HomeMy WebLinkAboutKIN 42-1355 Public Arena
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CORPORATIOR or THE
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A Bf-LeW tar the pUrpOlle of
ra111ing ,18.000.00 to pay tor the
COBt of bu1lding a Publio Arena.
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BY-:LAW NO. 1'5~.
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KIHOAHDINE. ont.
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lOR or TBI
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the pUrpOee of
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l Publio Arena.
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OORPORATION 0., 'mE TONH or lUWABDINI
B1-I,aw
Ho. 1'''.'
A B1-Law autbol'idng the borrowing of IIGHTIEH THOUSAND
'.18,000.00) DOLLARS upon debenture a tor tile po.rpoae at building
a Publio Arena In the Town at Kinoardine.
WHIRllAS 1 t il expe41ent to borrow tar the purpou ot
bull41nB a Publio Arena in the Town of Kinoardine a B1IIII not exoeed-
lng IIGRTDR THOUSAND '.18,000.00) DOLLARS upon the oredi t at the
oorporation. to lleue debenture a thereto~ bearll18 interelt at the
:rat. ot four (41-) per oents per anne payable annual11 end to
provide tor the UIOOunt end expeneel inoidental to negotiation
and Bale of 8uoh debenturel'
AND WHEREAS lt i8 expedient to make the prlnoipal of the
Bald debt repayable ln annual inatalment8 durlng the perlo4 at
titteen (1') yeare Dext after the date ot iBlue at such debenturel.
ot noh _Gantl re.;peoU,..lT that, wUh the 1JItereet in rel;peot ot
~
the debt. the aSgresatl lUII01Ult pllf8bll tor pri1lO11H11" an4 aur..'
as
ln eaoh rear Ihall be, III near11/poB8ible. the 181111' I1lb~eot to the
otatutorr prov18o that eaoh in8talment at prinolpal me1 be tor an
even .100.00, .SOO.OO, or .1,000.00, or multiple thereot, and, that
nowi thatan4ins all1thlng herein oontained, the annual lDa talmenta
of prinolpal and intereBt ma1 ditter in 8Illount IIlttioienU1 to
admit thereat,
AND ITHmAB the alllO~t ot the wbole rateable property at
the muniolpa11t1. aooording to, the la,t rev18e4 aBBllsment roll
thereot i8 .1.1,4,078.00.
AND WHEBE.A8 the amount at the existing debenture debt
ot the Oorporation. exoluBlvl ot looal 1mprovement debtee 8eourell
b1 Bpeoial ratea ot aOBeB8Illente. 18 .78.170.~O, aDd no pert ot
the prinoipal or interest at 8uoh debt 10 1n arrear,
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AND VlHlREAB by Order dated the Ileventh 4&1 ot
June 1942 the Ontario Uaniolpal Board haG approved
the purpose ot the said borrowine and the pasdng at aU requle1 te
by-laU, 11101udlns debenture by-law.,
THEREFORE the Coa.noll or the oorporation ot the Town ot
Kim ardine exaots a s follows J
1. Jor the purpose atoresaid the oorporation ehall borrow
upon the oreU t of the corporation 8 SWII not axoecUng KIGBTm
THOUSAND DOLLARS ($18,000,00) and lhall l1eu8 debenture I theretor
ln aWIII ot not lele than tSO.OO eaoh. Eaoh debenture shall bear
lnterest at the rate at tour (41-) per oentl1lll per annUlll pa1flble
lUlIluUy and lhall have oouponl attaohe4'thereto tor the p81ment
ot Buoh intereat.
2. All the debenture a shall bear the ssme date, ahall be
issued at one time and wi thln two years after the 411 on wbloh thi.
By-law 18 palled, may bear aD1 date wi thin auoh two yearl end shall
be made payable ln allllul lnstalments during the pertod ot tlfte.
yeare nut atter the date of 18SU8 th81'eot, and the respeotive
amounts ot prinoipal and interest payable 1n eaoh of such years shall
,
be the 8IIlOunts sO designated ill SOhel1u1. "A" herew anJlue4..:' . ~l
~. ,'rh8 debaturel BbaU be payane al to both principal en4
lnterest ill lawful money at Canada aDl may be mde parable at Buoh
plao. or plaoe. 1a Cauda e.a mall be d.lignate4 thereon,
4. 'lbe laid debenturea Bhall be leale4. with the Seal ot the
corporatlon anl1 8ignd4 by the head or the Counoil, or by eom8 other
person authori18d by by-law to 8ign the lame, end by tbe Treasurer,
The said interelt ooupons shall be signed by the Treasurer and hil
signature thereon m81 be wrUten. etamped. lithographed or engraved,
S. Commenoing 111 the year 194' and thereafter 1n eaoh year
in which an instalment at prinoipal at the said debt and intu8st
beoome due. the Corporation Bhall levy and raise the speoifio sum
shown tor the reapeotive year in the tOllrth colUlllat" the sald
Sohedllle. Suoh SWll shall be levied and raised by a epeoilll rate
suffioient theretor. over and above ali other ratea, llpOn all the
rateable property in the munioipality.
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481 ot
)81'4 hall epproved
aU requlel te
t the Town ot
shall borrow
lng KIGB'rm
~llree theretoI'
re shaU bear
llUlll p81flble
r the p81ment
lte, shall b.
lq on wUoh thi.
) feare end shall
llr10d ot titte.
e respeotive
ot euch yeare shall
,
;0 anJlue4.:' ,~l
Ith pr1nolpal ani
I parable 8 i Buoh
thereon,
11 the Seal ot the
, or by 80m. other
by tbe Trtluurer.
Treasurer and hi.
:raphed 01' engraved.
tter in eaoh fear
lebi and intueBt
the specifio snm
III or the sald
y a special rate
tell, llpOn all the
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SOHBDUU · A-
to By-Law No.1'". ot the
oorporation ot the Town ot Kincardine.
Year
No.
Pr1no1pa1
Interest
1
2
,
4
8~8.~4
~'4o.,0
n2.2~
1011.1~
10,1.6,
10~3.70
U}7.45
U82.~4
12;0.26
12".47
1"0.65
1}83.88
109.2;
14,6.80
1,,6.67
720.00
684.04
646.6,
607.75
567.;1
525.24
481.4~
4,6.0 0
388.68
"9.47
288.2'
2;5.06
179.71
122.14
62.27
,
6
7
8
,
10
11
12
1}
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Total
1618.~4
1618,'4
1618,'4
1618.94
1618,'4
1618.94
1618,'4
1618,'4
1618,'4
1618,'4
1618,'4
1616.'4
1618,'4
1618,'4
1616.~4