of twenty years to gay the said yearly sums of principal and interest as they become due,of which •s 9. I9 is roquirad to pay tiro Co.- noration's portion of the cost and tho inturest theroon,and ' is required to pay the ovinars' portion of tiro cost and the intorant thereon; .'1:L ......,.,',:7 t::a amount of tho whole rrtoablo pronurtg of �r n V .:: BY-LAW I:0. , s BY -LA., to provido for borrowing ; ',;I376.6B upon debentures to pay for the construction of a sidewalk on the east side of Queen - 3treet;..in tho town of Kincardine from the north limit of Broadway ;treat to the north limit of the said town. [ 'iH_ ,'it:: S,pursuant to Construction By -law Ilo.879 passed on t II the second day of Iiay I924,a sidewalk has been conetructod on the east side of Queen Streat from Broadway Stroet to the norrth limit f of the 'sown of Kincardine as a local improvement under the r k provisions of The Local Improvement Act. i t f 01 OH-Li.:U3 the total cost of the work is 9I375.."S of which • w707.42 is the Corporation's portion of the cost and "668.I6 is the owners' portion of the cost,for which a special assessment roll has been duly made and certified. AND ',.IL:_c i.S the estimated lifetime of the work is twenty { years. ALD hH a.::3 it is necessary to borrow the said sum of t ' -- ;jI375.58 on the credit of the Corporation and to issue debentures thueufor bearing intorost at the rate of 5 If2 par cent per annum,which is the amount of the debt intended to be created by this by -law. AIM I:' is espadient to make the principal of the said debt repayable in yearly sums Burin; the period of twenty years,of such amounts respectively that the aggre3F.te amount payable for principal and interest in any year shall be equal . as nearly as may be to the amount so payable for prineinal and interest in each of the other years ;'D ',H. ,'.i:.AS it will be necessary to raise annually the sum E of ?115.II during the period of twenty years to gay the said yearly sums of principal and interest as they become due,of which •s 9. I9 is roquirad to pay tiro Co.- noration's portion of the cost and tho inturest theroon,and ' is required to pay the ovinars' portion of tiro cost and the intorant thereon; .'1:L ......,.,',:7 t::a amount of tho whole rrtoablo pronurtg of �r n V 6 r. li f I , the 1:Iunieipality,according to the last revised assessment roll, is . #I,350,5 AND IU.L= k; the amount of t'Ite existing debenture debt of the Corporation (exclusive of local improvement dobts,seoured by special rates of assessments) is , 7 � / - .1 and no part of the principal or interest is in arrear{ 1,INICIYAL COJECIL of the C01t1101UTIOI, of the Town of liincardine enacts as follows; - I. That for the purpose aforesaid there shall be borrowed on the credit of the Corporation at large the sum of Thirteen Nun Hundred and -jeventy -five and 58/I00 dollars ( 1375.58),and debentures shall be issued therefor in Bums of not loss than �' each,bearing interest at the rate of Five and One -half per cent per annum,and having 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 the By -law is passed,and may bear any date within such two years,and shall be payable in twenty annual instalments during the twenty years next after the time when the same are issued,and the respective amounts of principal and interest payable in each of such years shall be as follows;- , TOTIL. II1T::.t:OT• , 1 76.6 , II5.II E 39.25 � 73.49 , II5.II 2. 41.62 , , ' 7I.2 , IIS.II 3. 43.9I IIS.II 46.3 , 68.78 , 4. , ' 66.24 , II5.II 5. 48.87 ' 63.55 , II5.II 6 . , 6I.56 ' 60.7I II5.II 7 , , 54.40 � 67.73 , IIS.II 8. 57.38 , 60.55 54.56 , II�•II 9. , ' 5I.24 , II5.II I0. 63.87 ' 47.7I , IIE.II II. 67.40 • II5.II I2. , I1I.I0 ' 40.I0 II5.II I3. 75 .0I 1 i5 I I i i i t: ,I y .. , 1dIIICIPrL. II:i'..a.:,T. TO'T. L. I1O. i E , 1 , 35.98 ' IIS.II I4. 79.I3 I5. ' 83.49 ' 3I.62 ' II6.II 16. ' 88.07 ' 27.04 II5.II I7. ' 92.92 ' 22.I9 IIS.II I8. '' 68.03 ' I7.08 II5.II I9. ' I03.42 ' II.69 ' IIS.II 20, I09.09 ' 6.04 ' II5.II 1` - 3. 'The debentures as to both principal and interest I shall be expressed in Canadian Currency and shall be pay able at �? the Bank of Itontreal at its branch in the 'Town of Kincardine. 4. The Mayor of the Corporation Shall sign and issue the debentures and interest coupons and the same shall also be signed by the Treasurer of the Corporation,and the debentures shall be sealed with the seal of the Corporation. 5. During twenty years,the currency of the debentures, the sum of vII5.II shall be raised annually for the payment of 1 the debt and intarest,as follows;- The sun of Z%9 -I9 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,ofer and above all other rates,on all the rateable property in the Ifunicipality,at the same time and in the same manner as other rates. For the payment of the owners' 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 therefor as thoroin sot forth;which said spacial assess- ment with a sum sufficient to cover interest thereon at the rata ` aYoresaid,shall be payable in twenty equal annual instalments k of A55.92 each,and for that purpose the special annual rates per foot frontage set forth in schedule I hereto attached,aro hereby imposed upon the lots entered in the said special assessment roll,according to the aosossad fronta a theroof,over and above I all other rates and taxes,and the said special rates shall be co ll e cted annually uy the collector of taxes for the Corporation at the same time and in thu same manner ae other rates. 6. 2ho uauontaruo r:iay contain any clause providin for M 160 Im . I . the registration thoreof,authorized by any statute relating to aj ` Municipal debentures in force at the time of the issue thereof. r F 7. The amount of the loan authorized by this by -law may be consolidated with the amount of any loans authorized by other i local improvement by- laws,by including the same with such other loans in a consolidating by -law authorizing the borrowing of the aggregate thereof as one loan,and the issue of debentures for - j suobi loan in one consecutive issue,pursuant to the provisions I I ' of the statute in that behalf. 8. This by -law shall take effect on the day of the final passing thereof. Passed this / day ofd9 / Mayor - - - - - -- - - - x �' n Clerk. ,lttached to Dobonture By.Law PIo. 43 m CA 0 43 0-, • ' I y.., ya .d ' I U H I rd r4 to H O N) O O N ra N 4i ' U 43 11 r4 P.3 U , O 05 y m N 14-� C1 , O , r{ (7 m (d 03 N r4 tH -P 0 I a1 m p, � m W 0 t4 d Y N M O 4� .t7 U O q ? 4� ; i H 0 0 4 0 EI '4 r7 C p G� V'd •.4 5 Gli 4-1 ' • V E: w I E Lots abutting on work. Hodgine T.i:: Q•' • 23 ' s3 68.89 t 7.02 I I3 3/4 24 84 I t ' 2b 83 ' ' 7.02 ' " M A. �• 26 84 claren S.2I 68.46 f 1 1 I . I I ' Dro�m ;am. , 28 62' t, 1 29 62 61.15 , , 1 1 t 2 1, ' `•8 67' 27.63 2. Donald tl.est." " 1 I It ' I ' 28.68 ' 2094 ' Shilrot}t .t 7 70 28.88 2.94 t t, g 70' , •' a 9 0.75 I b.Be Daniol8 '.lm. , , IO I I40 , ' t. ilson C. " IT F: It , k 01 57.75 , 5.88 1 t ' I2 I.IcLannnn D. 28.88 2.94 iW913ell i L4 i Ih , 70, ' <:5.f18 , 2.94 , n 2.94 „ 0 L:C 1rJUQ h.i.. " n 1 ;)7.7J I 5.O8 I ' f " , IIu,It I4U 6.86 liunlol� I40' 67.75 :it�ou uct U 7.9I ' I 11 UcLunnan C ao cq H f . ct O 0 L ; C) cF ki I ZZ � i�