HomeMy WebLinkAboutKIN 82 4455 Not Approved
THE CORPORATION OF THE TOWN OF KINCARDINE
By-law No. 4.4.55
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WHEREAS it is provided by The Municipal Act RSO 1980, Chapter 302,
Section 210, paragraph 50, that local Councils may pass by-laws
for the acquisition of lands for industrial purposes;
AND WHEREAS the Corporation of the Town of Kincardine proposes to
acquire from Resolute Development Corp. certain lands for
industrial purposes;
AND IIlHEREAS more than three quarters of all members of the Council
are present;
NOW THEREFORE the Council of the Corporation of the Town of
Kincardine ENACTS as follows:
1. The Agreement of: Purchase and Sale dated
with Resolute Development Corp., a copy of: which
is attached hereto as Schedule "A" is hereby
approved and the Mayor and Clerk are hereby
authorized to execute the same on behalf: of: the
Corporation of the Town of Kincardine.
2. The monies required to meet the principal and
interest owing on said mortgage shall be raised
and paid in accordance with Schedule "B" attached
hereto.
3. This By-law shall not come into effect until
approval of the Ontario Municipal Board has been
obtained pursuant to Section 64. of: The Ontario
Municipal Board Act and shall then come into
f:ull f:orce and ef:fect.
READ a FIRST and SECOND time this 3rd day of: June, 1982.
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Mayor
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. Clerk
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NO THIRD READING ----NO O.M.B. APPROVAL FOR THIS P
E.
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SCHEDULE ItB It
By-law 4455
INTEREST
Estimated annual amount to be raised by mill rate on all the
rateable property within the Town o:f Kincardine.
PRINCIPAL
The principal amount owing on said mortgage shall be repaid by
one or any combination o:f the :following methods:
(a) by application o:f any net :funds derived :from the sale o:f
any o:f the lands contained in said mortgage or :from the
sale o:f any o:f the other lands re:ferred to in the Agreement
o:f Purchase and Sale as they may be available :from time to
time;
(b)' by budgeting :for and raising annually by mill rate levied
on all the rateable property within the Town o:f Kincardine
on amount equal to the outstanding balance o:f the said
mortgage divided by the years remaining be:fore maturity o:f
said mortgage; and
(c) by payment out o:f the undesignatedreserve :funds o:f the
Town o:f Kincardine.