HomeMy WebLinkAboutKIN1930-1024 Loan for pavement, bridge and sidewalk
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And Whoreas e. sldew,.lk haa been 00 nstruoted o~ the east Si~ of 11 ~ i'
Queen Street from the bridge south to fttftl1.~ 1It~ 'd
And Vthereas the total oost of the work ia Tv;ent;y Thousand dollurs: ': ll~ .
And ifuereas the estimated lifetime of the work is twent~~one yeurs' i
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A By-Law for borrOWing the sum of Twenty Thousand dollara to pay
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, for the oonstruotion of pavement. bridge and sidewulk in the Tovm of
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Kinoardine.
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Whereaa it is expedient to borrow for the purpose of oonstruoting
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i, pavement , brid~e
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! ~\'Ienty ~houallnd
to be oreatedj
And whereas pursuant to Construction E;y-tdW number 985 passed on
and sidewalk in the Town of Kinoardine the sum of
dollars and that is the llIllOunt of the debt intended
the 15th day of Deoember 1928.a pavement with water-bound l.:coudam
base und standardized top has boen oonstrLl.C.lted on ~u.81n Street in the
Town of Kinoardine from the llunioipal li~l to Gordon Street as a
loo~l improvement under the prOVisions of the Looal Improvement ~ot:
!xi And lr~ereas a brid~e has been oonstruoted on ~ueen Streot in
the said ~0\'.'11 of l:ino"rdine a Portion of which is to be paid by the
Corporation:
the
And Whereas it is neoessary to borrow the sum of $20,000.00 on
aredit of the Corporation and toissue debentures therofor_
boari%lR interest at the rate of Fi va "per oent per annum whioh is the
amount of the debt intended to be oreated by this BY~law:
And Whereaa it ia expediont to make the prinoipal of the said
debt repayable in ~early sums durine the period of twenty years,Of
suoh amounts respeotively tllat the agregute amount pa~able for prino-
ipal and interest 1n anyone ;year ahall be equal as nearly as may be to
the amount so }ayable for prinoipal m d interest in eaoh of the other
years:
And Vrnereas it will be neosssll.%';Y to raise zmnllllY the sum of
$1604.85 during the period of t~ent;y years to ~ay the aaid yearly
aums of prinoipal am interest as the;y Leoome uue:
And ifueroas the amount of t4e whole ruteable property of the
Munioipality acoording to the last revised Ilssessrant roll is
$1,028.659,53:
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And I"lherell.s the umount of the existing de1:enture debt of the
Corporation ( exol~oive of local nprovement debts seoured by special
rates of asoessment) is $?05.529.91 and the Oorporation hiS guaran-
teed the l}onds of the Onturio I.est Shore R~il\'luy Oocn>a!1.V for the sum
of $50.000.00 and no part of the prinoipal or interest is 1n arrears;'
Thereforethe llunioipal Counoil oo! t}I<lrJoltM.:.urL,....l ~Il~l of the
Oorporation of the Town of K1ncaruine enacps as follows;-
(1) Thlilt for the purpooe b.foreslli d there shall be borrowed on the
oredit of the Corporation at larJe,tho sum of Twenty Thousand dollars
and debentures shall be issued therefor 1n sums of not less tnan
fifty dollars eaoh.beuring interest at the rate of Five per oent per
annum and having coupons attached theroto for payment of interest;
(2) The debentu.res shull all bear the SI.lI:e da.te and shall be issued
vlitl:.in two ~'ears titer the duy onwhioh this by-law is fll.Ssed and l1la~'
bear an;:; dale wi thin such two ~'ears and shull be payable in t\'Jenty
annull instal:!lents c'llrin; the twent~' ~'ears next ufter the time when
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the same ure issued and tl,Q res:..~eoti ve ~lOuntS cf prinoipal and
intorest pa~uble in euol. ~ear shl.ll be as follows;-
lIO. .Prinoipal. Intere st. Total.
1. 604.85 1000.00 1604.85
2. 635.09 969.76 1604.85
3. 666.85 938.00 1604.85
4. 700.19 904.66 1604.85
5. 735.20 869.65 1604.85
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6. 771.96 832.89 1604.85
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- 7. 810.56 794.29 1604.85
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8. 851.09 753.76 1604.8.5
9. 893.64 711.21 1604.85
10. 938.32 666.53 16'J4.8.5
11. 98.5.24 619.61 1604.85
; ~ 12. 1034.50 570." 1604.85
13. 1086.23 .518.62 1604.85
14. 1140..54 464.31 16u4.8.5
15. 1197.56 407.29 1604.85
16. 1257.44 34.7.41 1604.8.5
17. 1320.32 284 . 53 1604.85
7.1i!.dUY ot 1~"?30.
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.ebt of the
Lred by speoial
In hiS guaran-
L!1.V for the sum
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(3) The debentures ss to both prinoipll and interest shlll be
expressed in Cl'.n4dian Ollrrenoy anll shall be J..Hl.~'able at the BI,nk of
1l0ntroll at its brunoh in the said Town of Xinardine.
(4) The mayor and Treasurer of the Curporation shall sign und issue
the dobentures and the Treasuror of the Corpoa~tion shall sign the
interest ooupons and the debontures shall be sealed with the seal of
j is in arrears:.
.~l of the
15 j-
'owed on the
~housand dollars
. less 1l.han
the Oorporation.
(5) During the twenty years~tho ourreno~ of the debentures, the sum of
$1604.85 sh1ll be raised annually for the payment of the debt and
interest,as follows;- The sum of $1604.85 shall be raised annllllly
for the p~ ment of the oost lllld the interest thereon and shall be
levied and raised annually by a speoial rate suffioient therefor,
On
over and above all other rates,EmK all the ~atoable property of the
Munioipality,at the Slime timo and in the sJllJle manner as other rates.
(6) The debentures may oontain ~' olause pruviding for the regist-
. ration thereof,ultthorhed by any statute relating to Llunioipal deben-
tures in foroe at the time of the issue thereof.
(7) The acount of the loan authorized by this bY-law may be oonsoli-
dated with the amount of any loans authorized by other looal improve-
ment by-laws,by inoluding the same with suoh other loans in a oon-
solidating by-law authorizing the borrowing of the @Sgregate thereof
, as one loan and the issue of debentures for suoh loan in one oonseo-
7e per oent per
of interest;
lhall be issued
fassed and l1la~'
lle in t\'Jenty
~ the time when
10ipal and.
Total.
1604.85
1604,85
1604.85
1604.85
1604.85
1604.85
1604.85
1604.8.5
1604.8.5
lo'J4.8.5
1604.8.5
1604.8.5
1604.8.5
16u4.8.5
1604.8.5
1004.8.5
1604.85
.. utive isslll,pursuant to the prOVisions of the statute in that behalf.
(8) This BY-law shall take offeot on the day of the final passing
thereof.
Signed,Selled and Finally Passed this
iJJJ1Id
Olerk.
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