HomeMy WebLinkAbout08 089 July 2008 Tile Drain Loan Debenture
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2008 - 089
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 $22,900.00 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 "July 2008 Tile Drain Loan Debenture By-
law".
e READ a FIRST and SECOND time this 4th day of June 2008.
e
~ ~~c&O
Clerk
READ a THIRD time and FINALLY PASSED this 4th day of June 2008.
~ ~~aIlO
Clerk
@MunicipaIWorld*-Form 1118
* Reg. TAt, in Canada. Municipal World 1nc.
Tile J)rainaRe Act
R.S.O J990. G, T.8. s,:. (8)
KR.O, 1990. Reg, 1032. fonn 9
OFFER TO SELL
TO THE TREASURER OF ONTARIO
The Municipality
The Corporation of
of
Kincardine
hereby offers to sell Debenture No.2008-07
in the principal amount of $
22,900.00
to the Treasurer of Ontario as authorized by Borrowing By-law No.
2007-003
of the Corporation.
_.....The..pIincipaJ amouoLoUhLs debenture is the.aggregate oLindiv.idualloans applied .lor and each
loan is not more than 75 per cent of the cost of the drainage work constructed.
An inspector of drainage. employed 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 regulations under the Tile
Drainage Act) for each drainage work, for which the Corporation will lend the proceeds of this debenture, is
attached hereto.
Jul V 1. 2008
Date
Cor{.iorate Seal
~A{2~LLA
Signature of Treasurer
Municipal World* - Form 1113
* Reg. T.M. in Canada, Municipal World Inc.
TILE DRAINAGE DEBENTURE
Tile Drainage Act
R.S.O. 1990, c. T.8, s. 3 (1)
R.R.O. 1990, Reg. 1032, Form 4
$
. . 22,900.00.
No.
2008-07
The Corporation of the .Municipal.i.t,y.. .. .. . . . . of.. . .. l<il1car.d.ine. . . .. . . .. . . . . . .. , . .. 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 $ . 22"900.00. . . . . , . .. of lawful money of Canada, together with
interest thereon at the rate of . .6. . .. per cent per annum in ten equal instalments of $ .31.1.1,.38. . . , . , . . . . , . .
on the. .F.ir~t.. . .. day of. . ~v1..y. . .. .. . . . . .. , . ., in the years . .2.oP~. . . . to . . .2PJ8.. , both inclusive.
The right is reserved to The Corporation of the .l:1urji,cj Dill i,ty. . . , . of . . ~irjc.arpi DEl , . . . . . . . . , . . . . . . , . . . . .
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 . ~~\']i,c.ip9] i1;y. . . . , . . of . . . ~illc.a.rpj oe . , , . . . . , . . . . . ., in the Province of Ontario, this 1 st day of
. . . , , . .J,u)y . . . . . . . . . " . ?QQ8.. , under the authority of By-law No. .20P7-:0P3........,... of the
Corporation entitled "A by-law to raise money to aid in the construction of drainage works under the Tile Drainage
Act." ~ ~n
A"L"'~"'W ,~~i4~~
Treasurer
The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By-law Number ,-2ro'l - 0'29
Proposed date Sum to be loaned Annual rate
Name and address of owner Description of land drained of loan $ to be imposed
$
Wilbur & Jean Campbell Lot 17, Concession 11
Lot 16 to 17 West Part Lot, Concession 11 Municipality of Kincardine Juiy 1, 2008 $17,200.00 $2,336.93
R.R 1 Tiverton, ON NOG 2TO (QeoQraphic Township of Bruce)
Roy Roach Lot 61, Concession 3
Lot 62, Concession 2 Muncipalityof Kincardine July 1, 2008 $5,700.00 $774.45
R.R. 2 Kincardine, ON N2Z 2X4 (Qeoaraphic Township of Kincardine)
* Total principal of debenture and total sum shown on by-law TOTAL $22,900.00