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HomeMy WebLinkAboutKIN1926-925 Borrowing By-law for construction of sidewalk_ C ,� S' 11y� • ' 1 BY -LAVI 210. - g By -Law to provide for borrowing 1360.22 upon debentures to pay for the construction of a granolithlo sidewalk on the south side of Durham Market Square from the east limit of Princess Street to the east limit of quoon 3troet in the Town of Kinoardine. W71- 4RE"A.purouant to Construction By -law Uumber 909,paaeod on the fourth day of September I9E5.a granolithio sidewalk has been constructed on the south side of Durham Markot Square from the `U. east limit of Princess Street to the oast limit of cueen Street in the said Town of ginoardine -so a local improvement under the provisions of The Local Improvements tact. AND VaL;x :uS the total coat of the work is $360.29 of which 1173.66 is the Corporation's portion of the coot and wI86.56 is the owners' portion of the cost.for which a special aseeaamont roll has boon prepared and duly made and certified. �.a AND C'H IX' IAS the estimated lifetime of the work 1s lbfr yearef�'� AND WWMIIAS it In necessary to borrow the said out of 1360 EE on the credit of the Corporation and to issue debenturoe therefor bearing interest at the rate of 5 per cent per annum,which is the amount of the debt intended to be created by this by - law. OD YniL Lt.3 it Is expedient to make the principal of the eaid debt repayable in yearly eume during the period of ten yeare.of each amounts respectively that the aggregate amount payable for principal and interest in any year shall be equal as nearly as may be to the amount so payable for principal and interest in each of the other years. ABD « ' II S it will be necessary to raise annually the sum of 146.63 during the period of ten years to pay the said yearly euma of principal and interest as they become due.of which 1E2.48 is required to pay the Corporation's portion of the coat and the interest thereon and 024.25 is required to pay the owners' portion of the cost and the interest thereon. AND WH.& rAS the amount of the whole rateable proporty of the iftnioipality.aocording to the last rovieod aosoosmant roll is $I.Cb2.I32; F i a � Cl r . a d el r , r` to i i i ii �I AOD " -' the &mount of the sxisting debenture debt of the Corporation ( exolusivo of Loom Iat rev p omont dobtstsoourod by ap ®Dial rates of aasessments ) Is $169 and no Part of the principal or interest is ir: arrears. 'i m-U UMICIPAL COUNCIL of the CO.VgA&Tl0dof the Town of Kincardine emote as foliowe;- I• That for the Purpose aforosaid there shall be borrowed on the oredit of the Corporation at large the sum Of Throe Hundred and 31xty and EE/I00 dollars (0360.22 ) and debentures shall be Issued therefor in enure of not leap than 060.00 eaoh.bearing Interest at the rate of 8ive per oent per annumeand having conpoas attached thereto for payment of Interest. 8. The debentures shall all bear the same date and shall be issued within two years after the day on which the 37 Law is Passed, and may bear any date within such two Years . and shall be p4y &bls in ten annual And dur the time IM the ten years next after when the same are lssuad the respective amounts of Drlaoipal a,ad Interest Dyable 110 each of ouch years Rh follows;. be as H O• ' PRINCIPAL • nq •.. Iv 44.4I - - - -- - 2.22 ' 46.63 • '36 Th e e debentures as to both prinoipal and interest shall be expreened in Canadian Currenc and shall be Payable at the Bask O f Uontreal at its branch in the T11 of L'ineardine. 4 • t'he !S &yor and ireanurur of Inoue the debentures and the the Corporation shall sign a nd .roaouror of the Corporation shall sign the Interoot ooudonn and the debenturos shall bo ooal with the eoal of the Corporation. s I E8.62 • IB.OI r ^-- - - - - -- -- - - - - -- 2 46.63 •- 39.06 ' I6.67 • 3 1 46.63 � 3L56 ' I6.07 • 4 ' 46 .63 • �.I4 • 13.49 ' 6. .. ' 46.63 • 54.80 • II.83 • 6 ' 46063 • 36.64 • 10.09 • 7 ' 46.63 • 38.36 • e.E7 ' 8 ' 46.63 • 40.38 • 6 " ' 9 ' 46.63 • 42.30 4.33 ' 46.63 • Iv 44.4I - - - -- - 2.22 ' 46.63 • '36 Th e e debentures as to both prinoipal and interest shall be expreened in Canadian Currenc and shall be Payable at the Bask O f Uontreal at its branch in the T11 of L'ineardine. 4 • t'he !S &yor and ireanurur of Inoue the debentures and the the Corporation shall sign a nd .roaouror of the Corporation shall sign the Interoot ooudonn and the debenturos shall bo ooal with the eoal of the Corporation. s I F AND WLLLAi&U the amount o! +.%a existing debenture debt of the ' Corporation ( exclusivo of Local Improvamont dobte.eeoured by special rates of aasesemente ) is $I69.833.45 and no part of the j principal or interest is in arrears. M& W.ORS :HK MMICIpAL COUNCIL of the CCrL the I, Town of Kinoardine enacts as follows; - I. That for the purpose aforesaid there shall be borrowed on the credit of the Corporation at large the sun of Throe Hundred and Sixty and 22/200 dollars ($360.22 ) and debentures shall be Issued therefor in sums of not Joao than 060.00 eaoh,bearing Interest at the rate of Biva per cent per annum.and having coupons attached thereto for payment of interact. I Be The debentures shall all bear the some date and shall be Issued within two years after the day on which the By -Law is i paseed.and may bear say date within such two years.and shall be t payable in tan annual instalments during the ten years next after the time when the same are issuad.and the respective amounts of I � principal and interest payable in each of such years shall be as ' follows;- z NO- ' PRINCIPAL ' INT:iAMT ' TOTAL • 1 ' 28.62 ' I8.0I ' 46.63 2 ' 30906 ' I6.57 ' 46.63 ' 3 ' 3I.66 ' I6.07 ' 46.63 ' 4 ' 33.I4 ' I3.49 ' 46.63 ' i g. ' 34.80 ' II.83 ' 46.63 ' 6 ' 36.64 ' 10.09 ' 46.63 ' i 7 ' 38.36 ' 8.27 • 46.63 ' I 8 • 40.38 ' 6 -M ' 46.63 ' 9 ' 42.30 ' 4.33 • 46.63 ' I0 44.41 2122 ' 46.63 ' ------ ��--- ----- -- --------------- --- 3- The debentures as to both principal and interest shall be expressed in Canadian Curranoy and shall be payable at the Bank i of Uontraal at its branch in tea TOWn of Kincardine. 4. The Uayor and 2reasuror of the Corporation shall sign and j� isouo the dobonturee and•the Treasurer of the Corporation shall iE sign the intorout coupons and the debenturos shall be sealed with the coal of the Corporation. - & 6. During ton ueare,tho currency of the debentures,the sum of X46963 shall be raised annually for the payment of the debt and 4 interoet,as follows;- The sun of 022.48 shall be raised annually for the payment of the Corporation's portion of the coat and the interest thereon and shall be levied and raised annually by a special rate sufficient therefor,over and above all other rates, on all the rateable property in the Munioipality.at the same ftm- time and in the same manner as other ratos.ror the payment of the owners' portion of the coot and the interest thereon,tho special assessment eat forth in the said epeoial assessment roll Is hereby imposed upon the lands liable therefor an therein cot forth; which said special assessment with a sum sufficient to cover interest thereon at the rate aforosaid,ahall be payable in ton equal annual inotalments of $24.I5 each,and for that purpose the special annual ratoa per foot frontage cot forth in schedule I hereto attached, are hereby lnp000d uron the lots entered in the cold cpocial aaaoosment roll,a000rding to the aaa000ed frontage thoroof,over I and above all other rates and taxee,and the said special rates shall be collected annually by the collector of taxes for the Corporation at the came time and i:: 44w came manner as other rates. 6. The debentures may contain any clause providing for the registration thoroof,authorized by any otatute rolating to Uunicip- al debentures in force at the time of the moue thoroof. 7. The amount of the loam authorized by this by -low may be consolidated with tho amount of any loans authorized by other Local Improvement by- lawa,by including the same with ouch other loans in a oonoolidating by -law authori.:ing the borrowing of the ahgrogato thereof as one loan,and the ieouo of debentures for ouch loan in one consecutive iosue,purcuant to the provisions of the statute in that behalf. Be This by -law shall take of -foot on the day of the final panning thereof. la000d thin ftftT day of ?Tay .1. D. I926. ---- - --------- P. ITayor. ^ - Clork. r �l 9CIi.:D= I . „ iptaahod to hobonturo 31;1 -L&W 1100 —_• I I I I i� � I .. .... . •---------------------- - - -� -- ---------- --- s^otul 000t + + 8troot. ' ' ft. 'with w hioh'to be yeao of ownor ' Stroet 9ido of Lote- aaooaood1 Ito' °f 'e000aaod. 'Paid ' - - -- annually ------------------------------- ------ on tho 1'7ork' + to abutting ..._�_ -__ - -- --------- -- "95XD' + ---------- ... rhan ' DOuth ' 2lorth pt:of 476, 66.50 5.I7 1Sar::ot lot I0 + + + Irwin dobart , 'gquaro.' ' -do- ' 'Lot 9 8450' 63.00 4.89 Farley Mro.::.J -' -do- + ' + 90X5' .do- -do- Lot 8 + 450' ' 63.00 ' 4.89 .Coleman & Co. � , ' -do ' -d ' Sopt.of ;;.pt.' 3I ©5, 2590 2.OI Oeddee G.J. of Lot 7 . + + ' - -do- ;r.pt.of Z.pt.� 42261 3I.60 2.45 ' Porroator 1;d• of + of Lot 7. Mahood 144 ' - do - ' " d0- , 7.p f t of lot 7. 20 :{ 5 I00' and 6I,04 4.74 84X4 33 --- - - -- - -- - ar foot fr - - t age 5.44 - Ota. - _ ann ual Moto P - ---- - - " ^ " -- - mf i �1 I L Q N p N U c o q. C4 O 0 ct K, tr is 1 -_ ___ m - -- -_ _ _._ _.. _ r. _ _� -- - -- -- - - =�i