HomeMy WebLinkAboutKIN1934-1129 Borrowing $ for construction of bridge
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A B;Y-Law to Provide tor borrowing the SUID of $1506.00 upon debenJ'
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tures to pa;y tor oonstruotion ot the fown's portion 01' a bridge on
Huron Terraoe Street.
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WHEREAs the Ell8ineer ot the Corporation of the Oount;y 01' Bruo.
'has reoommended that a bridge of . greater width than tho twenty
teet to be built by said Oounty,be oonstruoted b;y the Corporation
over the 2enetangore River on Huron Terraoo Street in the Town 01'
Kina ardine ;
.Am> WBlU.S,pursUAnt to the Construotion By-law.a bridge 01'
twenty-four teet in width has been oonstruoted,and that portion of
the oost ot said bridge to be paid by the said Corporation 01' the
Town 01' Kincardine 18 $1506.00.
JliID WHEREAS it is neousar)' to borrow the sai4 SUID ot 11506.00 ;:
on the oredit 01' the Corporation and to issue debentures theretor,~K
bearing interest at the rate 01' tiTe and one-quarter per oent per
annum,whioh is the &Dount 01' the debt intended to be oreated by this
by-law;
.AND WHElUU.8 it is expedi.nt to make the prinoipal ot the said
debt repayabla in ;yearly sums during t he period of three ;years,ot
suoh amounts respeoti vely that the &Bgregato &IIIount pa;yable for
prinoipal and interest in an;v one ;year,shall be equal; as nllarl;y as
may be to the amount so p~able tor prinoipal and interest in eaoh,
01' the other years;
.Am> WHEREAS it will be neoessary to raise annually tho aum ot
1556.34 during the P8X'iod of three years to pay the said yearly SUlllS
01' prinoipal and interest as they beoome due;
.um YiR'RRRAS the &IIIount 01' the whole rateable property ot the
~un10iPality,aooord1ng to tho last rev1sed assessment roll 1s
$1,124,661,
AND WHEREAS the amount 01' the existing debenture debt 01' the
Corporation (exolusive 01' Looal Improvement debts seoured by speoial
rate8 01' asseSSllB llt) is $245,372.10 and the Corporation has guaran- .
teed the bonds 01' the Ontario West Shore Railway Company for the
or
sum of $50,000,00 and no part of the prinoipal ..i interest 1s in
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TEEREFORE TEE MUNICIPAL COUNOIL OF THE CORPORATION OB' THE TOVl1i
OF KINCARDINE ENACTS AS FOLLOWS;-
(1) That for the purpose aforesaid there shall be borrowed on the
oredit of the Corporation at large the sum of One Thousand B'ive
Hundred and Eight dollars ($1508.00) and debentures shall be issued
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therefor 1n sums of not less than fifty dollars eaoh,bearing 1ntere,t
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at the rate of five and one-quarter per oent per annum and having
ooupone attaohed tbBreto for payment of interest;
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(2) The debentures shall ell bear the same date and shall be issued
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within two years after the day on whioh this by-law is passsd and
may bear any date with1n suoh two years and shall be p~abls in'
three annual instalmentB during the three years Mxt after the time
when the same are issued and the respeotive amounts of prinoipal
and interest payable in eaoh of suoh years shall be as follows;-
10. Rrinoipal. Interest. TIYUL. :
1. 477.11 t79.17 ,,6.}4 ·
2. 502.22 54.12 556.}4
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. }. 528.61 27.1} 556.}4
(;) The debentures as to both prinoipal and interest shall. be ex-
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presssd in Canadian Curreno;? and shall be p~able at the :Bank of
~ontreal at its branoh in the said Town of Kinoardine.
(4) The Mayor and Treasurer of tla Oorporation shall sign an4
issue the debentures and the Treasurer of the Corporation shall
sign the interest ooupons and the debentures shall be sealed with
the seal of the Corporat10n.
(5) lruring the three years,the ourrenoy of the debentures,the sum '
ot $556.~4 shall be raised annually for the p~ment of the debt and
interest and shall be levied and raised annually by a speoial rate :
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suffioient therefor. over and above all otbBr rates.on all the rateable
property of the l.lunioipality.at the same time and in thesUle maml,er
as otter rates,
(6) The debentures may oontain any olause providing for the regist-
ration thereof,author1zed by any statute relating to ~unioipal Deb-
entures in foroe at the time af the issue thereat.
(1) The 8IIlount of the loan authorized by this by-law may be oonsol-
idated with tbe amount of a~ loans authorized by other Looal Improve-
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ti O:&' THE TOVl1i
'ment by-laws,by inoluding the same with suoh other loans in a oon-
solidating by-law authoria1ng the borrowing of the aggregate thereof
"as one loan and the 1asue of debenturu for suoh loan in on. oonseo-
iutive issue,pursuant to the provisions of the statute in that behalf.
i (8) This by-law shall take effeot on the day of the final pasaing
thereof.
8igned,Sealed aDd Finally 2assed this Seventh day of Deoember
A.D.19;4.
rrowed on the
usand :&'i VI
hall be issued
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bearing intere,t
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,s pRased and
payable in'
after the time
)f prinoipal
Olerk.
is follows;-
TIYUL. I,
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t shall. be n-
the llaDk of
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11 Il1gn an4
ation shall
,e sealed with
mtures. the sum
of the debt and"
a speoial rate :
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In all the rateable
1 the same maml,er
~ for the regist-
I) Jilunioipal Deb-
BW may be oonsol-
ther Looal Improve-
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