HomeMy WebLinkAbout08 007 February 2008 Tile Drain Loan Debenture
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2008 - 007
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 $49,900.00 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 "February 2008 Tile Drain Loan Debenture
By-law" .
time this 16th day of January 2008.
UJi)(ltlCLA~ ~~
Clerk ! . t)
M yor
LL Y PASSED this 16th day of January 2008.
vtAJel'UJ.~_QY-.J
Clerk (; ~)
The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By-law Number ~oo?l ~ W'=f-
Proposed date Sum to be loaned Annual rate
Name and address of owner Description of land drained of loan $ to be imposed
$
Reichard, Scott Lot I Concession 4
R.R. # 1 Fordwich ON NOG 1VO (geographic Township of Bruce) February 1, 2008 $49,900.00 $6,779.81
, Totai principal of debenture and total sum shown on by-law TOTAL $49,900.00
@MunicipaIWcrld*-Form i 118
* Reg. TAl in Canada, Municipal World inc
Tile Drainage Act
R.S.O, 199(). c, "[8, s, 5 O~)
j;:RO, 1900, Reg. )0:1?:. FOnll 9
OfFER TO SELL
TO THE TREASURER OF ONTARIO
The Corporation of thp Mllm..cip..ali1.y.
of
Kinr:,qrrlinp
hereby offers to sell Debenture No" ?OOR-O?
in the principal amount of $
$49->-9.00.00
to the Treasurer of Ontario as authorized by Borrowing By-law No" ?007 -om
of the Corporation"
The principal amount of this debenture is the aggregate oi individual loans applied for and each
loan is not more than 75 per cent 0'1 the cost of the drainage work constructed.
An inspector of drainage, employed by the Corporation, has inspected each drainage work ior
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 regulations under the Tile
Drainage Act) for each drainage work, for which the Corporation wil! lend the proceeds of this debenture, is
attached hereto"
----EahrllAry 1 ,-2QQ8
Date
C:;ir;'y',',;',C} ,:-lef1/
'~~ tjL~ -t'-<4v C~~_
Signature of Treasure:-
Municipal World~ - Form 1113
* Reg. T.M. in Canada, Municipal World Inc.
TILE DRAINAGE DEBENTURE
Tile Drainage Act
R.S.D. 1990, c. T.g,s. 3 (1)
R.R.O. 1990, Reg. 1032, Form 4
$ $49,900.00
No.
. 2008~02
The Corporation of the .Mu-n-icipilli.ty....,.,." of. , . . . Kincar.dine. , . , .. , , .. , . , . , . . . ,. in the County of
. . . . Br.uce. . . , . . , . . . , . . . .. hereby promises to pay to the Treasurer of Ontario at the Ministry of Treasury and
Economics, Toronto, the principal sum of $ . . $49.,~Qo..PQ, , . , . .. of lawful money of Canada, together with
interest thereon at the rate of. . 6%. .. per cent per annum in ten equal instalments of $, ,$qJ7~:~1, , . . . . , , . , .
on the. .Ei.r.st, . . , , day of. . . Febr.ua,ry, , . . . . , . . ., in the years ,~Qo.9. . . . . to . ~Q1,9, , " ,both inclusive,
The right is reserved to The Corporation of the . MURi-Gi.pa1 it)' . . . , of , . Ki ncar,d.i ne, . , , . . , , , . , . , , , , . . . . . ,
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, ,M.u[1j <;:1 Ra,l,i);y. . . . . . of . . . .K,i f1\=i!r:cji,n,e. , , . . , . , . . , . . " in the Province of Ontario, this 1 st day of
, . . . . F.ebrua.ry, , . , , , . , " .20.08" ,under the authority of By-law No, .. ~O.07:QO;3. , , , , . . . . , , of the
Corporation entitled "A by-law to raise money to aid in the construction of ~rai ge wor~i1e Drainage
Act." :A.~
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Treas~~