HomeMy WebLinkAbout99 050 Tile Drain Loan - TWPKBT
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TIlE CORPORATION OF THE TOWNSHIP OF KINCARDINE-BRUCE- TIVERTON
BY-LAW
NO. 1999 - 50
BEING A TILE DRAINAGE BORROWING BY-LAW FOR
THE TOWNSHIP OF KINCARDINE-BRUCE- TIVERTON
WHEREAS the Tile Drainage Act, R.S.O. 1990, Chapter T-8, section 2(1), as
amended, authorizes municipal by-laws to borrow drainage funds from the
Treasurer of Ontario to lend to drainage works and the issuance of debentures;
AND WHEREAS there has been an amalgamation of the Town of Kincardine,
Township of Kincardine, Township of Bruce and the Village of Tiverton into a new
municipality called the Township of Kincardine-Bruce-Tiverton, by a Minister's
Order;
AND WHEREAS the consolidation of the former tile drainage loans is desirable;
NOW THEREFORE the Council for The Corporation of the Township of
Kincardine-Bruce- Tiverton ENACTS as follows:
1.
The following borrowing by-laws be consolidated:
a) Township of Kincardine former By-Law #98-03
b) Township of Bruce former By-Law #95-18
c) Township of Bruce former By-Law #98-26
$150,800
$ 54,500
~200. 000
$405,300
2.
The Corporation may from time to time, subject to the provisions of this
by-law, borrow on the credit of the Corporation such sums not exceeding
in the whole $405,300, as may be determined by the council, and may in
manner hereinafter provided, issue debentures of the Corporation for the
amount so borrowed as provided in the Act payable to the Treasurer of
Ontario at the Parliament Buildings, Toronto, which debentures shall
reserve the right to prepay the whole or any part of principal and interest
owing at the time of such prepayment.
3. Where an application for a loan under the Act is approved by the council
and the inspector of drainage has filed with the clerk an inspection and
completion certificate, the council may include a sum, not exceeding the
amount applied for or 75 per cent of the total cost of the drainage work
with respect to which the loan is made, in a debenture payable to the
Treasurer of Ontario in accordance with the Act, and may approve of the
Corporation lending the said sum to the applicant.
4.
A special annual rate shall be imposed, levied and collected over and
above all other rates upon the land in respect of which the money is
borrowed, sufficient for the payment of the principal and interest as
provided by the Act.
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PAGE20F2
TILE DRAINAGE BORROWING BY-LAW
5. This By-Law must be approved by the Ontario Ministry of Agriculture and
Food and Rural Affairs.
6.
This by-law shall come into full force and effect on it final passing.
7. This By-Law shall be cited as the "Consolidated Tile Drainage Borrowing
By-Law" .
READ A FIRST and SECOND time this 19tn day of May, 1999.
PROVISIONALLY adopted this 19tn day of May 1999.
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Clerk
THAT this By-Law be submitted to OMAFRA for approval.
READ a THIRD TIME and FINALLY PASSED this
1999.
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Clerk
NO. 1999 - 50
BEING A TILE DRAINAGE BORROWING BY-LAW FOR
THE TOWNSHIP OF KINCARDINE-BRUCE-TIVERTON
WHEREAS
the Tile Drainage Act, R.S.O. 1990, Chapter T-8, section 2(1), as
amended, authorizes municipal by-laws to borrow drainage funds from the
Treasurer of Ontario to lend to drainage works and the issuance of debentures;
AND WHEREAS
there has been an amalgamation of the Town of Kincardine,
Township of Kincardine, Township of Bruce and the Village of Tiverton into a new
municipality called the Township of Kincardine-Bruce-Tiverton, by a Minister’s
Order;
AND WHEREAS
the consolidation of the former tile drainage loans is desirable;
NOW THEREFORE
the Council for The Corporation of the Township of
ENACTS
Kincardine-Bruce-Tiverton as follows:
1. The following borrowing by-laws be consolidated:
a) Township of Kincardine former By-Law #98-03 $150,800
b) Township of Bruce former By-Law #95-18 $ 54,500
c) Township of Bruce former By-Law #98-26 $200,000
$405,300
2. The Corporation may from time to time, subject to the provisions of this
by-law, borrow on the credit of the Corporation such sums not exceeding
in the whole $405,300, as may be determined by the council, and may in
manner hereinafter provided, issue debentures of the Corporation for the
amount so borrowed as provided in the Act payable to the Treasurer of
Ontario at the Parliament Buildings, Toronto, which debentures shall
reserve the right to prepay the whole or any part of principal and interest
owing at the time of such prepayment.
3. Where an application for a loan under the Act is approved by the council
and the inspector of drainage has filed with the clerk an inspection and
completion certificate, the council may include a sum, not exceeding the
amount applied for or 75 per cent of the total cost of the drainage work
with respect to which the loan is made, in a debenture payable to the
Treasurer of Ontario in accordance with the Act, and may approve of the
Corporation lending the said sum to the applicant.
4. A special annual rate shall be imposed, levied and collected over and
above all other rates upon the land in respect of which the money is
borrowed, sufficient for the payment of the principal and interest as
provided by the Act.
PAGE 2 OF 2
TILE DRAINAGE BORROWING BY-LAW
5. This By-Law must be approved by the Ontario Ministry of Agriculture and
Food and Rural Affairs.
6. This by-law shall come into full force and effect on it final passing.
7. This By-Law shall be cited as the “Consolidated Tile Drainage Borrowing
By-Law”.
th
READFIRSTSECOND
A and time this 19 day of May, 1999.
th
PROVISIONALLY
adopted this 19 day of May 1999.
_________________________ __________________________
Mayor Clerk
THAT this By-Law be submitted to OMAFRA for approval.
THIRD TIMEFINALLY PASSED
READ a and this ____________ of _______,
1999.
_________________________ __________________________
Mayor Clerk