HomeMy WebLinkAboutKIN1932-1056 Loan for Balance of Construction of Pavement
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A By-Law to prov1de for borrowing the sum of 116"".00 1;0 Pill il
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for the balance of the ooet of oonstruoUon of pav.ment on Quen 8tr..~
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Harbor 5treet,Buron 'hrraoe Street,Lambton Btreet,Jurham Streell, 'I
Pr1ncess Btreet,lorth 114e of Durham Jlarket BClUar' and the Bouth 814.il
I' of Durham Market Square 1n the Town of X~oard1n"; ;, II
WHEREAS pursuant to Deb.nture By-Law number ~~4,pa~oed on th.', i\
'I'd dai of Jo1~ 1~2~,the sum of 141,40,.21 has been borrowed ~o Pa, \;\
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far oon"'ruotlon of lJaTlm.nll al therein prOf14.a.; Ii '
AlfD vSREAB parluant to Debenture B;v-:Law number 1020,>>alae4 on II
tbl ~th 41q of)l~ 19'1, the sum of 119,000.00 haa been borro..4 to Ii
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B!-:LAW NO. :ltoS4.
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PIq for oonetruo1i1on of pavellllnt aa therein proTided;
AlfD WJlEREA8 th_ total oostof the sa14 pav_nt waa the SUlll of
1142, "S.21 and the total auioant wh10h haa been borrowed 1;0 PBl for
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I the 008t thereot 1e the sum of 1126,40'.21; II
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AND vmBEAS the baJ.anoe of the ooat amountlng to t,he l!II1m of ii
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116,lS"OO has been 1nadven.ntli omitted from the .a14~I'b~'~t- 'il
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AID WHEREAS lt 1s nlOla8&:1 to borrow thl la14'8UlII; of 116"".oQ
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on the ored1t ot the OorporaUon and to lasl1' deb.ntures therefor ii
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bear1ng lnterest at the rate of Six JAr o.nt pel' A"'.....~whloh 18 thl ,[
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lUIIOunt ot the 4ebt 1ntended to be oreate4 bi this B;v-Law;
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.AND YllIEBEAB it 18 llxpe41l11t to maltl the pr1nOipal otth.. lai4
debt roPaJab11 in iearli II\lmI during thl p.rlod of fifteen ~lar8 of
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luoh 8ll0Wlt8 reapeotive1, that the aggrlsate amount plqable for ii
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principal and 1nterut 1n any Onl )'Iar shall be equal aa n.8,I'~ a8 . \1
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IIl&J be to the alllOunt so ~able for prino 1pal and inhreall b eaqh ofn
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AID VSREAB lt w1l1 bl ntoessarJ to Z'a11M, A"'.....tll1J: 1l~ 8UlII of i!
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1168,.,6 4ur1ng the period of fifteen iear8 ~o pB:? the laid ,ear1: i!
I1UIlI of pr1no ipal and 1nterest as the)' beaolll8 due;
AliD YQll~'S the amount of the whole rateable propel'ti of the
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Kuniolpal1tj' aaoor4ing to the last revised assessment roll 11 !;
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.Am) i'l1l:ERW the 8IIlount of the exlstlns debenture debt of 'lMI . !i
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Oorporation (exo11l11ve of laoal 1ml-rovement debts slourd ~ speo1al, Ii
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TOWB 0' IIlfOARDIBE EliACTS AS 'OLLOWS,-
(1) ~1l,at for. tho purpq..&tol'..a14 ,there
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1Tinoipal.
Interest.
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II fat.. of a.SOBSDI nt) 18 11'2.466.'4 and the 00rpora1l1OD ba8 8U4Z'antoe~
il tlla 'bonA. of th. Ontario W..t Shoro Railwlll 00lllp~ for thl 8U11l of Ii
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II 150.000.00 anA no liar' of tho PJ'1noipal an4 interOlSt 11 1n Al'rtar., :1
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i THBRD'OBB THE IlUNIOIPAL OOUNOIL OS' THE OORPORA!rIOlf 0'1 TEE ii
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I: ,hall b, . 'b9fro..4.. on Ii
,I 'hi or14111 of t hi o 01'11 ora1l1 on at large thl IJl1Dl of Bid. In Thou.an! Ii
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II Thr.. Jlun41'e4 an4 J'iftJ-fi"l AOllu. (116."5.00) anA 4.b,ntur'8 II
!i .hall b. i88U.d tblrlfof 1n 111m. of not 11.. than f1ftJ 4011ar8 ,aoh.11
'blar1ng inter.st at the rate of Six p.r o.nt PIl' llDnUlll anA ha1'1nI :1
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OoupOZll attaoheA for pa;Vlllln1l of interoa': 'I
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ii. (2) Th. dl'b.nturu shl&11 all bear thl .ame date an4 8haU 'b. II
il lIsWld w~th1n two Jlar~ ann the ~ on whioh t bis _-law 18 p....a.
11lUl4 IIl&J b.ar lU2l 4Ilte!1'th1n auoh t~o ;VlarB an4 shllJ.' bl paJ&bll in " I
Ii tUt..n annual1nn~nt8 4\11'1218 the t1t1loen 1.ar8 Mn after thl Ii j
II 111m. When the 8ame arl 1BBue4 anA th. :r68p0t1l" amount. of pr1n01Pal!1 ~
ii and interest ~ab1e in -.aohof suoh JIU.' .1"."", as tollows;- ,: 1
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702.6~ ,Sl.,O"' 16S,.,6
744.82 "'.14 ~ I'S,.,6
7S,.n 8'4..""" 168,.,6
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1'''.85 "o.n.r 168,.,6
141,.88: 270.08'- 168,.,6
14'8'n.' 1~'.2; ........ 168,.,6
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15'8~ , ~.>>- 168'.96
(.l) the debentU1'es~~o both P1'1nc:1PaJ,. and interest 8hall bl
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Ixprl8sed in Canad1an Ourreno, and ,shall be payable at the Bank of
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(6) Thl deblntures Ill8l oon1la1n q alausI proT1d1ns for the r.g1strat19n
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thereof,authorlled b7 ~ stabt. relating '\0 Iluniolpal Deblmur88 1n Ii
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foroe at the time of the 11SUI lIh1rlof. ::
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(1) Thl amount of the loan au1ihorllld bi thie 1I7-law ~ bl ooneol14a1i~4.
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'w1th the amount of ~ 10&!1ll auihorl.ld 117 othll' looal 1mprll1'lIlIId Ii
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1I7-iaws,b;V lnolu41ng the S8llll wl1ih &uoh other loane in oonlol14aUI1l i!
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'bJ-laYl adhorll1ng thl bonowlJ1l of thl 8IIr6ga1;o thereof &II onl loan Ii
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lnterest ooupone and thl dlblntures llhall be sealld wlth thl Sial of I:
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thl Oorporation. I
(,) Durlng the fit1en ,UI'I, tbe OUlTeno;v of '\be 4ebelfcur88.the ln2JIl of i
. 1168'.96 shall be rallied anDl1≪v for thl p~ment ot the debt and Ii
In'\erest thereon an4 shall be leTlld an4 raised snnua~ 117 a speol~ii
rate 8Uftlolent therlfor,OTer anA aboT' all,other rates,on all the rat~
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-able propert;v ot the 11un101pal1't;v ,at the sam. time and In the lame I!
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Montreal at 1ta branoh 1D the eaid 'lown of I1mardlnl.
(4) The Mllior and 'lrlalurer ot the Oorporation lhall slsn and llBUe
the d.b.nturee and tbl 'rrealur.r ot the Oorporation llhall 111.811 lIh.
p""'Y1,r as other rates.
and the ls8ue ot deb.ntures for noh loan 1n one oonB8ouilTe llsue,
purluf&D1j to the prOT111ons ot the s tatllt. In that behalf.
(8) th1s 1I7-law lhall takl efieot on tbe dIq of t1ll f1n&l p&es1111
there of.
S1gned,Seal.d an4 '1na1l;v Passed thle rl~et
4111 of Aprll 1"2.
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