HomeMy WebLinkAboutKIN1938-1197 Borrowing $7,000 to pay West Shore Electric Railway
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D}'-Ln" HO. 1197 11 ~
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By-Ln" Itw:lber h1eYoo Hundred 8D4 Ninety 5eYen of the 1'ovm ~
K1DOar41ne.ln tile county of Bruoe end FroY1Doe of ontorlo. ~
For tbe pllrpooe of borroa1DlJ tho SW':! of :;>(.yen ~U8Md dollar.
to poy Gertu1D ;;ebontlU'OD o-t "be Ontorlo \;cst :.;horo l.:lfJGtrlo nal1wDY ~ '-
~uanntee4 by tho TO\"IZl of K1noo:nllnO. .;l
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',',mnr:At; tbe CorporoUon ot the TO\'fJ'1 of K1I10erdlne llD 4er the ~
J.uthorlty at the Dy-Lnt7 c1ul.y pODsed.r.unranteo4 oerta1l1 debenture- of
tbe Ontarlo r.oDt Llloro B&eotrlo l1elluay. belnr. ';)ebenturea 1l0.2lU. to ~
260 lnolll:.:1yel.y.Wl1ountlng to the sum of Fifty Tbou.san4 ~'Ollon. I
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/I11D mmmJ\:'1 tbe 8014 ontarlo I:B8t Shoro EleotrlG Pl1ll".y ~
belng defunot tbe ToYID of K1DoOrd1no ore l1able for tho payment of .\..
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the 801d DobentureD.
Mil> \illlilth.W1 tho trwstoo for the dU'fel"t'.nt amnlolpal1tles ~
lDtereatec1.s01d oertaln o-t the ooc-et. of the sald detnDot railway. ;
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end wlth tbe prooeedo set up 0 sinking fwnd to be appl1ed on I
payment of Debenturoo at IlIOturlty. ~
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1-1ID mlUllih~J the U'G RnUo share of the oold fllI14 payablo to .....
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the Town of K1noord1ne 10 ~ 4Z.270.~2 lcoytng n 4efl01t of .6.721.'0 "
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to be roloed by the TOlm of K1noa~lne. t
De It therefore 8IWoted and 1\ 18 hereby eDllote4 by the
UW1101pal OOUDoll of the Toan of &1n!'lfLrdine.1D OOUDOn o8llellble41 1 ~
That lt ahall be lawtll1 for tho Uaqor DJ14 Treasurer of the ee14
co~rotiel1 of the 'toan of K1Doardlne to borrow from the ~cnk o-t
Kon rea1. ~ IV'.... -"'.4 f5~ ,...,_~I -- ~ lNoh Il .wa or 8WD8 ,
or money 88 Elno.l.~ be '1"8(,111re4 to meet the Ileflolt DJ14 pay oft the ~
Debentures wbloh mature ;ruly 18t.1930 BUch amolUllI not 110 exoec4 ~
'tho 8w::! of ~:eyen 'J"houoo.ncl Do1.1Are. I
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The 'treosurer 18 bereby Butborlze4 end dlreoted to applY 10 1 I
pqment of all IIWl18 borrowea p\.lrDuant to the ou1lhorlty of thl. By-Lav. ~
os \Yoll CB all other sumo borrowed ln tblB year end IID7 preylolUl yeun. III
from the 801el Bank for or ell of t:le purposes IIIeJltloDe4 111 the ad4
:>eotloo S;.>!.l. tOl;ether wlth lnteroDt thereon. 011 of the mongo hereafter
oollected or reoelvcc1 on aocount or rea11ze4 in reapeot o-t t 0 taxes J ~
lcylec1 for the yeare 1939.1940. ODd 1941 o.nd praooec11ng Y08 re cD4 all ~
of the moneys ctOlleoted or reoely04 from ~ other 8Ouroe. "hioh may ""-\
lawfully be opplled for suoh purpose. Ii
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p08Ded. 8lgned and Beoled thle c:3 clay of ;..l/'tt-fL ,
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Juno ./,. D.19aO. \: J
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Town lerk l18yor.
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