HomeMy WebLinkAbout07 362 January 2008 Tile Drain Loan Debenture
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2007 - 362
A BY-LAW IMPOSING SPECIAL ANNUAL DRAINAGE RATES UPON LAND IN
RESPECT OF WHICH MONEY IS BORROWED UNDER THE TILE DRAINAGE
ACT
WHEREAS owners of land in the municipality have applied to the Council of The
Corporation of the Municipality of Kincardine under the Tile Drainage Act for
loans for the purpose of constructing subsurface drainage works on such land;
AND WHEREAS the Council has, upon their application, lent the owners the
total sum of $9.400.00 to be repaid with interest by means of rates hereinafter
imposed;
NOW THEREFORE the Council for the Corporation of the Municipality of
Kincardine ENACTS as follows:
1 . That annual rates as set out in the Schedule 'A' attached hereto are hereby
imposed upon such land as described for a period of ten years, such rates to
be levied and collected in the same manner as taxes.
2. This By-Law shall come into full force and effect upon its final passage.
3. This By-Law may be cited as the "January 2008 Tile Drain Loan Debenture
By-law".
READ a FIRST and SECOND time this 5th day of December 2007.
tl~~~
Clerk
~
READ a THIRD time and FINALLY PASSED this 5th day of December 2007.
Jd<,~L-
ayor
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Clerk
The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By-law Number ,~OO'l-jlo.1
This is Schedule "..A. " to By-Law
biJ.-~T- .
No. .:Sl~;::' passed the ~t-h day
~f - 200,1-
ce 9"""""'- /l1". ~'r
or Clerk
~
Proposed date Sum to be loaned Annual rate
Name and address of owner Description of land drained of loan $ to be imposed
$
Howard Ribey & Audrey Ribey Part Lot 2, Concession 10, Municipality of Kincardine
R.R. #4 Paisley ON, NOG 2NO (geographic Township of Bruce) January 1 , 2008 $9,400.00 $1,277.16
. Total principal of debenture and total sum shown on by-law TOTAL $9,400.00
Municfpal World* - Form 1113
. Reg. T.M. in Carnula, Municipal World Inc.
TilE DRAINAGE DEBENTURE
Tile Drainage Act
R,8,0. 1990, c. T.8. s. 3 (1)
R.R,Q. 1990, Reg. 1032, Form 4
$ 9,400.00
No.
2008-01
The Corporation of the 0 oMun.is;jP171 i,t.v, . 0 0' 0 '0 0 of 0 0 . . . . J<j !l<;il~doi.n.eo 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . o' in the County of
o . 0 . Bruce 0 0 . . . 0 . 0 . . 0 0 . . . hereby promises to pay to the Treasurer of Ontario at the Ministry of Treasury and
Economics, Toronto, the principal sum of $ .9 ,400.lJO 0 . 0 0 0 0 0 0 .. of lawful money of Canada, together with
interest thereon at the rate of . . .()~o o' per cent per annum in ten equal instalments of $ . 0 14Uo'.1 Po. 0 0 0 0 . 0 . 0 0 0
on the 0 . f.i.r.s.t. 0 0 0 0 day of 0 . 0 Jalluar.j( . . . . . 0 , 0 0 0' in the years . o20Q9. . .. to . .2Q1.8... , both inclusive.
The right is reserved to The Corporation of the 0 MUAi Giopa~ ay . . . . of . , . . Ki f.1ca.rdj Il~, . 0 . . . . . 0 . . . . . . . . . . .
to prepay this debenture in whole or in part at any time or times on payment, at the place where and in the money
in which this debenture is expressed to be payable, of the whole or any amount of principal and interest owing at
the time of such prepayment.
This debenture, or any interest therein, is not, after a Certificate of Ownership has been endorsed thereon by the
Treasurer of this Corporation, or by such other person authorized by by-law of this Corporation to endorse such
Certificate of Ownership, transferable.
Dated at the. . 0 0 0 0 . ~4noi.coi P?1i."l:Y. of . 0 o~i.noc?f~io ~e. , . 0 . . . , . . . . . . ., in the Province. of Ontario, this 1 st day of
January 2008 d . N ZUu/-uG3
. . . . 0 . 0 0 0 0 . . . , . , 0 . 0 0' . 0 . 0 '0 ,un er the authonty of By-law 00 0...'.. 0 . . . . . 0 0 . . 0 . of the
~~;.~oration entitled "A by-law to raise money to aid in the construction of drainage ~t;:s under the Tile Drainage
. , - .' .c1~ea/d-o If'C'(O'~~Cil" " ",.' - 0 J
Nfi, Co.po,,"'e,' UOQU ~<....., ~
~''''~Tre~u~~- i'
@MunicipaJ World' - Form 1118
* Reg, T.M in Canada, Municipal World inc,
OFFER TO SELL
TO THE TREASURER OF ONTARIO
The Corporation of
the ,Ml'mi ci pal ity
of
Kincardine
hereby offers to sell Debenture No. ;>OOR-01
Tile Drainage Act
RS.O. 1990,c. T.8.s. 5(8)
R.RO. 1990, Reg. 1032. Fool! 9
in the principal amount of $ 9 ,400 00
to the Treasurer of Ontario as authorized by Borrowing By-law No. 2007-003
of the Corporation.
loan is not more than 75 per cent of the cost of the drainage work constructed.
The principal amount of this debenture is the aggregate of individual loans applied for and each
An inspector of drainage, empioyed by the Corporation. has inspected each drainage work for
which the Corporation will lend the proceeds of this debenture and each has been completed in accordance
with the terms of the loan approval given by council.
A copy of the Inspection and Completion Certificate (Form 8 of the reguiations under the Tile
Drainage Act) for each drainage work, for which the Corporation will lend the proceeds of this debenture, is
attached hereto.
J~nllary 1, 2008
Corporate Seal
Date
'\""
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Signature of Treasurer
dep