HomeMy WebLinkAboutKIN1908-538 borrowing by-law_ q z
t
of lbe Corporation of _the Town of Zinoatdine for borrowing Wo'031 u
by the
;is and sale o!_ deb&» t -: for .,$Qa0Q.g0.'_topraviae
pay for thedreotion of sdditiona,,,and for permanent` nSrovements_'_.�°
to the Central Pablio Sohool_in said Town.
.AS' the Board of for-the Town xinoardine require
the sum of $860000 for nsaeseary additiana to.'and permanent _-
improvements in extending, altering and ` rewring - the Xinoardine __ =
Central Pablio Sohool', and iii; heating and ventilating said buildings 1
ant additions._ _
AND WHEREAS the said Board of Bduostion has made'applioation under '
the provision& -of "The Pablio aohbola'AOt" to_ths Hinioipal*
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Counoil of the Town to- raise the' ions of $85004 00
for said parpoaes, -by assessment therefor,-on property of
the ratepayers of said Town who are supporters of.Publio Soho0la. =t
:
_ _ r
AD WHMMS the said Counoil has refused upon snoh aprlioation '
to "raise or borrow the said`snm`by the of debentures of
, V.
TORF.FORF. the k*Uniciral Council of the Corporation of the Town
of Kincardine, in pursnanoe of the powers which are conferred
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on them by "The Public Schools Act" and "The Consolidated Run-
-10i pal Act 1903 " enacts as follows: -.
1, THAT it ehr.11 be lawful for the Council of the said
mgnioipality, and the said Council is hereby authorised, empowered
I al directed to raise or borrow for the purposes aforesaid npoa
th -oredit of the said Mmioipality, and upon the security of the
debentures of the said Corporation by this by -law authorised to
be it the sum of Right th0I isand and five hundred dollars:
2.- THE Mayor of the said Corporation is hereby authoris
and direoted to issue the debentures of the said municipality to.'
the said amount of Right thousand and five hundred dollars i4
of not less than $100000 eaoh and the same shall be payable withia
thirty years at farthest -from the date on which such debenturss_ ere
issued, and they shall beer interest at the rate of five per can
I
Y.
within thirty years being the period within which the said deb
is to be discharged, and it will require the sum of rive HwAred z=
and Seventy Six 'mod Dollars ($676.66) to be raised annually OF
-4 4Y
a epaoial rate on the whole rateable property of the said_Town
of Kinoardins - ( all - the Ratepayers of said -Mmioipality- being-
supporters of Pablio Schools) for the payment of the said sum
_
of $8600.00 and interest on the debentures to be issued therefor
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of which the sum of $426.00 will be for interest, and the sum
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c90151 for a sinkinging fang from which to pay the said
debentures.
AND wffi;RRAS the amount of the whole rateable property of the
Hunieipality of -the Town of Kincardine, according to the _
-
revised Assessment Roll amounts to Us sum Of $706 _
AND WHP.RRAS the existing debentiure debt of the said Munioipality
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is $78621.62 exclusive of local improvemont debts, and there is
no pars of the principal or interest in arrear,
TORF.FORF. the k*Uniciral Council of the Corporation of the Town
of Kincardine, in pursnanoe of the powers which are conferred
i
on them by "The Public Schools Act" and "The Consolidated Run-
-10i pal Act 1903 " enacts as follows: -.
1, THAT it ehr.11 be lawful for the Council of the said
mgnioipality, and the said Council is hereby authorised, empowered
I al directed to raise or borrow for the purposes aforesaid npoa
th -oredit of the said Mmioipality, and upon the security of the
debentures of the said Corporation by this by -law authorised to
be it the sum of Right th0I isand and five hundred dollars:
2.- THE Mayor of the said Corporation is hereby authoris
and direoted to issue the debentures of the said municipality to.'
the said amount of Right thousand and five hundred dollars i4
of not less than $100000 eaoh and the same shall be payable withia
thirty years at farthest -from the date on which such debenturss_ ere
issued, and they shall beer interest at the rate of five per can
I
Y.
per ttanum payable halt yearly on the first days of July and Jan
in oaoh and every year during the ourrenoy of the said debentures:
8, THAT the said debentures both as to prinoipal sad
interest- shall -be made payable at the branoh or agenoy -of the
Harohants Bank of Canada at the Town of Xinoardinef '
4. THAT for the purpose of forming a Sand for the payment';
of the said debentures and interest thereon at the rate aforesaU7 le'
j the following speoifio sums namely the sum of $151.55 for a sinking
fnnd for the payment of the said debt and the. sum of $425.00 for_
the interest thereon during the ourrenoy of the said debentures-., 6�
shall in addition to all other rates be aeseasea levied;` raised'; li
and oolleoted in oaoh and every year by a speoial rate euffioient .
therefor upon all the rateable property within the munioipality `
of the Town of Ximoardine, the said sumo being 0 suffioient with
I, the estimated interest on the investments thereof to disoharge thR
, said debt when payable.
- - - - -- ;
} 5.- THE said debentures shall have attsohad to them
I Coupons for the payment of the said interest at the rate_ aforesaid,
and whioh ooupone shall be signed by the Mayor and Treasurer of -=
ithe said Town of Xinoardine.
fi, TER said -- debentures shall be dated and issued• all;
` at one time and shall boar date on the day of the aotual issue -
�thereof and the same shall be issued within the time stipulated=
by eeotion -884 of the Consolidated Xunioipal Aot 1908 and ehall - �
be duly eigned by the Mayor and Treasurer of the said Town and
saoh'of the said debentures shall have affixed thereto the Corpor-
ate Seal of the said Corporation. _
is
THE. prooseds arising from the sale of the said
1
eb�ntures and not exoa ling the said sum of $8500.00 shAll rth - .
.with be paid over to the oaid Board of Eduoation to be applied -
1. ' !_and'expendad for the express purposes authorized by this By -law,
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on the day of the final passing t
ANY) It enacted= by;the tiunioipal_Cotmoil :�
that the votes . the - duly - XKSXV - Qualified electors of =the =
said Corporation.ehall be taken on this By -law at the times and
n�
plseas and by the Deputy Returning Offioers hereinafter speoifis&'~
that is -to says- On Monday the sixth day -of January 1908 (being T
not more than give weeks or iaae than three weelke from the firsti
publication thereof) oommonoing at the hour of nine o'olook in
the forenoon, and closing at the hour of five.o!olook in the after=
- anooM of the aeritkday.
In Polling Subdivioion No. 1, known as St, Andrews' ward;
in the Council chamber in the Town Hall Alexander Campbell Deputy
ri
returning Offloar. Lawrence Bayne Poll Clerk. C►
rn'polling Sub - division No. E known as St, Aohns' ward
in -the BtMk%bullding owned by We. Robert Allen on the 4 "ir side - -
Of Queen street. John MOffat, Deputy Returning Offioer, John A: -°
MOKOEsie, Poll Clerk.
,
In Polling Sub- division 10. 3, known as St. Georges'
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Ward, in the building owned by taloolm Rose, one door south of 6Y.
Reed's Livery Stable on the west side of Queen street, James H,
b'leming Deputy Returning Offiaer, William Swanson Poll Clerk,
1
In Polling Sub- division No, 4 known as St. Patrick's
card, �n the office of James Bayne, on the west side of Queen
"Street, Henry T. Hurdon, Deputy Returning Offioer, William Harveg._
Poll Clerk._
!i 10. THAT on Friday the Third day of January A. D. 1908 _=
- at xO A. 1l, O at the CO=Iil - Chamber in She Town Hall, the Mayor
-_ s;u►11 stteud,and appoint in writing signed by himself persons to
At�end at the various polling places aforesaid, and at the final
snmasins Up of the votes by the Clerk on behalf of the persons
t , _ _*
tQrested in ana dssiroua o! wavoting.or opposing this By -lew
Fir
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11. THAT the Clark of the 3ald Town shall attend at
the said Oounoil Ohamber in the Town Hall at eleven o'olook in
tho forenoon -of the Seventh day of- jnnuary -A. D. 1948 to• aux up z`
tho number of votes givon for and againat this By-law,
DATED A.'�D PASSED in open Connoil _this 13th day of January A. D. 19W'
i ,
(B&)' A. Xhlooln, L _
-Mayor
Town of fiinoardine•
(ad) John H. Soougall
'a
Clerk t
Town of Ainonrdine.:
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