HomeMy WebLinkAboutKIN1937-1185 Borrowing of Sums
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CORPORATION OF THE TOI'Il1 OF KIUCA.;mINE.
BY-LAW NO.
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A By-Law to authorize the borrowing of $",00.00 from the
Bank of Montreal.
WHEREAS the balanoe owing on oertain debentures issued far
sohool purposes under by-law no. .538 of the Corporation of t lD
Town of Kinoardine shall beoome due and payable on the First
d~ of
JaJlluary 1938.
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AND WHEREAS the debentures hereinafter IUlntioned have been
purohased by the aaid town Of z:inoardine far the purpose of a
sinkin~ funu to meet the aaiu school debentures;
J.llD WHEREAS the said debentures so purohased have not yet
beoome due and the Counoil of the Oorporation deems it neoessary
to borrow the sum of FIVE THOUSAND :b'I'r~ liUilDHED DOLLAl,S ($.5,,00.00)
from the Bank of Montreal as a temporary loan until the de bent ures
hereinafter mentioned shall beoome due;
Therefore the Counoil of the Oorporation of t he town of Kin_
I
oardine hereby enaots as follows:
(1) The Mayor and the Treasurer are hereby authorized
on behalf of the Cor poruti on to borrow, by way of a promissory
note, from the Bank of Montreal a sum not exoeeding in the
aggregate Five Thousand ll'ive Hundred Dollars ($,,500.00) to
pay the balanoe owing on sohool debentures issue d under by-law
number ,38 of the said Corporation, until the debentures here_
inafter DIem i oned, hel d by the sa:1d Corporati on in the s1nlc:1nS
fund,provided for t1:s purpose of :paying the said debentures,
shall beoolOO due, and to give on behalf of the Corporation to
the Bank of 1lontreal a promissory note, sealed with the Corporate
Seal and signa d by them, for the moneys so borrowed, wi th interest
at a rate not exoeelling 4-i
FSr oent per annum.
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(2) The Treasurer is hereby auttorized and dirooted to
apply in pa,ylIlBnt of all sums borrowed, pursuant to tee w.thority
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of tj.iD by_law, from the said Bank, totiether with interest thereon,
all moneys hereafter 0011eoted or reoeived on aooount of the
following debentures &s the .~e be 00 too due;
Town of KinOU1"dine
By -Law no. Debenture no. Amount. Date due,
.~ 10.56 11 $.500.00 July 2nd, 1938.
,. 1056 12 $440.31 July 2nd, 1938.
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.538 1.5 $.500.00 January 2nd. 1938.
,38 17 $.500.00 January 2nd. 1938.
Ontario i'/est llhore .L\ailway Debenture 1938.
Guaranteed by town of Kinoardine $1,000.00 July 2nd,
Huron & t:rie l.iortgar;o
Debenture. A.312,1 $2,.500.00 June 1st, 1938.
Sicg:led, Sualed and Finally !'assed this Fifteenth day of
Deoember, A. L. 1937.
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h interest thereon,
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